3 Top Stocks to Buy in November

Here are three top stocks to buy in November.

| More on:

Image source: Getty Images

With a new month upon us, it’s once again time to take a look at your portfolio and try to see which positions should be added to. This final quarter of the year is generally a very important one for the retail industry, which is why I believe it would be a great time to add to retail companies. In addition, investors should consider adding stocks that have shown momentum entering the new month. In this article, I’ll discuss three top stocks to buy in November.

It could be a good idea to load up on this stock

When it comes to retail stocks, the first company that should come to mind is Shopify (TSX:SHOP)(NYSE:SHOP). The company provides merchants of all sizes with a platform and all the tools necessary to operate online stores. Shopify’s mission to “make commerce better for everyone” is evident in its business model. The company offers plans at different price points depending on the features merchants are interested in. This model incentivizes merchants to upgrade to more expensive plans as they experience success.

Last year, Shopify stores set a Black Friday-Cyber Monday record, totaling US$5.1 billion in sales. That performance indicated a 76% increase in sales year over year. The COVID-19 pandemic has undoubtedly helped consumers become much better acquainted with online shopping over the past year. Even though many consumers may take to in-person shopping this Black Friday weekend, there’s a good chance many of those consumers may double up and check out online stores as well. November should be an important month for Shopify.

This company is poised to succeed

As consumers continue to shop online, payment-processing companies are bound to succeed. Companies like Nuvei (TSX:NVEI)(NASDAQ:NVEI) often charge a percentage of each sale in exchange for access to its payments platform. Therefore, payment-processing companies are poised to grow alongside the growing ecommerce industry. Today, Nuvei is present in more than 200 global markets, accepts 480 payment methods and is compatible with 150 currencies and 40 cryptocurrencies.

It’s important to note that the e-commerce industry is only one aspect of Nuvei’s business. The company has focused on taking advantage of an ever-growing online gaming industry. Over the past year, Nuvei has managed to obtain approval to process sports betting and iGaming payments in many jurisdictions in the United States. In late October, Nuvei added Connecticut as its latest coverage region.

This stock is currently rebounding

Over the past two years, the renewable energy industry has been one of the hottest areas to invest. As a result, the companies leading the industry have seen tremendous success on the financial markets. However, that has made things difficult for investors just getting into companies like Brookfield Renewable (TSX:BEP.UN)(NYSE:BEP). If you started a position in the company early in 2021, there’s a great chance you’re likely down on the position.

However, over the past month, Brookfield stock has gained about 7%. This gives investors hope that the stock could finally be rebounding. Brookfield Renewable is one of the global leaders within the renewable utility industry. The company operates a portfolio of diversified assets capable of producing about 21,000 MW of power. In addition, Brookfield’s development pipeline has the ability to more than double its current generation capacity upon completion of its current construction projects.

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 Brookfield Renewable Partners and Shopify. The Motley Fool owns shares of and recommends Shopify. The Motley Fool recommends Nuvei Corporation and recommends the following options: long January 2023 $1,140 calls on Shopify and short January 2023 $1,160 calls on Shopify.

More on Investing