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The Canadian economy is poised to rebound from its pandemic lows on the back of its mass inoculation drive against COVID-19. And investors are also set to revamp their portfolios in the wake of this development.
The pandemic crisis has impacted investment priorities worldwide, while emerging enterprises made their mark on the stock market. On that note, let’s glance through four best growth stocks that could record a surge as businesses reopen.
HEXO Corp (TSX: HEXO)
HEXO Corp, a Ottawa-based cannabis goods producer and retailer, continues to expand its footprints across North America.
While it declined almost 40 per cent from its one-year high of C$ 14 during the renewed lockdown period, the cannabis stock is still up by nearly 81 per cent this year. Its closing price stood at C$ 8.44 per share on Tuesday, June 8.
In the second quarter of fiscal 2021, HEXO registered a whopping 94 per cent rise in its revenue of C$ 32.8 million on a year-over-year (YoY) basis.
HEXO is reportedly planning to acquire junior exchange-listed pot firm 48North Cannabis Corp (TSXV:NRTH), which could expand its capacity.
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Magna International Inc (TSX:MG)
The smart auto part manufacturer offers electronic systems and vehicle assembly through its advanced technology.
Magna International stock returned over 32 per cent year-to-date (YTD). It holds a quarterly dividend of US$ 0.43, with dividend yield of 1.76 per cent, as per TMX. The auto stock was price at C$ 119.4 apiece on Tuesday.
In the first fiscal quarter of 2021, the firm’s sales rose 18 per cent YoY to US$ 10.2 billion, and its diluted earnings witnessed a massive jump of 136 per cent to US$ 2.03 on a YoY basis.
Magna International has also improved its outlook for 2021 and pegged modestly higher sales for the fiscal year of 2021.
Bausch Health Companies Inc (TSX:BHC)
The pharmaceutical company develops generic drugs and medical machines through its flagship operations like Salix, Bausch+Lomb, and Ortho Dermatology.
Priced at C$ 37.87 on Tuesday, the healthcare stock has yielded more than 43 per cent YTD. Its share price has shot up 77 per cent in the past one year.
Bausch Health is expected to redeem 6.125 per cent senior notes worth C$ 100 million on June 30.
Hut 8 Mining Corp (TSX:HUT)
The crypto mining company has been on the rise through the evolving cryptocurrency market. Hut 8’s share price rocketed 409 per cent in the last nine months.
However, the stock has dropped as much as 70 per cent to C$ 4.79 apiece against its one-year high of around C$ 16 apiece, led by the bearish crypto market.
The crypto stock is still up 37 per cent YTD, surpassing the benchmark index’s gain of 33.61 per cent this year.
The company holds more than 3,000 bitcoins in its inventory. On top of that, it has been mining bitcoin through its upgraded blockchain processors.
The above constitutes a preliminary view and any interest in stocks should be evaluated further from investment point of view.
