Growth stocks are some of the most important investments you make for your portfolio. These companies have the ability to grow rapidly and for years, which would be a major contributor to your portfolio’s long-term growth.
There’s a reason why most investors don’t only own growth stocks, though, despite their massive advantages.
Buying growth stocks, especially the highest potential ones, can often come with some risk. These stocks trade with growth premiums, so not only do they have to continue to grow, but they could continue to outpace analyst estimates or could be in for a massive reduction in value.
This is why, when you buy growth stocks, you want to ensure you’re buying the best of the best. It’s crucial that the risk is worth the reward.
So with that in mind, here are three of the top Canadian growth stocks to consider buying today that could be long-term winners.
A top healthcare growth stock
One of the top growth stocks in Canada with some major long-term potential is WELL Health Technologies (TSX:WELL). WELL has gained a tonne of popularity recently, and rightfully so.
It is one of the most exciting growth stocks you can consider today, offers tonnes of long-term growth potential, and doesn’t even trade with that much of a growth premium.
In fact, currently, analysts have an average one-year target price for WELL of $12.25, offering more than 50% upside from today’s market price, which makes it one of the most attractive growth stocks to buy now.
Not only is it disrupting a Canadian healthcare industry that’s years behind where it could be and in desperate need of innovation, but WELL has also proved multiple times that it can make value accretive acquisitions and continue to strengthen and grow its operations.
So if you’re looking for a high-quality growth stock that can offer superior returns for years, I’d strongly recommend investors consider WELL Health.
A top Canadian crypto stock
If you’re a growth investor looking for a high-potential company, the cryptocurrency industry is certainly one of the best places to find stocks. In my view, there are plenty of crypto stocks that can be major long-term winners. The best stock to buy, though, has to be Galaxy Digital Holdings (TSX:GLXY).
The cryptocurrency industry not only offers the major potential to grow but is also in its infancy with tonnes of possibilities.
Galaxy Digital is the best growth stock to buy because it offers exposure to much of this potential. It’s a business that you can own long-term, helping to mitigate the risk of short-term volatility while offering exposure to several high potential business segments that can grow in the long run.
It certainly has a tonne of potential to be a massive long-term winner, making it an excellent stock to add to your portfolio.
So if you’re looking for a way to gain exposure to cryptocurrency or just want a high-quality growth stock, Galaxy Digital is one of the best to buy now.
A top cleantech stock
Finally, another high-potential Canadian stock with massive growth potential is Greenlane Renewables (TSX:GRN).
Greenlane is one of the best growth stocks to buy now because it’s rapidly become a leading global provider of biogas upgrading systems. Simply put, Greenlane’s technology can create clean, renewable natural gas that can be used by utility companies or even as fuel for vehicles.
This is a market that’s early, but one that offers a tonne of potential, especially with the massive changes we need to make for our environment.
The high-quality renewable energy stock has multiple cutting-edge technologies that help keep it a leader in the space. For example, its biogas upgrading plants can be used to collect and purify naturally occurring gasses at landfills, in wastewater treatment plants, and even on farms.
Furthermore, it has operations in 19 different countries around the world, showing just how crucial its business is on a global scale.
Being a leader in an industry with so much long-term potential gives Greenlane a tonne of advantages. So if you’re looking for a top growth stock that could be a massive long-term winner, Greenlane is a top choice.
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 Daniel Da Costa owns shares of Galaxy Digital Holdings Ltd. and WELL Health Technologies Corp. The Motley Fool has no position in any of the stocks mentioned.