3 Canadian Stocks That Could Double in 2022

Now’s the time to be loading up on these Canadian stocks. All three picks have the potential to double in 2022.

Arrowings ascending on a chalkboard

Image source: Getty Images.

The Canadian stock market has been riding an incredible bull run since the COVID-19 market crash in early 2020. The S&P/TSX Composite Index is up more than 20% in 2021 alone, and more than 5% of that growth has come within the past month. 

The TSX has been outperformed by U.S. stocks in recent years but that may not be the case for much longer. The Canadian stock market is full of high-quality growth stocks poised for multi-bagger growth over the next decade.  

Canadian investors have witnessed a surge in growth over the past 20 months, and I don’t see that slowing down anytime soon.  

Investing in growth stocks can be a bumpy ride. There’s a certain level of risk that comes with investing in a richly valued company. The trade-off is the potential of earning market-beating growth over the long term. 

I’ve got these three Canadian stocks on my radar right now. I believe that all three companies have the potential to return gains of more than 100% next year. I’ll be looking to pick up shares of all three Canadian stocks before the end of the year. 

Investing in the growth of remote work

At a market cap of $3 billion, Docebo (TSX:DCBO)(NASDAQ:DCBO) is easily the smallest of the three picks. 

The tech stock may be the smallest on this list, but it’s also been the top performer. All three of the Canadian stocks are relatively new to the TSX, with Docebo up the most at a gain of close to 600% since October 2019.

Docebo operates in a niche but growing market. The company designs cloud-based learning platforms for its customers to train both internal and external workforces. The learning platforms are powered by AI technology to personalize the learning experience for each user.

I’m very bullish on the rise of remote work in the coming years, which is one of the reasons this Canadian stock is on my watch list. As the popularity of remote work rises, so does the importance of Docebo’s technology.  

Down 20% from all-time highs, now would be a wise time to start a position in this growing tech company. 

Two Canadian stocks poised for multi-bagger growth

Another area of the market that I’m bullish on is digital payments. We’ve witnessed a steady increase in digital purchases in recent years, and the pandemic has only helped fuel that growth. The vast majority of consumer spending today is still done with cash, though, which makes this growing market opportunity that much more enticing. 

Lightspeed Commerce (TSX:LSPD)(NYSE:LSPD) and Nuvei (TSX:NVEI)(NASDAQ:NVEI) are two of the top Canadian stocks that I’d recommend owning in the digital payments space. The two companies are trading at hefty premiums today, as investors are betting on many more years of market-beating growth.

Lightspeed joined the TSX in March 2019 and shares are up close to 400%. Nuvei went public just over one year ago, and the Canadian stock is already up more than 200%. 

I’m already a Lightspeed shareholder but it’s tempting to add to my position after the recent selloff. Shares plummeted 30% following the company’s earnings release last week. Even though quarterly revenue tripled year over year, shareholders were not impressed with the company’s losses coming in higher than expected.

Nuvei is also trading at an opportunistic discount right now with shares down 15% from all-time highs. Even with the recent selloff, the valuation is far from cheap, but that’s the cost of owning a high-end growth stock.

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 Nicholas Dobroruka owns shares of Lightspeed POS Inc. The Motley Fool owns shares of and recommends Nuvei Corporation. The Motley Fool recommends Docebo Inc. and Lightspeed POS Inc.

More on Tech Stocks

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

1 Stock That’s Just as Hot as Tesla Stock  (Without All the Hype)

Sure, Tesla stock (NASDAQ:TSLA) has the headlines, but this other stock has far more growth, with even more on the…

Read more »

grow dividends
Tech Stocks

The Best-Performing TSX Tech Stocks of 2024: Can They Keep Rising?

Celestica (TSX:CLS) stock, Propel Holdings (TSX:PRL) stock, and another Canadian tech stock are rising on AI momentum. Here's why.

Read more »

Money growing in soil , Business success concept.
Tech Stocks

2 Growth Stocks That Could Turn $500 Into $2,500 by 2030

Growth stocks such as UiPath and The Trade Desk should allow investors to deliver outsized gains in the upcoming decade.

Read more »

healthcare pharma
Tech Stocks

Well Health Stock Is Up 7% After Earnings: What Investors Need to Know

Well Health is benefiting from strong demand as it digitizes healthcare and strives to improve patient outcomes.

Read more »

Circuit board with a microchips
Tech Stocks

1 AI Stock That Can Help Turbocharge Your TFSA

Docebo is a high-flying growth stock that operates in the AI space and is a top investment in May 2024.

Read more »

Businessman holding AI cloud
Tech Stocks

This Canadian AI Stock Is Growing at a Breakneck Pace

Canadian AI stock Kinaxis Inc (TSX:KXS) is giving U.S. giants a run for their money.

Read more »

grow dividends
Tech Stocks

Why Hut Stock Surged 11% on Wednesday

Hut 8 (TSX:HUT) stock surged by as much as 11% on Wednesday after strong earnings that delivered on finances and…

Read more »

sad concerned deep in thought
Tech Stocks

The Potential TikTok Ban in the U.S. Is Real: Here’s What it Means for Facebook’s Stock

Meta Platforms (NASDAQ:META) could gain market share from TikTok being banned. That might leave BCE Inc (TSX:BCE) in a bad…

Read more »