Black Friday Is Coming, and These Top Stocks Are Still on Sale

These top stocks are just looking for that final push to perhaps soar back to greatness, and Black Friday could be just the shove they need.

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 November 17, 2023 3:30 pm EST

| More on: LSPDNVEISHOP

Black Friday is now just a week away, and yet there are still so many sales already out there. Yet, of course, this isn’t for buying a pair of jeans on sale. No, this is a sale that could actually make you money. And that’s from buying top stocks directly related to Black Friday.

Those top stocks include Shopify (TSX:SHOP), Lightspeed Commerce (TSX:LSPD), and Nuvei (TSX:NVEI). These three tech stocks have already been improving, and come Black Friday and Cyber Monday, they should soar right out of the water.

sale discount best price — Image source: Getty Images

Shopify stock

Shopify stock has already had a great year, but it could arguably get better as we end out 2023. The ecommerce company made some incredibly major choices to bring cash flow back to the company. This included large layoffs and the sale of its logistics business to Flexport for a 13% stake in the company.

It’s now focused on e-commerce once more, which has also included additional uses of artificial intelligence (AI). This is to make things even easier for its many merchants, but the company hopes to appeal to more enterprise clients as well.

Gross transaction volume (GTV) continues to climb for the company, and this should continue towards Black Friday, which is historically the company’s best weekend. Shopify should see a rise in the share price afterwards as well. So, at the very least, keep an eye on Shopify stock. Shares are already up by a whopping 89% in the last year alone.

Lightspeed stock

Shopify stock has already seen growth, which could mean growth will be slower in the new year. So, if you’re going to look for a more valuable option among top stocks this Black Friday, Lightspeed stock is a great tech stock to consider. The point-of-sale company also went through its own layoffs and focus back on the point-of-sale systems. However, it’s had the benefit of seeing its large acquisitions up and running.

Lightspeed stock recently posted a quarterly that hit its profit targets, and analysts now believe the company is set up to outperform in 2024. That’s particularly due to this recent increase in profit coupled with the company’s value. It’s been the case that cost-conscious consumers and discretionary spending has been lower. But with Black Friday and Cyber Monday on the way, this could give Lightspeed stock the boost they need to see shares really start to rise.

With more focus on larger clients, we could see some long-term contracts come the company’s way — especially as it continues to accelerate growth around software and locations for the second half of the year. So, with shares up just 9% in the last year, it could be the deal you’ve been waiting for among top stocks.

Nuvei

Finally, Nuvei stock has perhaps had the roughest year of the bunch. Shares are still down about 33% in the last year, as of writing. However, after a strong quarter, it could be one of the top stocks to outperform in 2024. The recent quarter alone sent shares up 32% over the last month.

Nuvei stock’s payment technology continues to expand across the globe. Come Black Friday to Cyber Monday, that technology is likely to be put to use. And that couldn’t come at a better time. While the last quarter saw revenue climb 50% year over year, it still reported a loss of US$0.14 per share. So, Black Friday could be just what it needs to bounce back.

Yet again, it remains potentially a very valuable company that’s merely looking for some more long-term contracts and enterprise-level clients to push it to the next level once more. Moreover, it’s the only company among these top stocks to offer a dividend, which is currently at 2.03% as of writing.