Growth stocks have not been as popular with investors lately as they were at the start of the pandemic. Some stocks have performed well during the bull market, while others have lagged behind. However, when deciding whether to invest in a business, stock price should not be the sole determining factor. It’s important to look at the business itself, its financials, its competitive advantage, and its long-term growth potential.
If you are willing to take on the risk of investing in growth-oriented businesses, there are some great options available. Two such stocks worth considering are Innovative Industrial Properties and Shopify.
Innovative Industrial Properties (NYSE: IIPR) operates as a real estate investment trust in the medical cannabis industry. The company purchases cannabis facilities from licensed operators and leases them back under long-term agreements. With a solid portfolio of properties, Innovative Industrial Properties has been profitable and continues to see growth.
Shopify (NYSE: SHOP) is a well-known e-commerce platform that has seen some fluctuations in its stock price. While short-term growth may be slower than before, the company is still performing well in the long run. Shopify processed billions in gross merchandise volume in the first quarter of 2024 and continues to innovate with services like Shopify Payments and AI integration.
Both of these stocks offer strong potential for growth and are worth considering for investment. It’s important to do your own research and consider your own risk tolerance before making any investment decisions.