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3 TSX Growth Stocks to Keep Buying

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When you find the next great growth stock, you don’t want to stop buying it just because of a quick rise in stock price. Worse yet, some investors may elect to sell shares in hopes of locking in profits. If you held Apple in 2008 and held through 2012, you would have seen more than a 500% gain. For many investors, that would be an excellent time to lock in profits. However, doing so would have cost you another 447% in gains from that point forward.

In Canada, few companies offer a similar risk to reward profile comparable to Apple’s early days. In this article, I discuss three stocks that Canadian investors should keep buying today and in the future.

This e-commerce giant will keep growing

Starting with the most obvious growth stock in Canada, Shopify (TSX:SHOP)(NYSE:SHOP) is a stock that every TSX investor should be familiar with. The stock made headlines in 2020 when it passed Royal Bank of Canada and became the country’s largest company by market cap. Today, Shopify sits at a market cap of about $200 billion, leaving investors to worry about its potential growth.

Yes, the stock has gained more than 4,600% since its Initial Public Offering (IPO), surely creating a number of new millionaires along the way. However, we are still very much at the start of the e-commerce boom. Online shopping is becoming increasingly popular with younger generations and economists believe that the industry can claim a much larger share of the commerce market. Currently sitting around 11% of all Canadian retail sales, Shopify still has a long growth runway ahead as online shopping continues to grow.

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An American IPO in 2020 is just the beginning

Docebo (TSX:DCBO)(NASDAQ:DCBO) is a stock that many Canadian investors will know. However, outside of the borders, very few investors have been exposed to this company. Even taking a look at Docebo’s institutional ownership, very few American institutions are listed as shareholders. For a company that has managed to attract Uber, Walmart, and Thomson Reuters as customers, that just doesn’t add up.

In 2020, Docebo held its highly anticipated American IPO to little fanfare. The stock did not experience the runups seen in other tech companies. However, investors should remain confident that Docebo is headed in the right direction. The company announced a multi-year partnership with Amazon that should bode well with bullish theses.

Brookfield-backed and ready to expand globally

The third growth stock investors should keep buying is Brookfield Renewable Partners (TSX:BEP-UN)(NYSE:BEP). The company is a global leader in the renewable energy industry and is backed by, world renowned alternative asset management firm, Brookfield Asset Management.

Brookfield Renewable operates a portfolio of diversified facilities capable of producing more than 19,400MW of renewable power. The company has continued to expand its operations globally, with new projects in Brazil and India to provide examples. With Joe Biden taking office last month, the world patiently awaits the surge in renewables as promised in his campaign. When it happens, Brookfield Renewable will lead the charge.

Foolish takeaway

These are three stocks that Canadian investors should continue to hold. Shopify, Docebo, and Brookfield Renewable are no-brainer investments that deserve a large allocation in your portfolio. 10 years down the road, you’ll be happy you got in today.

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This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Fool contributor Jed Lloren owns shares of Apple, Brookfield Renewable Partners, Docebo Inc., and Shopify. David Gardner owns shares of Amazon and Apple. Tom Gardner owns shares of Shopify. The Motley Fool owns shares of and recommends Amazon, Apple, Brookfield Asset Management, Shopify, and Shopify. The Motley Fool recommends BROOKFIELD ASSET MANAGEMENT INC. CL.A LV and Uber Technologies and recommends the following options: long January 2022 $1920 calls on Amazon and short January 2022 $1940 calls on Amazon.

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