3 Growth Stocks That Could Triple in Your TFSA by the New Year

TFSA investors looking for growth stocks should look to Enthusiast Gaming Holdings Inc. (TSX:EGLX)(NASDAQ:EGLX) and others.

TFSA and coins

Image source: Getty Images

North American markets have been on an amazing run since sinking in the early stages of the COVID-19 pandemic. That February and March 2020 market pullback provided an incredible opportunity for investors to buy equities on the dip. Hitting it big with high-performing growth stocks is a bigger challenge in a frothy market, but that does not mean investors should stop looking. Today, I want to look at three growth stocks that could be big winners in your TFSA before we move into 2022.

Why TFSA investors should look to gold stocks today

All the way back in December 2017, I’d discussed whether the dip in Bitcoin and the broader crypto market would be a boon for gold and silver. Bitcoin took a sharp tumble this week after El Salvador adopted the top crypto as legal tender. This could create an opening for precious metals. That could provide a high-reward play for TFSA investors.

Agnico Eagle Mines (TSX:AEM)(NYSE:AEM) is a Toronto-based gold miner. Its shares have plunged 24% in 2021 as of close on September 7. The stock is down 31% from the prior year.

In Q2 2021, the company saw its production and cost guidance largely unchanged. Regardless, the company has delivered very strong production at its major mines. This gold stock last had a favourable price-to-earnings ratio of 18. Agnico is a growth stock that could catch fire if gold can gain momentum in what looks like a bullish environment for alternative assets.

This growth stock still has room to run in a red-hot space

In July, I’d discussed why I was ducking GameStop and looking elsewhere in the video game space. Enthusiast Gaming (TSX:EGLX)(NASDAQ:EGLX) remains one of the most exciting targets in this sector on the Canadian market. This growth stock has climbed 21% in 2021. However, its shares have plunged 20% month over month.

The company unveiled its second-quarter 2021 results on August 10. It reported revenue of $37.1 million — up from $7 million in Q2 2020. Enthusiast delivered direct advertising sales of $4.4 million compared to $0.6 million in the previous year. The esports space is geared up for massive growth over the course of this decade. Enthusiast Gaming is a growth stock that can deliver in a big way in your TFSA. It last had an RSI of 38, putting it just outside technically oversold territory.

One more growth stock to snatch up in your TFSA

Bragg Gaming (TSX:BRAG)(NASDAQ:BRAG) is a different kind of gaming growth stock to target in your TFSA. The company provides business-to-business online gaming solutions to a worldwide client base. Its shares have climbed 236% year over year. However, the stock is down 27% over the last six months.

Online gambling is a fast-growing global sector. This is especially true in North America, where the United States and Canada have moved forward with legal sports betting in recent years. Bragg’s earnings are well positioned for huge growth on the back of this high-performing space. This is a growth stock that is worth betting on in your TFSA.

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 Ambrose O'Callaghan has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned.

More on Investing

Man considering whether to sell or buy
Bank Stocks

BNS Stock: Buy, Sell, or Hold?

Bank of Nova Scotia is up 15% from the 12-month low. Are more gains on the way?

Read more »

Super sized rock trucks take a load of platinum rich rock into the crusher.
Metals and Mining Stocks

Is Newmont Mining Stock a Good Buy Right Now?

Shares of Newmont Mining are down almost 60% from all-time highs, making the gold stock a top choice for value…

Read more »

Growth from coins
Tech Stocks

2 Canadian Growth Stocks to Buy and 1 to Sell

The recent volatility in the stock market has created all kinds of opportunities for long-term investors.

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Wednesday, February 21

The Federal Open Market Committee’s meeting minutes and more corporate results are likely to keep TSX stocks volatile today.

Read more »

Retirement
Investing

Got $5,000? Buy and Hold These 3 Value Stocks for Years

Given their solid underlying businesses, healthy growth prospects, and attractive valuation, I am bullish on these three value stocks.

Read more »

money cash dividends
Stocks for Beginners

Got $1,000 to Invest in Stocks? Put It in This Index Fund

This low-cost beginner-friendly ETF is a great way to invest $1,000.

Read more »

Overhead shot of young adults using technology at a table
Tech Stocks

3 Cheap Tech Stocks to Buy Right Now

Given their long-term growth prospects and discounted stock prices, I am bullish on these tech stocks.

Read more »

money cash dividends
Dividend Stocks

Have $500? 2 Absurdly Cheap Stocks Long-Term Investors Should Buy Right Now

Want some absurdly cheap stocks for your portfolio? Here are two options trading at a huge discount right now.

Read more »