These Growth Stocks Offer a Once-in-a-Lifetime Opportunity to Get Rich

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Written by Amy Legate-Wolfe at The Motley Fool Canada

It might not seem like it now, but there are so many opportunities on the market right now. Think of this bear market as a sale. A sale on practically every great stock out there, including some of the best growth stocks money can buy.

Remember when you were wishing you could have bought a great growth stock on the dip? Now is the time. So consider these growth stocks that offer a once-in-a-lifetime chance at getting rich.

Lightspeed

Lightspeed Commerce (TSX:LSPD) continues to trade as a shadow of its former self. The company surged in share price only to drop in September 2021 after a short seller report claimed its gross merchandise volume (GMV) numbers were “smoke and mirrors.” This was followed by a tech stock drop in general, leaving Lightspeed stock in the dust.

But now, Lightspeed has decided to refocus on profit. In fact, it recently reported profitable adjusted earnings before interest, taxes, depreciation and amortization (EBTIDA) during its earnings report. This comes as the company’s many acquisitions over the last few years came online.

And yet, despite record earnings shares are still below $20, far from the $160 of all-time highs. And when this bear market is over, it’s clear that many will realize it’s one of the growth stocks they’ll wish they bought back then.

Shopify

It might seem as though Shopify (TSX:SHOP) is already a growth stock, and certainly it likely is. After all, shares are up about 60% in the last year, as of writing. Yet again, this share price is still far and away from what it was just a few years ago during the company’s hey day.

Yet in the case of Shopify stock, investors have gotten back on board as the company continues to focus on ecommerce once more. It sold its logistics business to Flexport, invested in artificial intelligence, and made massive lay offs among management. All to create more cash flow to move the company forward.

Now, Shopify stock still looks like a buy. Earnings have been coming in that continue to surge past estimates. And there is more room to grow, especially as we head into the holiday season. So it’s another of the growth stocks I’d certainly consider.

Topicus

Finally, if you’re looking for stability among growth stocks, I would consider Topicus.com (TSXV:TOI). Topicus stock is a great option as it’s a spinoff of Constellation Software (TSX:CSU). Constellation stock has grown over 1,300% in the last decade. It now trades in the four-digits. Yet Topicus stock is just starting out, doing the same thing as Constellation, but in Europe.

That “thing” is investing in essential software companies, shining them up, and giving them the management needed to make them a success. And it’s something Constellation stock has been great at for years. With them backing the new spinoff, Topicus stock also looks like it will be a strong success.

Shares are now up about 33% in the last year, providing a strong growth opportunity to reach 52-week highs. So, I would certainly consider it one of the growth stocks to buy and hold as long as you can. Especially in this bear market.

The post These Growth Stocks Offer a Once-in-a-Lifetime Opportunity to Get Rich appeared first on The Motley Fool Canada.

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Fool contributor Amy Legate-Wolfe has positions in Lightspeed Commerce and Shopify. The Motley Fool has positions in and recommends Shopify and Topicus.com. The Motley Fool recommends Constellation Software and Lightspeed Commerce. The Motley Fool has a disclosure policy.

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