3 Top Growth Stocks to Buy Today With $3,000

Vineet Kulkarni
·3 min read
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Growth stocks are relatively more volatile but offer a higher return potential to investors. They generally exhibit higher financial growth and beat broader markets. If you are an aggressive investor, consider investing a significant portion of your portfolio in growth stocks.

Goodfood Market

The online grocer Goodfood Market (TSX:FOOD) has seen significant growth since last year amid the pandemic. The meal-kit delivery company delivers fresh meat ingredients to subscribers. The company has seen a remarkable growth of subscribers due to advantages like convenience and lifestyle.

For the quarter ended in February 2021, Goodfood reported revenues of $100.6 million, representing a handsome 71% growth year over year. Its expanded product basket and same-day delivery boosted the subscriber base and order frequency, which resulted in higher revenues. However, the company’s losses widened and came in at $4 million during the quarter.

Notably, Goodfood’s upbeat revenues were not enough to revive its stock. Goodfood stock has fallen more than 40% since January this year. However, the recent correction could be an opportunity for discerned investors.

The pandemic has changed consumer behaviour substantially, which could see continued growth in subscriber base and revenues. The stock looks notably cheap from the valuation standpoint. Its latest revenue trends indicate significant growth potential ahead, which could drive the stock higher.


Canadian tech titan Shopify (TSX:SHOP)(NYSE:SHOP) stock is up 20% so far this month. It was notably weak earlier on valuation concerns and amid re-opening hopes. However, fear of more restrictions boosted SHOP stock recently.

Shopify is one of the fastest-growing tech giants on the planet. From US$205 million in 2015, its revenues have grown to US$3 billion in 2020. It will likely continue its superior growth for the next few years, driven by a growing merchant base and a large addressable market.

SHOP stock might keep trading strong, despite valuation concerns. It plans to report Q1 2021 earnings on April 28. Investors can expect another streak of strong numbers from Shopify.


One of the top payment-processing company Nuvei (TSX:NVEI) is my third pick. It is up more than 30% in the last three months.

On April 16, Nuvei announced the acquisition of Mazooma Technical Services, a U.S.-focused gaming and sports wagering payment technology company. The deal is valued at US$56 million plus an additional consideration of up to US$315 million based on specific performance criteria. Nuvei will expand its U.S. presence with Mazooma, which will likely positively impact its top-line growth.

The U.S. could be the biggest opportunity for Nuvei with rising sports betting legalization prospects. It operates in 200 markets globally with 150 currencies and supports over 450 payment methods.

In Q4 2020, Nuvei reported 46% revenue growth year over year and reported $21.7 million in profits.

Fintech companies have seen solid growth in the last few years. The market will likely grow further, driven by e-commerce and digitization.

NVEI stock is trading close to its all-time highs and looks stretched from the valuation standpoint. However, the premium valuation is justified to some extent, given its recent financial growth and rising addressable market.

The post 3 Top Growth Stocks to Buy Today With $3,000 appeared first on The Motley Fool Canada.

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Fool contributor Vineet Kulkarni has no position in any of the stocks mentioned. Tom Gardner owns shares of Shopify. The Motley Fool owns shares of and recommends Shopify and Shopify. The Motley Fool recommends Goodfood Market.

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