The 4 Best Growth Stocks for Millennials to Buy

Millennials should seek exposure to promising growth stocks like Kinaxis Inc. (TSX:KXS) and others in the 2020s.

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Millennial investors have been forced to face down a historic global financial crisis and one of the worst pandemics in a generation in a little over a decade. However, this has been a terrific environment for investors who’ve stayed in the bull market. Central banks have telegraphed their intent to shrink balance sheets and draw down on the incredibly accommodative monetary policy they have practiced in recent years. Investors may need to be more selective in this climate. Today, I want to look at four growth stocks that millennials can count on for long-term growth.

Why millennials need to target healthcare stocks in the 2020s

Andlauer Healthcare (TSX:AND) is a Toronto-based supply chain management partner that services the health care sector. Shares of this growth stock have climbed 36% year over year as of close on January 19. However, the stock has dropped 8.7% to start 2022. Millennials should look to get in on the tech and healthcare sectors this decade.

In Q3 2021, the company delivered revenue growth of 37% to $104 million. Meanwhile, net income and comprehensive income jumped 41% to $12.2 million. Andlauer has a solid balance sheet and is on track for strong growth going forward. It is in favourable value territory compared to its industry peers at the time of this writing.

This tech growth stock is ready to tackle the ongoing supply-chain crisis

Kinaxis (TSX:KXS) is another growth stock that offers supply-chain management solutions. Indeed, Kinaxis’s RapidResponse software has made the company a global leader in this emerging tech space. The ongoing supply chain crisis in North America should spur investors to snatch up Kinaxis, as it continues to lure top global companies. This is a great reason for millennials to snag Kinaxis right now.

Shares of this growth stock have dropped 10% so far this year. It delivered SaaS revenue growth of 14% to $44.7 million in the third quarter of 2021. Back in November 2021, I’d recommended that investors snatch up this tech stock for the long term. This growth stock possesses an RSI of 27, putting it in technically oversold territory at the time of this writing.

Here’s another growth stock to consider in late January 2022

Cargojet (TSX:CJT) is another growth stock millennials should seek out in late January. This Mississauga-based company provides time sensitive overnight air cargo services in Canada. Shares of this growth stock declined 22% in 2021. However, the stock has jumped 14% in 2022 so far.

In the near term, Cargojet should see an earning boost due to the fires in British Columbia that forced more shippers to take to the air. Investors will see its final batch of 2021 results on March 7, 2022. It is not too late for millennials to ride the wave of this growth stock right now.

Millennials should get in on the grocery-delivery space

Goodfood Market (TSX:FOOD) is the fourth growth stock millennials should seek out right now. Grocery-delivery services experienced huge growth due to the COVID-19 pandemic. However, Goodfood has plunged 74% year over year as of close on January 19.

There were some promising signs in its first-quarter fiscal 2022 report released on January 18. It delivered 50% growth in quarterly active customers since the launch of its quick-commerce delivery service. I’d recommended that investors take a chance on Goodfood in late 2021.

This growth stock last had an RSI of 31, putting it just outside technically oversold territory.

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 owns KINAXIS INC. The Motley Fool owns and recommends Andlauer Healthcare Group Inc. and CARGOJET INC. The Motley Fool recommends Goodfood Market Corp and KINAXIS INC.

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