Growth investors haven’t had much to celebrate over the past year. Many of the market’s most popular growth stocks continue to trade with much volatility. In addition, those stocks also remain much lower than what they were worth at the start of last year.
However, despite those negatives, I believe it’s an excellent time to continue buying growth stocks. Taking advantage of these discounts could put you in an excellent position once the market resumes trading upwards. In this article, I’ll discuss three top TSX growth stocks to buy in July.
Buy this well-known e-commerce stock
When it comes to investing in growth stocks, it’s imperative that investors focus on industries that have long growth runways ahead. That helps ensure that the company has a chance to capitalize on the emerging industry. I believe that the e-commerce industry has tons of room for growth. Younger consumers are turning to online shopping like we’ve never seen before. In addition, older consumers have become more accustomed to online shopping due to the COVID-19 pandemic.
Because of the growth potential within the e-commerce industry as a whole, I still feel like Shopify (TSX: SHOP)(NYSE:SHOP) is a top growth stock that investors should buy in July. This company provides merchants with a platform and all the tools needed to operate online stores. Shopify offers investors a business reliant on recurring revenue and is run by a founder-CEO. When considering the company as a whole, it’s hard not to take advantage of the massive discount that Shopify is trading at.
Another company poised for success in the e-commerce space
Sticking with the e-commerce industry, I believe growth investors should consider buying shares of Goodfood Market (TSX: FOOD) in July. This is an online grocery and meal kit company. It operates out of 10 Canadian provinces, giving it a large presence within the online grocery market.
Like Shopify, Goodfood Market is run by its founders. Importantly, those founders also hold a very large ownership stake in the company. Co-founders Neil Cuggy and Janathan Ferrari own nearly 25% of Goodfood Market. This is important to consider, because it suggests that the company’s interests are aligned with that of the shareholders. In essence, it indicates that the company’s management team is willing to be rewarded according to the company’s performance.
The telehealth industry is ramping up
Finally, I believe that investors should consider looking at the telehealth industry. If we learned anything during the COVID-19 pandemic, it’s that the global healthcare industry needs to be heavily improved upon. Many of the current solutions aren’t as accessible as they should be. Telehealth solutions help change that in a massive way. Using telehealth solutions, patients can seek medical professionals from the comfort of their own homes.
WELL Health Technologies (TSX: WELL) is one company that’s making massive progress in this space. It supports more than 2,800 clinics on its EMR network. Well Health also operates several different virtual clinics that patients in Canada and the United States can access. Finally, the company supports more than 40 apps on its online marketplace. Healthcare professionals can purchase those apps to optimize their own telehealth offerings.
