My Take: 4 Strong Growth Stocks to Buy This Week

Looking to add some growth to your portfolio? Now’s the time to invest. Here are four top growth stocks to load up on today.

| More on:
Growth from coins

Image source: Getty Images

The question on many investors’ minds today is whether or not we’ve seen the market bottom out yet. Over the past 12 months, the S&P/TSX Composite Index has experienced two 10% drops and two drops of just over 5%. 

On the bright side, of those four selloffs, the two most recent ones were 5% drops. And the bottoms of both of those drops were higher than where the two 10% drops bottomed out in 2022. All that to say, there is a trend that we’re moving in the right direction.

It’s anybody’s guess as to if the selloff in March will end up being the start of a new bull run. But what we do know is that there are plenty of top TSX stocks well on their way to returning to their market-beating ways.

Here are four growth stocks that Canadian investors should have on their watch lists today.

Constellation Software

Constellation Software (TSX:CSU) is one of the few tech stocks trading in positive territory over the past year. Shares are already up 20% year to date and came surging into April trading at new all-time highs. 

With many other high-quality tech stocks trading at discounted prices, now may not seem like an opportunistic time to be investing in Constellation Software. The reason why it’s a strong buy today is because this market-beating tech stock rarely trades at a significant discount.

The tech stock has returned more than 200% over the past five years. 

This is the type of company you can feel good about buying and holding for the long term.

Descartes Systems

Descartes Systems (TSX:DSG) is another tech stock that’s had a strong past few months. Shares are up more than 10% this year and close to 20% over the past half-year.

Nearing a 200% return over the past five years, this tech company is loaded with market-beating growth potential for the years to come. 

As a software developer in the supply chain management space, Descartes Systems understandably may fly under the radar for some investors. But for growth investors looking to earn steady returns for years to come, this is a business you want to own.


goeasy (TSX:GSY) rarely goes on sale like this. Shares are down more than 50% from all-time highs set in late 2021. Still, the growth stock has largely outperformed the market over the past five years, returning more than 150%.

This consumer-facing financial services company has quietly been one of the top-performing TSX stocks over the past decade.

As interest rates gradually come back down, demand should return for goeasy. And with that, so should the market-beating returns.

WELL Health Technologies

Not many TSX stocks outperformed WELL Health Technologies (TSX:WELL) during the second half of 2020. Demand for the company’s telehealth services surged in the early days of the pandemic. The growth stock ended 2020 up an incredible 400%.

Shares are still down about 50% from all-time highs but WELL Health is making up ground quickly. The stock is already up close to 70% this year — well on its way to a market-crushing year in 2023 and perhaps even setting new all-time highs.

If you’re a long-term bull on the rise of the telehealth space, WELL Health is the stock for you.

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 Nicholas Dobroruka has no position in any of the stocks mentioned. The Motley Fool recommends Constellation Software and Descartes Systems Group. The Motley Fool has a disclosure policy.

More on Tech Stocks

bulb idea thinking
Tech Stocks

This Growth Stock is on the Rise and Ready to Blow

WELL stock climbed 98% before falling on recent earnings, but is now back up 16% since that drop. So now…

Read more »

Tech Stocks

Secure Your TFSA for Retirement: Top Stocks to Invest in Now

Here's how you can diversify your TFSA portfolio and hold quality stocks across multiple sectors, lowering overall risk.

Read more »

Male IT Specialist Holds Laptop and Discusses Work with Female Server Technician. They're Standing in Data Center, Rack Server Cabinet with Cloud Server Icon and Visualization
Tech Stocks

Could This Undervalued AI Company Be Canada’s Next Big Thing?

Open Text (TSX:OTEX) stock could be the next tech stock to surge from its use of artificial intelligence, making it…

Read more »

Businessman holding AI cloud
Tech Stocks

Unlocking Profit Potential: 5 AI Stocks to Watch in 2023

AI stocks such as Nvidia and Microsoft have the potential to deliver outsized gains to investors in the upcoming decade.

Read more »

Technology, internet and networking, security concept
Tech Stocks

Top Cybersecurity Stocks for June 2023

Canadian investors should look to snatch up top cybersecurity stocks like Absolute Software Corp. (TSX:ABST) to start the month of…

Read more »

online shopping
Tech Stocks

Shopify Stock Rose 22% Last Month: Is it Still a Buy in June 2023?

Shopify (TSX:SHOP) stock rose 22% in the last month but is down from 52-week highs. So, is it time to…

Read more »

A data center engineer works on a laptop at a server farm.
Tech Stocks

Psst … 2 Tech Stocks I’d Buy Before Shopify

Shopify (TSX:SHOP) stock is great -- don't get me wrong. But these two tech stocks are great too, with more…

Read more »

Technology, internet and networking, security concept
Tech Stocks

1 Top Canadian Cybersecurity Firm on the Frontline Against Cyber Threats

Here’s the best Canadian cybersecurity stock you can buy now to benefit from the expected significant surge in demand for…

Read more »