Don’t think for a moment that you should avoid growth stocks. Sure, there have been significant money moves away from many previously top-flying stocks into other stocks over the last two months. But that does not impact the long-term issues of the best growth stocks.

The sell-off has actually turned a few stocks into even more attractive buys thanks to their lower prices. The three growth stocks below are, in particular, ones I would buy right now.

Etsy

Etsy (ETSY) has done very well during the latest market shift. Shares of the e-commerce giant are lower by only 15% from the highs of earlier this year. And I believe Etsy is set for a strong rebound.

The company had a banner year in 2020 due to the pandemic, with gross sales growing 2.5 times faster than the official e-commerce benchmark. My prediction is that Etsy will keep giving amazing growth well after the pandemic is gone.

Etsy is currently the 4th e-commerce platform in the country based on monthly visits. And it’s just getting started in its attempt to go after the huge online retail market. This stock could have tremendous potential over the next ten years.

Social Capital Hedosophia Holdings V

Fintech stocks are great and when I saw that Chamath Palihapitiya’s SPAC, Social Capital Hedosophia Holdings V (IPOE), wanted to take SoFi public, I was interested..

SoFi is among the most innovative fintech leaders around. The company’s app gives customers a range of financial services like loans, trading stocks, and making digital money transfers.

Their innovations keep going. The platform recently announced they will allow users to invest in IPOs. Buying IPOs has long been exclusive to large investors and the super-wealthy.

The company has also announced a deal to buy Golden Pacific Bancorp. This purchase is an important milestone for SoFi to reach a national bank charter, which would help it offer more services to its customers.

IPOE is lover by 30% from its peak. I believe it will turn around and give great returns after the merger with SoFi ends.

Teladoc Health

Teladoc Health (TDOC) shot up almost 140% last year. The telehealth stock also started off great in 2021, with shares climbing as high as 46%. But Teladoc pulled back and now its shares are lower by 9% ytd.

One reason for this fall is the company’s breathtaking growth rate from 2020 seeming to taper off. Another is Amazon.com planning to enter the telehealth market very soon. Neither are problems that scare me from Teladoc stock.

The company will still have real growth prospects over the next ten years. Teladoc is only scraping the surface of its possible market. It also has good cross-selling possibilities with the purchase of Livongo.

I think this market will be large enough to support multiple winners. And I am confident that Teladoc will be among them.

Author: Scott Dowdy

 

Comments are closed.

Ad Blocker Detected!

Advertisements fund this website. Please disable your adblocking software or whitelist our website.
Thank You!