We are less than a month away from the start of the summer season, and if you are planning to go on a vacation or a trip this summer, then most of your thoughts will be about spending money, not saving it. But saving and investing money is something that should always be on your mind, regardless of the season. This way, you will be able to take advantage of the opportunities as they present themselves.
For this summer season, there are three stocks you should consider adding to your portfolio.
An online grocery company
Many online businesses really took off after the 2020 crash, but few did as well as Goodfood Market (TSX:FOOD). The stock grew almost 600% from its lowest point during the crash to its 2021 peak. But it was a decent growth stock even before that.
The website markets itself as the seller of the country’s number one meal kit. The company started with the aim of delivering fresh groceries and meal solutions at people’s doorsteps, so they can eat healthy, easy-to-prepare food at home. It’s based in Montreal and has a market capitalization of $574 million.
The stock has come down quite a bit from its recent peak (42%), but it’s still far from where its usual growth path would have taken it. It’s still a bit overpriced, so it might be justified to say that the stock still has a long way to go down to become adequately normalized. But once it’s at that point, the Goodfood Market would be an outstanding stock to add to your portfolio.
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A real estate technology company
Real Matters (TSX:REAL) is an Ontario-based technology company with a very specific clientele — i.e., mortgage lending and insurance company in both Canada and the United States. Its core product is a platform that combines the company’s proprietary technology and network management capabilities with an extensive field agent network (and their expertise). The result is a platform with easy-to-shop real estate services.
Over 90% of the company’s revenue is generated from the U.S., while the rest comes from Canada, which might be why one of the hottest housing markets in history is not boosting the stock’s valuation. It has come down almost 50% from its 2020 peak and is quite reasonably priced right now. Its revenues are growing at a sustainable pace. The stock has decent growth potential, and you can maximize it by buying it at the slump.
A software company
Many tech companies reached their recovery peak in either 2020 or 2021, and it has been downhill for them since then. But Dye & Durham (TSX:DND) is faring relatively well, especially considering that the stock only started trading on the TSX last year.
The primary product/offering of the company is a cloud-based platform that connects a network of legal and corporate compliance professionals to the businesses and entities who need their services. It caters to three specific industries, law firms, government institutions, and financial services.
There is a relatively small amount of financial data to go on, but the company has a powerful balance sheet, and the revenues are growing at an incredible pace. The stock has already grown 174% in less than a year, and even at its relatively expensive valuation, the company seems well poised for more growth.
The internet has been changing the economy, the job market, the retail market, and our societies in general in unprecedented ways. Online platforms like the ones mentioned above are the future of business and can one day be the leaders in their specific industries. And the best part is that online platforms can achieve international expansion at a much more expedited pace, so they still have a lot of untapped business potential to leverage.
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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.
Fool contributor Adam Othman has no position in any of the stocks mentioned. The Motley Fool recommends Goodfood Market and Real Matters Inc.