So far, year to date, the TSX is up roughly 14%. After an impressive second half of 2020, while stocks recovered, markets have started 2021 strong — on pace for a 38% gain this year. However, with many stocks back to fair value after the pandemic, finding the top TSX growth stocks to buy in June or the rest of 2021 is increasingly getting more difficult.
The key for investors now is that although the pandemic is still highly prevalent in the economy, investors need to be looking long term for companies that offer significant growth well beyond just a few months or years.
With that in mind, here are three of the top TSX growth stocks trading cheap today that I’d be looking to buy in June.
The top TSX growth stock to buy in June 2021 while it’s cheap There are certainly plenty of stocks worth an investment today. However, I think the top TSX stock to buy in June is Shopify (TSX:SHOP)(NYSE:SHOP). As many investors know, Shopify is one of the top Canadian growth stocks of the last decade. There are countless reasons to buy Shopify today and why it’s the top growth stock to buy now.
These once-in-a-decade stocks don’t come around very often, and the massive potential to continue outpacing the rest of the market is something that shouldn’t be taken for granted. That’s why Shopify often trades for a growth premium. Recently, though, it’s been trading pretty cheaply and has been a top stock I’ve been recommending.
It looks like it could rally any day, though, so you’ll want to take advantage of this discount soon. That’s why Shopify is one of the top TSX stocks to buy in June.
A top e-commerce business Another great stock to consider buying this month is WeCommerce Holdings (TSXV:WE). WeCommerce is one of the top growth stocks to buy in June that trades on the TSX Venture exchange. The Venture exchange is a perfect place to find the best cheap, up-and-coming growth stocks.
WeCommerce is a stock that’s similar to Shopify. It’s not necessarily tied to Shopify’s stock performance; it’s tied to the performance of its operations and, because Shopify is so big, e-commerce as a whole.
WeCommerce owns some of the most popular applications and themes on the Shopify network. So, over time, as more merchants make the switch to e-commerce, the company will have a huge runway for growth.
Currently, it has a market cap of just over $500 million, showing just how cheap it is and the huge potential it has to grow rapidly. So, if you’re looking for a stock that has the potential to grow for years, WeCommerce is a top consideration.
A top drone stock Another top growth stock trading on the TSX Venture exchange that’s worth a buy during June is Drone Delivery Canada (TSXV:FLT).
Drone Delivery gained some notoriety last year when it has an enormous rally. The stock has massive potential, as it continues to inch closer to launching commercially.
This massive potential isn’t in just deliveries either, as its name would suggest. Drone technology is increasingly being demanded in the energy, metals and mining, healthcare, and even industrial industries.
Currently, Drone Delivery continues to sign new pilot partners, as it works out its logistics, flight plans, and other key variables.
There’s no telling when a stock like Drone Delivery might rally, but it has a tonne of prospects for growth. So, I’d consider taking a position for the long term before the stock starts to rally rapidly. This is why it’s one of the top TSX growth stocks to buy in June 2021.
The post 3 Top TSX Growth Stocks to Buy in June 2021 appeared first on The Motley Fool Canada.
Fool contributor Daniel Da Costa 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 and recommends the following options: long January 2023 $1140 calls on Shopify and short January 2023 $1160 calls on Shopify.
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