Top Canadian Growth Stocks for Aggressive Investors in 2024

Of the many sectors seeing growth, investors will want to continue watching these growth stocks for the remainder of 2024.

Amy Legate-Wolfe

Author Bio 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. Her work can also be found at Canada's National Observer, where she writes on the business side of climate action. Before joining Motley Fool Canada, Amy 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. Social Media 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 June 20, 2024 4:10 pm EDT

This year is only half over, and there have already been some intense opportunities on the market — not just in Canada but across North America and the world. Growth stocks are making a comeback, with influence coming from lower inflation and drops in interest rates.

So, for aggressive investors looking to make some major cash in 2024, now is the time. The market is starting to show some signs a major recovery is coming. So, let’s look at where investors might find the best opportunities for the remainder of 2024.

Hut stock

First, we certainly cannot ignore the tech sector. Yet, of the growth stocks, Hut 8 Mining (TSX: HUT) looks well-poised for further growth. The tech sector, particularly companies involved in generative artificial intelligence (GenAI), has continued to see significant growth. This is driven by ongoing innovation and the increasing integration of AI across various industries. The excitement around AI has been a major driver, though it comes with volatility and moments of quiet progress that present long-term investment opportunities.

This includes Hut stock. Not only does it operate in cryptocurrency, but with the purchase of data centres. This would continue to support the ongoing growth needed from AI. Hut 8 stock has shown significant growth in 2024, with first-quarter (Q1) revenue reaching $51.7 million, a 231% increase from the previous year. The company reported a net income of $250.9 million.

It also showed an adjusted earnings before interest, depreciation, and amortization (EBITDA) of $297 million. Hut 8 stock’s strategy includes operational efficiency, cost reduction, and strategic partnerships, such as with Ionic Digital. Hut 8 holds 9,103 Bitcoins valued at around $650 million. Looking forward, Hut 8 stock aims to leverage its Bitcoin holdings to fund growth and maintain a strong balance sheet, with a focus on long-term sustainable growth and revenue diversification.

WELL Health

Another area among growth stocks to look at is healthcare — not just any healthcare, but those also involved in the growth going from tech stocks. The healthcare sector remains robust, with particular growth in areas of innovation such as GLP-1 drugs for diabetes and obesity. This sector is noted for its defensive characteristics and attractive growth prospects, which have been less influenced by political risks in the current election cycle. But of the tech stocks, of course, WELL Health Technologies (TSX: WELL) should be on your radar.

WELL Health stock has experienced substantial growth in 2024. The company reported record quarterly revenue of $231.2 million in Q4-2023, up 48% from the previous year. This growth was driven by acquisitions, strong patient visit numbers, and healthy organic growth in its virtual services. For the full year, WELL achieved over 4.2 million patient visits, a 22% increase year over year, and over 6.1 million care interactions, a 29% increase.

In terms of future outlook, WELL Health stock has raised its revenue guidance for 2024 to between $950 million and $970 million, reflecting continued confidence in its growth trajectory through both organic growth and strategic acquisitions. This makes it a growth stock to continue monitoring.

NPI stock

For dividends and growth, the renewable energy sector has several stocks to consider. And more growth to come. Renewable energy companies have seen substantial attention, especially with the political focus on environmental regulations and incentives. The sector’s long-term outlook remains strong, driven by global operations and the ongoing transition to clean energy. And Northland Power (TSX: NPI) is included in this group.

NPI stock has demonstrated robust growth in 2024, driven by its strategic initiatives and expansion projects. In the first quarter of 2024, Northland Power reported a net income of $149 million, up from $107 million in the same period the previous year. This increase was primarily due to higher wind resources across their offshore wind facilities and lower unpaid curtailments in Germany. The company’s revenue for Q1 2024 was $754.92 million, exceeding analysts’ expectations.

Looking ahead, Northland Power aims to maintain its growth trajectory by leveraging its diverse portfolio and expanding its clean energy footprint. The company is well-positioned to capitalize on the increasing demand for renewable energy and the global transition to cleaner energy sources.