2 Solid Growth Stocks to Buy Before It's Too Late

2 Solid Growth Stocks to Buy Before It’s Too Late

After a shaky year, these two growth stocks have hit their stride, which is why now is the time to jump in and hold long term.

Amy Legate-Wolfe

Amy became interested in investing in 2018 after having her first daughter. After receiving a masters degree in journalism from Western University, she became frustrated that the finance industry remained a confusing place for Canadians like her: new parents, millennials, and other young people who needed to understand their finances. Now, Amy focuses on tech companies and renewable energy for growth opportunities, coupling that with long-term investing strategies and equities. She also provides investors with a daily newsletter, Canada Stock Digest, for daily market updates. Before joining Motley Fool Canada, she wrote for major news organizations including HuffPost, CTVNews.ca, and CBC. When she’s not researching investing strategies, Amy’s time is pretty much monopolized by her two wild daughters, but in what little spare time she has she loves to do yoga, go on walks with her dog, and travel with her husband. Follow Amy on LinkedIn and Canada Stock Digest. Favorite Investment Quote: “October: This is one of the particularly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February.” – Mark Twain

Published April 14, 2023 4:00 pm EDT

We here at the Motley Fool definitely consider long-term growth the best way to consider a buy. However, it can’t be denied that there are times when an opportunity is just too good to pass up. And there are certainly growth stocks that are down in that opportunistic territory right now.

So today, we’re going to look at two growth stocks that may be on the way up, but have a lot more room to grow. Let’s get right to it.

WELL Health stock

First up, we have WELL Health Technologies (TSX:WELL). WELL Health stock climbed and fell over the last few years, both for the same reasons. The company saw a huge rise during the pandemic years as the world shifted online. We needed virtual healthcare, and WELL provided.

Yet it was also a tech stock, double win! Its virtual healthcare assistance and acquisitions of others in the field led to even more growth. It eventually reached an all-time high around $9 per share.

However, these same reasons were the cause of WELL Health stock’s drop in the last year or so. First, pandemic restrictions eased, leading many to believe WELL Health stock would become obsolete. Then, tech stocks dropped as investors looked to take their returns in a poor market.

The thing is, there is nothing to show that WELL Health stock deserved the drop. The company continues to expand beyond Canadian borders, where it’s the largest outpatient clinic in the country. It continues to make mergers and acquisitions that have led to record growth in the last year.

It’s now one of the growth stocks doing well in 2023. Shares are back to where they were this time last year, and up 74% year to date. While there could be another drop in the near future, long-term investors should certainly keep this stock on their growth stocks watchlist.

TFI International stock

Then, there’s another huge winner among growth stocks with TFI International (TSX:TFII). The North American transportation and logistics operator continues to rise higher and higher, recently hitting 52-week highs after earnings. While the fourth quarter was only alright, analysts remained quite excited about its growth outlook.

TFI stock predicts it will hit up to $7.60 earnings per share in 2023, which is a bump from its higher guidance of $7.40 earlier in the year. Analysts believe this could definitely be achieved, and doesn’t even account for its mergers and acquisitions. The company has identified $300 million in these opportunities before June of this year. So it looks like this movement is already underway.

Yet while this led shares to 52-week highs, TFI stock has come down since then. Only slightly, but still, a dip could be the perfect time to get in on this stock. One that has a solid footing in the future, with demand for quick product turnaround continuing across North America. Further, a poor market means more clients will seek out cheaper options through TFI stock and its fleets. So definitely one to consider today.

Shares are up about 51% in the last year, and 14% year to date, down from 25% year to date after its earnings. So again, if you’re looking for a long-term investment that has a lot of room to grow, now could be a great time to get in on growth stocks like this one.