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.
