For a little more than a week, the stock market has been trending downward. While many investors are feeling uneasy with adding new money into their positions, it’s times like these when real wealth is created. Stocks on the TSX are offering massive sales from their highs in early February. In this article, I will discuss three stocks you should consider buying this month.
This company will continue to grow alongside the e-commerce industry
When it comes to identifying growth stocks, you first want to look at the industries that are poised to grow over the next decade. Right now, e-commerce seems like a no-brainer. Online shopping has slowly been adopted over the past decade. With the COVID-19 pandemic causing many businesses to shut down over the past year, this trend has been greatly accelerated. One of the biggest beneficiaries of the past year has been Shopify (TSX:SHOP)(NYSE:SHOP).
The company is an e-commerce enabler, allowing everyone from the first-time entrepreneur to large cap companies to operate online stores. Shopify currently holds the second largest share of the online retail market in the United States, trailing only Amazon. At its latest earnings call, the company reported revenue growth of 86%, year over year. This was certainly helped by events like the Black Friday-Cyber Monday weekend where Shopify merchants sold a total $5.1 billion USD.
The stock has suffered during the market crash, falling more than 15% at certain points last week. However, the trends are still working in favour of the company. Shopify’s strong leadership and competitive advantage over its peers make it a clear winner.
The renewable energy industry will see continued growth over the next decade
As we move deeper into the 2020’s, renewable energy will become increasingly vital. This fact has been recognized by the broader society, as individuals like Joe Biden have committed to investing $400 billion into clean energy over the next 10 years. With that in mind, Brookfield Renewable Partners (TSX:BEP-UN)(NYSE:BEP) remains a top choice moving forward.
Brookfield Renewable operates a diverse portfolio of assets, capable of producing more than 19,400MW of power. It has continued to expand its reach by acquiring new shovel-ready projects over the past year. After the completion of these on-going projects, Brookfield Renewable will be producing well over 20,000MW of power. The stock has struggled, since the start of the year, falling about 8%. However, after more than 150% in gains over the past two years, the trend is clear. This stock is a winner.
The world is still becoming more digital
Businesses around the world are increasingly needing to adapt more digital-friendly operations. One of the companies at the forefront of this movement is Docebo (TSX:DCBO)(NASDAQ:DCBO). Offering a best in class, cloud-based, AI-powered eLearning platform, managers are able to assign, monitor, and modify training programs more efficiently.
Docebo has continued to move in the right direction. At the end of 2020, the company announced its American IPO and a multi-year partnership with Amazon to power its AWS Training and Certification offerings. The stock has fallen more than 30% since the start of the year. However, investors should look at the bigger picture.
Since its initial public offering (IPO) in late 2019, Docebo stock is still up more than 300%. It has run up a lot over a short time. Over the next decade, this company should continue to grow.
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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 Brookfield Renewable Partners, Docebo Inc., and Shopify. David Gardner owns shares of Amazon. Tom Gardner owns shares of Shopify. The Motley Fool owns shares of and recommends Amazon, Shopify, and Shopify and recommends the following options: long January 2022 $1920 calls on Amazon and short January 2022 $1940 calls on Amazon.