The S&P/TSX Composite Index fell 111 points on October 26. Health care, information technology, and base metals sectors all suffered the steepest drops on the day. Today, I want to look at three of the best growth stocks to snatch up in this volatile environment. Let’s jump in.
This growth stock can do it all!
goeasy (TSX:GSY) is a Mississauga-based alternative financial services company that operates through easyfinancial, easyhome, and LendCare. Shares of this growth stock have climbed 109% in the year-to-date period. The stock has soared 187% from the prior year. Back in September, I’d discussed that investors should scoop up this stock for the long haul.
Investors can expect to see goeasy’s next batch of results in early November. In the second quarter of 2021, the company reported $379 million in loan originations — a 39% year-over-year increase and a record. Moreover, the acquisition of LendCare provided a big boost to its loan portfolio and allowed goeasy to expand its point-of-sale lending channel. goeasy expects its gross loan receivable portfolio to hit between $1.95 billion and $2.05 billion by the end of fiscal 2021.
Shares of this growth stock possess a price-to-earnings (P/E) ratio of 14. That puts goeasy in favourable growth territory at the time of this writing. It has delivered over five consecutive years of dividend growth, qualifying goeasy as a Dividend Aristocrat. goeasy was hit hard by volatility in late September and early October. It is still on sale today.
Here’s an undervalued stock to snatch up before November
Pollard Banknote (TSX:PBL) is a Winnipeg-based company that manufactures and sells a range of gaming products and services for the lottery and charitable gaming industries worldwide. Shares of this growth stock have increased 34% in 2021. Pollard has soared 157% year over year. However, it still offers nice value after dipping in a volatile September.
The company unveiled its second-quarter 2021 earnings on August 11. Sales rose 24% year over year to $113 million. Meanwhile, combined sales jumped 32% to $123 million. Pollard’s combined iLottery sales rose to $16.7 million over $12.5 million in the previous year. Adjusted EBITDA was reported at $22.6 million — up from $19.8 million in the second quarter of 2020. Diamond Game, Pollard’s largest revenue stream, was hurt by the closure of retail outlets due to the COVID-19 pandemic. Fortunately, restrictions have recently been eased and bingo halls are now open.
This growth stock last had a P/E ratio of 31. Meanwhile, the stock has dropped 3.1% month over month. I’m looking to snatch up this growth stock, which has consistently delivered for shareholders in recent years.
A super growth stock that has impressed since its IPO last year
Nuvei (TSX:NVEI)(NASDAQ:NVEI) debuted on the TSX back in September 2020. It launched on the NASDAQ this fall, generating more interest in North America. The Montreal-based company provides payment technology solutions to a global client base. Shares of this growth stock have soared 126% in the year-to-date period.
Earlier this week, I’d discussed just how explosive Nuvei has been over the past year. The payment technology solutions market is well positioned for strong growth this decade. Nuvei delivered revenue and adjusted EBITDA growth of 114% and 112%, respectively, in the second quarter of 2021. This is a super growth stock well worth owning for the long term.
Nuvei suffered slips in late September and has been hit in the middle of October. Investors should take advantage of the dips in this electric technology stock.
