Growth stocks look like they could be a big part of the near-term future. That’s especially as the Bank of Canada announced that it would be holding the interest rate at 5%. This is the third consecutive hold since July of this year. And it could mean that we could see decreases in the near future with inflation and interest rates under control.
This also means that Canadians may be saving enough money, and creating enough confidence in the market, to see a future in growth stocks. And there are some out there offering a once-in-a-decade opportunity to get rich!
Topicus.com (TSXV:TOI) is a strong opportunity if you’re looking to get rich from growth stocks in the next decade. That’s because the tech stock is a spinoff of long-time success story Constellation Software (TSX:CSU). Constellation has been around since 1995, acquiring essential software to expand its offerings. Now, it’s doing it again with Topicus stock but in Europe.
Topicus stock therefore has the same management team, the same focus, and the same opportunity for those wanting to buy this year. That’s because the company is pretty much brand new, coming on the market just about a year ago.
Shares have been steadily rising towards $100 per share this year, and that could certainly occur before the end of 2023, especially if we experience a Santa Claus Rally, with a focus on growth stocks for investors. So, I’d say now is the time to get in if you’re looking to get rich off a future favourite like Topicus stock.
Another of the top stocks to consider right now is WELL Health Technologies (TSX:WELL). This is one of those past growth stocks that surged in share price, only to fall and not be able to get back up for some reason. I say for some reason, because there isn’t really a reason for it being so low!
WELL stock has managed to report record revenue for 19 consecutive quarters after its most recent quarterly report. The company continues to acquire more businesses, seeing major growth both in Canada and the United States. The thing is, it still could expand internationally.
Now that it also has joined with HEALWELL to create more artificial intelligence (AI) use, this has proven even more of a success story. AI will lower costs for everyone, bringing in more business in the meantime as users see the success. So, with shares up 33% in the last year but a fraction of all-time highs, this could certainly be one of the growth stocks with huge success in 2024 and beyond!
Another of the growth stocks that simply isn’t where it should be is Lightspeed Commerce (TSX:LSPD). Lightspeed stock continues to trade at a fraction of its share price, even though the company continues to see its past strategies fully up and running successfully.
After falling back in September 2021 after a short-seller report, Lightspeed stock has struggled to bring its share price back up. However, the stock has proven its past acquisitions were worth it. The tech stock reported profitability during its latest quarter, and recently past the $1 billion run rate.
Analysts are also coming on board with its strategy. As one put it, Lightspeed stock is now “cleaner” and “better positioned” after skepticism over higher payment penetration. Payments penetration is now up to 25%, with the goal to reach 50% payments penetration in the next 18 months to two years. Analysts fully believe the stock is in outperform territory, as it streamlines the business and focuses on unified payments and profitability in the future.