If you want to make it big in the stock market, focus on growth stocks. These stocks are generally younger and operate in important and emerging industries. If you can find one or two top stocks early, you could ride the next bull market to massive gains. However, finding those few stocks to add to your portfolio could be difficult due to a few reasons.
First, because growth stocks tend to be newer companies, there’s often a lot of competition in the space they operate in. Sometimes, it’s unclear which company (or companies) will come out on top. Second, there may be some issues regarding regulations and/or consumer appeal (in other words, market penetration). These hurdles could hinder a company’s growth. Finally, there often isn’t a lot in terms of a company’s history to look back at and make educated guesses about future performance.
Despite those issues, I think it’s still a very good and worthwhile idea to invest in growth stocks. In this article, I’ll discuss two stocks that could skyrocket in the next bull market. Both of these companies operate in very important industries, and growth-minded investors should take note now.
The healthcare industry is changing
Many people, especially those that are younger, are more keen than ever to use technology for different tasks. This includes seeing a doctor. Telehealth is becoming such an important service for the average person. Anecdotally, I’ve seen many friends and family members use these kinds of services in the past year alone. These kinds of services may have only taken the world by storm during the COVID-19 pandemic, but there’s no doubt they’re here to stay.
If you’d like to make a play in this space, then consider investing in WELL Health Technologies (TSX: WELL). This company operates three distinct business lines. First, it operates 181 primary health clinics. Second, WELL Health offers a suite of telehealth services that prospective patients can easily use. Finally, the company operates an online marketplace where other healthcare providers can purchase software solutions to bolster their own telehealth solutions.
WELL Health may have started off as a Canadian company. However, it has managed to penetrate the massive American healthcare industry. If it could continue to expand in the future, then investors may be looking at the next big growth stock.
Online and mobile payments are more important than ever
If you believe that the e-commerce industry has a lot of room to grow, then I’d say the digital payments industry does as well. With that said, Nuvei (TSX: NVEI) is a stock that I think growth investors should consider buying today. This company provides merchants with an omnichannel payments platform. Using its platform, merchants are able to accept online, mobile, in-store, and unattended payments. That breadth in Nuvei’s offering is, in my opinion, what separates it from its peers.
For the first year of Nuvei’s life on the public markets, it was thriving. From September 2020 to September 2021, the stock gained more than 270%. Unfortunately, times have been tough since. Thanks to a short report and a bull market, this stock has suffered immensely. Despite those issues, I strongly believe Nuvei has what it takes to reward shareholders once again.
