3 Growth Stocks to Invest $3,000 in Right Now

Are you planning to buy growth stocks? Consider investing $3,000 in these three Canadian stocks.

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The market cap of Canadian growth stocks saw a significant erosion over the past year as investors turned risk-averse amid fear of a recession. However, the macroeconomic environment turned out not being as bad as expected. Moreover, the easing of inflation and supply chain headwinds point to a recovery in growth stocks with solid fundamentals

With growth stocks trading cheap, investors have plenty of investment options. But before investing, note that growth stocks are riskier and could stay volatile in the short term. Against this background, let’s look at three growth stocks where you can confidently invest $3,000 right now. 


With a resilient business model and solid sales and earnings growth, Aritzia (TSX:ATZ) is a top Canadian stock to invest in right now. The fashion house has grown its revenue and adjusted net income at a CAGR (compound annual growth rate) of 19% and 24%, respectively, between fiscal 2018 to fiscal 2022. 

What stands out is its 48% revenue growth in the nine months of fiscal 2023, despite macro headwinds. Meanwhile, its adjusted earnings per share grew 22.7% during the same period.

The omnichannel retailer expects its revenue to increase by 15-17% annually through 2027. Furthermore, the company expects to grow its earnings faster than revenues. Aritzia’s solid growth guidance comes from continued boutique expansion, especially in the high-growth market of the United States. In addition, its solid mix of full-priced sales, category expansion, and strengthening of the e-commerce offerings augur well for future growth. 

WELL Health

WELL Health (TSX:WELL) is a digital health company that has remained immune to the macro headwinds. Thanks to its solid organic sales and ability to generate profitable growth, WELL Health stock has gained over 50% year to date. Despite this recovery, WELL Health stock is trading at a next 12-month enterprise value-to-sales multiple of 2.2, which is incredibly cheap compared to its historical average. 

While WELL Health stock is trading cheap, its revenue continues to grow rapidly on the back of solid organic sales led by omnichannel patient visits. Also, its high-margin virtual services have gained significantly and account for most of its revenues, which bodes well for future revenues and earnings growth. 

Looking ahead, WELL Health is poised to deliver robust sales and profitable growth, thanks to its solid organic sales, strategic acquisitions, and improved sales mix (increased revenues from the high-margin virtual services segment). Moreover, its stock is trading cheap, providing an opportunity to invest near current levels.


Consumer company Dollarama (TSX:DOL) offers high growth. At the same time, Dollarama’s defensive business adds stability to your portfolio. This large-cap stock has consistently outperformed the benchmark index, reflecting solid sales and earnings growth. 

This value retailer’s sales had a CAGR of 11% since 2011. During the same time, its earnings increased at a CAGR of 17%. Further, its low fixed price points, a wide assortment of consumables, solid product mix, and large store base bode well for future growth.

Notably, its strong value proposition and convenience of shopping indicate that Dollarama is well positioned to deliver solid sales and earnings in the coming years, which will support its stock price. Also, the company will likely enhance its shareholders’ returns through higher dividend payments. 

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 Sneha Nahata has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Aritzia. The Motley Fool has a disclosure policy.

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