Investors interested in growth stocks have so many options to choose from. Unfortunately, this means that it can be difficult to decide which ones would be the best to hold in your portfolio. On the bright side, this decision doesn’t have to be as hard as you think. In this article, I will discuss three top stocks to buy in June!
This stock has created millionaires
Motley Fool co-founder David Gardner is a true believer in the phrase “Winners will keep winning.” In essence, this means that stocks that have performed well in the past are solid bets to continue performing well in the future. With that in mind, the first stock that growth investors should consider buying this month is Constellation Software (TSX:CSU). The company is an acquirer of small-, medium-, and large-sized vertical market software companies.
Since October 2007, Constellation Software stock has gained more than 8,300%. This means that an initial investment of $10,000 at that time would be worth more than $845,000 today. Given the fact that very few investors with a long-term mindset will ever only invest in a company a single time, it’s safe to say that there are many Constellation millionaires today. Company Founder and President Mark Leonard continues to lead Constellation today. With a top-notch management team and proven history, this is a no-brainer for your portfolio.
We’re issuing a BUY alert on this TSX space stockClick here to learn more!
This company has grown tremendously
It’s said that it takes about three weeks to build a habit. Unfortunately for Canadians, we’ve been subjected to lockdown conditions for well over a year. This means that we may have picked up many new habits over that time. For companies like Goodfood Market (TSX:FOOD), this could be a catalyst for sustained growth. That’s very exciting news considering the bump in consumer activity caused Goodfood stock to gain about 300% in 2020.
The Canadian online grocery market has grown incredibly over the past year. A survey conducted by Goodfood found that more Canadians have purchased groceries at least once since the start of the pandemic than those that haven’t. The majority of those surveyed also indicated that their experiences over the course of the pandemic have made them more likely to continue ordering groceries online in the future. Goodfood has managed to grow its active subscriber base by 30% (to more than 319,000) over the past year. However, the company still believes this is just the beginning.
This recent IPO has been red hot
This year hasn’t been the greatest to most growth stocks. However, one recent IPO hasn’t been hit by the same downturn that favourites like Shopify and Lightspeed experienced earlier this year. Amazingly, Nuvei (TSX:NVEI) stock has gained about 25% year to date. This gives the stock a gain of 95% since its September Initial Public Offering (IPO) A company that allows businesses to accept online, mobile, in-store, and unattended payments, Nuvei could very well be the next stock market beast.
Already renowned for its ability to accept more than 450 payment options in 150 currencies, Nuvei has progressed greatly over the past few months. The company now also accepts about 40 cryptocurrencies including the popularly held Bitcoin, Ethereum, and XRP. Nuvei’s management team is clearly very forward-thinking, which is bound to bode well for its stock in the long run.
Want a bonus growth stock to consider this month?
Our team of diligent analysts at Motley Fool Stock Advisor Canada has identified one little-known public company founded right here in Canada that’s at the cutting-edge of the space industry and recently completed a transformational acquisition, all while making a handsome profit in the process!
The best part is that in a market where many stocks are selling at all-time-highs, this stock is trading at what looks like a VERY reasonable valuation… for now.
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 Jed Lloren owns shares of Shopify. Tom Gardner owns shares of Shopify. The Motley Fool owns shares of and recommends Constellation Software, Shopify, and Shopify. The Motley Fool owns shares of Lightspeed POS Inc. The Motley Fool recommends Goodfood Market and recommends the following options: long January 2023 $1140 calls on Shopify and short January 2023 $1160 calls on Shopify.