Forget Shopify: Buy These 4 High-Growth Stocks Instead

If you are looking for stocks that could deliver Shopify-like returns, consider buying these high-growth TSX stocks now.

| More on:
Money growing in soil , Business success concept.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s premium investing services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn more

Speaking of high-growth stocks, Shopify (TSX:SHOP)(NYSE:SHOP) crops up first in mind. Notably, shares of the e-commerce giant are up about 138% in one year. Furthermore, it has gained over 897% in three years and surged over 3,762% in five years.

I believe continued spending on e-commerce platforms could continue to drive Shopify stock higher. Further, its growing fulfillment network and increased adoption of its payments platform strengthen my bullish view. Despite the positives, Shopify stock is a little out of reach, partly due to its valuations and high price.  

So, if you are looking for companies that could deliver Shopify-like returns and are still within reach, consider buying these high-growth TSX stocks now.  


goeasy (TSX:GSY) has consistently delivered stellar returns and is up over 262% in one year, reflecting its stellar financial performance. Meanwhile, it has enhanced its shareholders’ returns through higher dividend payments, thanks to its high-quality earnings base. With the reopening of the economy and recovery in consumer demand, I expect the uptrend in goeasy stock to sustain in 2021 and beyond. 

goeasy is witnessing increased consumer demand, which is likely to drive its loan portfolio. Meanwhile, geographic and product expansion and a large subprime lending market are likely to drive its revenue base. Furthermore, its strong payments volumes and expense management are likely to cushion its earnings and are expected to drive its future dividends. 

Dye & Durham

Dye & Durham (TSX:DND) is another high-growth stock that should be on your radar. I expect Dye & Durham to deliver multi-fold returns in the long run, thanks to the momentum in its base business and its ability to accelerate growth through acquisitions.  

Dye & Durham’s large customer base, high retention rate, and geographical expansion suggest that the demand for its products and services could remain elevated. Meanwhile, its opportunistic acquisitions are likely to bolster its revenue and adjusted EBITDA growth rate further. The company’s adjusted EBITDA is projected to grow at a breakneck pace over the next two years, which I believe could give a significant boost to its stock. 

Lightspeed POS

The demand for Lightspeed POS (TSX:LSPD)(NYSE:LSPD) products is likely to remain high amid the continued shift in selling models towards the cloud-based omnichannel platform. Lightspeed stock has skyrocketed by over 382% in one year. Meanwhile, favourable industry tailwinds, its focus on accretive acquisitions, and expansion in the high-growth markets suggest that the uptrend in Lightspeed stock could continue in the coming years. 

Lightspeed’s growing scale, product innovation, and up-selling opportunities are likely to drive its average revenue per user. Meanwhile, opportunistic acquisitions could continue to drive its customer base and strengthen its competitive positioning in North America and the Asia-Pacific region. 

Goodfood Market

Goodfood Market (TSX:FOOD) stock has consistently delivered stellar returns over the past four years, driven by the increased adoption of online grocery services. I believe the secular industry tailwinds and Goodfood Market’s strong delivery capabilities could continue to drive its revenues and customers and, in turn, support the uptrend in its stock.

Goodfood Market’s focus on reducing the delivery time, the launch of same-day delivery services, targeted marketing, and expansion of product selection range could continue to drive its active subscriber base, order frequency, and basket size. 

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.

Fool contributor Sneha Nahata has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Shopify and Shopify. The Motley Fool owns shares of Lightspeed POS Inc. The Motley Fool recommends Goodfood Market.

More on Tech Stocks

analyze data
Tech Stocks

Fantastically Cheap TSX Tech Stocks

Investors should benefit from buying cheap tech stocks that are growing their profits in this market correction.

Read more »

Wireless technology
Tech Stocks

2 Quality Growth Stocks Breathe Life Into the Tech Sector

The battered technology sector has been advancing lately thanks to two quality growth stocks with pricing powers.

Read more »

clock time
Tech Stocks

Now’s the Time to Load Up the TFSA With These 2 Top TSX Stocks

Here are two top TSX stocks that long-term growth investors may not want to give up on, especially at these…

Read more »

shopping online, e-commerce
Tech Stocks

Shopify (TSX:SHOP) Stock Recovers 30% From its 3-Year Lows: Should You Buy?

Shopify stock: Should you buy the dip or wait for more weakness?

Read more »

Businessman holding tablet and showing a growing virtual hologram of statistics, graph and chart with arrow up on dark background. Stock market. Business growth, planning and strategy concept
Tech Stocks

What Market Correction? 2 High-Growth Tech Stocks That Are on the Rise

I don’t think it will be long before these two Canadian tech stocks are back to delivering market-crushing returns.

Read more »

grow dividends
Tech Stocks

Why Kinaxis (TSX:KXS) Stock Jumped 14% Last Week

Kinaxis Inc. (TSX:KXS) stock popped over the past week after adding yet another big company to its impressive stable.

Read more »

potted green plant grows up in arrow shape
Tech Stocks

TFSA Investors: Double Your Investments With These 3 Top Growth Stocks

Despite the volatility, I am bullish on these three stocks, given their solid growth potential.

Read more »

Arrow descending on a graph
Tech Stocks

2 Industries That Saw the Worst Decline Last Month

The TSX has been declining at a sharp angle since the beginning of June. And two industries (crypto and cannabis)…

Read more »