Yahoo Finance TFSA Top Picks: 2 Stocks That Could Turn $1,000 Into $10,000
The last 12 months, which were filled with massive challenges, have been a roller coaster of emotions for investors. The equity security markets nosedived into bear market territory with the onset of COVID-19 in March 2020 but managed to go through a miraculous recovery in a few months. Most of the TSX marked the end of the year with record highs.
Several high-flying stocks from the tech sector beat broader markets and became primary growth drivers for the TSX. The likes of Docebo, Lightspeed POS, and Shopify remained resilient and delivered 165%, 351%, and 306%, respectively.
While the bigger names garnered all the attention, there were other stocks that practically grew 10-fold. I will discuss two such stocks that virtually would have turned $1,000 into $10,000 in a matter of 12 months if you had the foresight and financial flexibility to invest in the companies.
Score Media and Gaming
Score Media and Gaming (TSXV:SCR)(NASDAQ:SCR) is a stock that was a massive win for its investors last year. The company is a part of a market that is expanding at a rapid pace. Score Media aims to create a solid mobile-first sports betting platform.
The company developed a successful product that integrates fantasy information, real-time news, scores, and alerts, that offer an excellent sports betting solution for its customers. Analysts expect the company to increase its sales to $35.6 billion, reflecting an over 71.7% growth in sales. The company’s forecast for its top-line growth indicates an acceleration of 79% to $63.75 million next year.
With sports betting expected to be legalized in an increasing number of states in the U.S., Score Media’s sports betting platform could see a massive surge in sales. It has already become the third most downloaded application in North America and could have a long way to go.
GreenPower Motors
GreenPower Motors (TSXV:GPV)(NASDAQ:GP) displayed nothing short of a miraculous performance on the stock market in the last year. The stock’s valuation between March 27, 2020, and January 8, 2021, saw a massive 3,200% appreciation. Even the likes of Shopify never boasted such rapid appreciation in a matter of months.
GreenPower is an electric vehicle (EV) bus manufacturer that is part of an industry ready for explosive growth in the coming years. There is an increasing shift towards EVs in recent years, making GreenPower a top stock to consider if you want to capitalize on the booming market. Analysts anticipate the company’s sales to grow by 39.6% in fiscal 2021 to $18.84 million. GreenPower’s top-line growth is expected to accelerate by 174% to $51.6 million next year.
The rapidly expanding EV market could set up GreenPower for consistent growth in the coming years with periods of volatility here and there.
Foolish takeaway
There is no guarantee that GreenPower and Score Media and Gaming can deliver the same astronomical returns to shareholders who invest in the companies today. However, the respective industries that both companies belong to indicate that there may be more room for GreenPower and Score Media and Gaming to grow further.
The post TFSA Top Picks: 2 Stocks That Could Turn $1,000 Into $10,000 appeared first on The Motley Fool Canada.
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Fool contributor Adam Othman has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Shopify and Shopify. The Motley Fool owns shares of Lightspeed POS Inc.
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