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3 Growth Stocks for Canadian Investors Seeking Fast Returns

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Written by Amy Legate-Wolfe at The Motley Fool Canada

Canadian investors have been sour about growth stocks over the last several months. Shares on the TSX fell across the board, but growth stocks were hit incredibly hard. After years of climbing thanks to the pandemic crash in March 2020, a market correction was imminent. The market hit rock bottom by May 12.

But now there is a recovery underway! While there could be more market corrections down the line — and, historically, there likely will be — now is still a great time to buy. Motley Fool investors should always be thinking long term. So, that means these growth stocks still offer incredible value at these levels.

What’s more, each will likely see quick returns for those wanting to make back their cash quick. So, here are three I would consider today.

Magna stock

Magna International (TSX:MG)(NYSE:MGA) is a strong option for those wanting in on the growth in electric vehicles over the next decade. The car manufacturer has deals with many of the big brands and is making partnerships to add electric components, even to internal combustion engine vehicles.

The biggest hold-up has been semiconductors, but that will eventually come to an end. Meanwhile, it remains a solid stock that continues to beat out analyst estimates. Yet shares have taken quite the fall, down 22% year to date. And yet it’s now up 9% in the last week alone. So, you could get some quick returns from growth stocks like Magna stock — especially by holding long term.

Bombardier

Bombardier (TSX:BBD.B) is practically a no-brainer among growth stocks. It trades so low at just $1.22 per share as of writing. And yet analysts believe it will climb higher now that it’s hitched its wagon to the growing business jet industry.

Bombardier stock continues to prove that it can meet or exceed earnings estimates, leading analysts to believe the stock could double in the next year alone. Shares are down 28% year to date but up 10% in the last week alone! So, now is a great time to get in on some quick growth from Bombardier stock.

Hive

Finally, HIVE Blockchain Technologies (TSXV:HIVE)(NASDAQ:HVBT) is a strong option for those interested in cryptocurrency right now. Hive stock provides exposure as it mines and stores crypto assets across Canada. However, you’re not investing solely in one type of cryptocurrency. So, you get some diversification.

As long as cryptocurrency exists, Hive stock will continue to exist as well. And the company continues to expand its operations, only seeing a downturn thanks to the price of Bitcoin. And that comes with the volatility of the market in general. So, there will very likely be a strong rebound in crypto in the next few months.

Shares have taken a beating — down 66% year to date. But it is a steal at $1.12 per share, trading at 2.28 times earnings. So, this is one you could take a small stake in and see absolutely explode among growth stocks in the years to come.

The post 3 Growth Stocks for Canadian Investors Seeking Fast Returns appeared first on The Motley Fool Canada.

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Fool contributor Amy Legate-Wolfe has positions in BOMBARDIER INC., CL. B, SV. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool recommends Magna Int’l.

2022

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