3 Top Growth Stocks in Canada for December 2023

3 growth stocks that stand out for their innovation, market positioning, and potential for sustained growth.

| More on:
Hand arranging wood block stacking as step stair with arrow up.

Image source: Getty Images

In December, Canadian investors are checking out the stock market for good investment opportunities. Identifying growth stocks with promising trajectories is crucial for building a robust investment portfolio. In this article, we’ll delve into three top growth stocks in Canada that have caught the attention of investors as we approach the end of the year.

Shopify 

Shopify (TSX:SHOP), which is like the star player of Canadian tech stocks, continues to be a powerhouse in the e-commerce sector. The company’s innovative platform empowers businesses of all sizes to seamlessly establish and scale their online presence. More and more people are shopping online, and Shopify is right there, providing the tools businesses need.

The ongoing global shift towards e-commerce is a significant tailwind for Shopify. As businesses turn to online platforms, the demand for Shopify’s services has skyrocketed.

Shopify’s continuous efforts to expand its merchant base contribute to its revenue growth. Small and medium-sized enterprises (SMEs) find Shopify’s user-friendly platform appealing, driving increased adoption.

Shopify is always coming up with new ideas, like letting people try things on using augmented reality and making it easy to pay online. This keeps them ahead of the competition in online shopping.

Ballard Power Systems 

Ballard Power Systems (TSX:BLDP), a leader in the fuel cell industry, is positioned at the forefront of the green energy revolution. As the world increasingly focuses on sustainable energy solutions, Ballard’s fuel cell technology has garnered attention for its potential to power various applications, from vehicles to industrial processes.

As the world wants to reduce pollution, Ballard’s fuel cells fit right into the plan for cleaner energy. Governments and industries alike are investing in hydrogen as a key component of the clean energy transition, and that’s good news for Ballard.

Ballard is teaming up with major players in the automotive and industrial sectors. Collaborations with companies like Siemens and Weichai Power enhance its market presence and open doors to new opportunities.

Ballard’s fuel cells aren’t just for cars; they can power buses, trucks, and even trains. Because their technology is so useful in many areas, Ballard is set up for growth in different industries.

Lightspeed Commerce 

Lightspeed Commerce (TSX:LSPD) has emerged as a key player in the technology solutions space for small and medium-sized businesses, particularly in the retail and hospitality sectors. The company’s cloud-based point-of-sale and e-commerce platforms offer comprehensive solutions to streamline operations for businesses of all sizes.

With the gradual recovery of the retail and hospitality sectors post-pandemic, Lightspeed is witnessing increased demand for its services. Small businesses are turning to its platform for digital transformation and enhanced customer engagement.

Lightspeed’s strategic focus on global expansion, including acquisitions and partnerships, positions the company as a key player in the international market. Expansion into new regions and markets is broadening its revenue streams.

Lightspeed continues to enhance its platform with innovative features and integrations. The POS and payment platform’s commitment to providing a comprehensive suite of tools, including inventory management and analytics, makes it an attractive choice for businesses seeking holistic solutions.

Bottom line

Shopify, Ballard Power System, and Lightspeed are three growth stocks that stand out for their innovation, market positioning, and potential for sustained growth. Investing in companies that are focused on growing can be a smart move for your financial success in the changing world of stocks.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Stephanie Chateauneuf owns shares of Shopify. The Motley Fool has positions in and recommends Shopify. The Motley Fool recommends Lightspeed Commerce. The Motley Fool has a disclosure policy.

More on Investing

growing plant shoots on stacked coins
Dividend Stocks

4 Ways to Grow $100,000 Into $1 Million in Retirement Savings

Anyone can build a million-dollar retirement portfolio. Here are four ways you could practically grow $100,000 to $1 million.

Read more »

Pot stocks are a riskier investment
Cannabis Stocks

Steer Clear: This Stock Spells Trouble

A newly listed cannabis stock is outperforming in 2024 but investors should stay clear to avoid trouble and losses.

Read more »

Red siren flashing
Energy Stocks

Buy Alert: 4 Reasons Why TC Energy Stock Is a Must-Own Now

A large-cap energy stock is a strong buy today for four compelling reasons.

Read more »

Shopping and e-commerce
Tech Stocks

Is Lightspeed Commerce Stock a Buy Now?

Despite the near-term weakness, I am bullish on Lightspeed due to its solid fundamentals, healthy growth prospects, and attractive valuation.

Read more »

A shopper makes purchases from an online store.
Dividend Stocks

3 Reasons to Buy TFI Stock Like There’s No Tomorrow

TFI stock (TSX:TFII) had a hard 2023, but now it's set up for a solid 2024, with an acquisition that…

Read more »

IMAGE OF A NOTEBOOK WITH TFSA WRITTEN ON IT
Dividend Stocks

5 Secrets of TFSA Millionaires

These lesser-known secrets can help you set up the perfect long-term portfolio and achieve a million-dollar TFSA!

Read more »

Canadian stocks are rising
Dividend Stocks

iShares S&P/TSX Capped REIT Index ETF (TSX:XRE): Why I Like this ETF Better Than a Rental Property

XRE is a great ETF for gaining exposure to the Canadian real estate sector.

Read more »

analyze data
Dividend Stocks

How to Build a Powerful Passive-Income Portfolio With Just $20,000

These fundamentally strong TSX stocks have paid and increased their dividend in all market conditions. Add these stocks to build…

Read more »