Investors hoping to become rich from the stock market should be focused on growth stocks. This is because growth stocks tend to be companies that operate in cutting-edge fields that are poised for massive growth and increased penetration of the market over the coming years. However, if you really want to make it big, then it could be a good idea to look for stocks that are a little beaten down, that could bounce back in a big way in the future.
In this article, I’ll discuss two beaten-down growth stocks that investors should consider buying right now. I believe these two companies could ride major tailwinds due to the industries that they operate in, which could result in massive growth in the future.
I’m a big fan of the e-commerce space
If you’re familiar with my writing on the Motley Fool, then you’ll know that I tend to cover e-commerce companies quite often. However, I don’t tend to cover companies that operate in e-commerce-adjacent spaces. Much like the big players in the larger e-commerce space, I believe these e-commerce-adjacent companies could see massive growth over the coming years.
One company I’d like to highlight today is Nuvei (TSX: NVEI). For those who are unfamiliar, Nuvei is a payments company. It offers merchants with an omnichannel payments platform that can help streamline their businesses. Using Nuvei’s payments platform, merchants are able to accept online, in-store, mobile, and unattended payments. That breadth in Nuvei’s offering is, in my opinion, what separates it from its competitors.
When Nuvei first became a publicly traded company, it wasted no time making headlines. In fact, its initial public offering was the largest among Canadian tech companies in history. This stock then went on to gain nearly 300% over its first year of trading.
Unfortunately, the stock has been hit with turbulent times since. In fact, the stock trades about 86% lower than its all-time high. Despite that, I believe that this company could bounce back in the future. It is powered by a great platform and an industry that’s poised to grow over the next decade.
Health care is changing
The telehealth space is another area that growth investors should be focusing on. Companies in this space are still battling for market share, and it could be very interesting to see how it all shapes out. If you’re interested in the telehealth space, then WELL Health Technologies (TSX: WELL) is a stock that you should consider buying today.
WELL Health Technologies operates a few different business segments. First, it operates primary health clinics. Second, WELL Health offers its telehealth platform that can be used to access healthcare professionals from the comfort of your own home. Finally, it operates an online marketplace where other healthcare professionals can obtain apps to help bolster their own telehealth services.
WELL Health Technologies stock trades about 50% lower than its all-time high. However, the stock has shown a lot of strength so far this year. In fact, year to date, WELL Health stock has gained 55%. With the telehealth space continuing to grow, I believe WELL Health stock could continue to climb in the future.
