4 Growth Stocks That Could Make You a Millionaire!

Investors looking for opportunities in this turbulent market should look to exciting growth stocks like goeasy Ltd. (TSX:GSY) and others.

financial freedom sign

Image source: Getty Images

The S&P/TSX Composite Index was down 74 points in late-morning trading on August 31. However, the S&P/TSX Battery Metals Index drove the decline. It was down 5.13% at the time of this writing. Today, I want to look at four growth stocks that are worth buying on the dip in this turbulent market. If investors time things right, they have the chance to win big. Let’s dive in.

I’m looking to buy this growth stock on the dip right now

Cargojet (TSX:CJT) is a Mississauga-based company that provides time-sensitive air cargo services. Shares of this growth stock have dropped 13% in 2022 as of late-morning trading on August 31. The stock has plunged 33% in the year-over-year period.

This company released its second-quarter (Q2) fiscal 2022 results on July 27. Total revenues came in at $246 million — up from $172 million in the previous year. Meanwhile, net income shot up to $160 million compared to $11.1 million in Q2 of fiscal 2021.

Shares of this growth stock possess a favourable price-to-earnings (P/E) ratio of 12. It offers a quarterly dividend of $0.286 per share. That represents a modest 0.8% yield.

goeasy is still one of the most exciting equities on the TSX

goeasy (TSX:GSY) is another growth stock I’d look to snatch up in this turbulent climate. This company provides non-prime leasing and lending services to consumers in Canada. Its shares have plunged 32% in the year-to-date period.

In Q2 2022, goeasy delivered adjusted quarterly diluted earnings per share (EPS) growth of 8% to $2.83. It posted same-store revenue growth of 16% and total customers reached 1.2 million. This growth stock has achieved eight straight years of dividend growth, which qualifies goeasy as a Dividend Aristocrat. The stock last had a P/E ratio of 11, putting goeasy in attractive value territory at the time of this writing.

Here’s a growth stock to target in the reeling technology space

Lightspeed Commerce (TSX:LSPD)(NYSE:LSPD) is a Montreal-based company that provides commerce enabling Software as a Service (SaaS) platform for small and midsize businesses. Shares of this growth stock have plummeted 50% so far in 2022. The stock is down 82% in the year-over-year period.

This company unveiled its Q1 fiscal 2023 earnings on August 4. It delivered revenue growth of 50% year over year to $173 million and gross transaction volume (GTV) jumped 36% to $22.1 billion. Lightspeed has projected revenues between $740 million and $760 million in fiscal 2023.

Lightspeed is on track for strong revenue growth going forward. This tech stock has struggled mightily in 2022. However, Lightspeed is worth targeting for its exposure to the fast-growing mobile payments market.

One more growth stock I’d target as we move into September

ATS Automation Tooling (TSX:ATA) is the fourth and final growth stock I’d look to snatch up on the last day in August. This Cambridge-based company provides automation solutions around the world. Its shares have dropped 20% in the year-to-date period.

The company released its Q1 fiscal 2023 results on August 10. It delivered revenue growth of 19% to $610 million. Meanwhile, basic earnings per share came in at $0.43 over $0.31 in the first quarter of fiscal 2022. This growth stock possesses an attractive P/E ratio of 27 at the time of this writing. Canadian investors should be eager for exposure to automation with this high-quality 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 Ambrose O'Callaghan has positions in goeasy Ltd. The Motley Fool has positions in and recommends CARGOJET INC. The Motley Fool recommends Lightspeed Commerce.

More on Investing

Money growing in soil , Business success concept.
Investing

2 Great Dividend-Growth Stocks to Stash in a TFSA for Decades

CN Rail (TSX:CNR) and another dividend grower look cheap enough to own in a TFSA value fund for the long…

Read more »

Canada day banner background design of flag
Retirement

Essential RRSP Stocks: 2 Canadian Picks to Secure Your Retirement

Two dividend stocks are ideal anchors for Canadians intending to contribute to their RRSPs in 2024 and save for retirement.

Read more »

A Canada Pension Plan Statement of Contributions with a 100 dollar banknote and dollar coins.
Retirement

5 Strategies for Maximizing Your CPP Benefits in 2024 and Beyond

Are you looking for the best way to max out your CPP benefits? Here are some tips you may not…

Read more »

Digital background depicting innovative technologies in (AI) artificial systems, neural interfaces and internet machine learning technologies
Tech Stocks

Better Artificial Intelligence Stock: UiPath vs. C3.ai

Deciding between UiPath and C3.ai isn't easy since both have strengths and weaknesses.

Read more »

data analyze research
Investing

The 1 Stock to Own in a Sideways Economy

Here's why Restaurant Brands (TSX:QSR) remains a top TSX stock investors shouldn't ignore for long-term gains in this market.

Read more »

Retirees sip their morning coffee outside.
Retirement

Here’s the Average RRSP Balance at Age 65 and 71 in Canada

Canadian investors can consider holding dividend stocks and supplement their CPP and RRSP payouts in retirement.

Read more »

Technology
Dividend Stocks

10 Years From Now, You’ll Be Glad You Bought These Magnificent TSX Dividend Stocks

The TSX is lucrative to buy these magnificent dividend stocks in bulk and be proud of this decision 10 years…

Read more »

sale discount best price
Energy Stocks

Time to Pounce: 1 Phenomenal TSX Stock That Hasn’t Been This Cheap in a While

Now could be the time to get into Cameco (TSX:CCO) stock, which is up 81% in the last year but…

Read more »