3 TSX Stocks That Have Doubled So Far in 2019

The TSX Index may be unchanged from a year ago, but that’s certainly not the case for these three stocks, including Lightspeed POS Inc (TSX:LSPD), which is up more than 130% since its March IPO.

Despite dealing through a few periodic bouts of extreme volatility, the TSX Index these days remains virtually unchanged from where it had traded close to a year ago.

But that certainly doesn’t mean there haven’t been ample opportunities to make money.

In fact, these three large-cap stocks have seen their values more than double so far in 2019.

Fewer than 12 months ago, it seemed as though Eldorado Gold (TSX:ELD)(NYSE:EGO) had to fight tooth and nail just to see the light of day.

Yet despite trading at near-bankruptcy prices towards the end of 2018, long-term shareholders in ELD have seen the value of their investment more than triple since then.

Amid a host of geopolitical fears and tensions, the price of an ounce of gold bullion has risen more than 25% this year, climbing above the US$1,500 mark in August.

And because as a gold producer, Eldorado represents a (highly) leveraged play on the price of gold, the returns on its stock have been absolutely phenomenal over that stretch.

Without question, this is a highly risky type of investment, but sometimes that risk proves to be worth it, and so far in 2019, that’s certainly been the case with ELD.

Shopify (TSX:SHOP)(NYSE:SHOP), meanwhile, has done nothing but continue to impress investors.

Since its IPO in 2015, SHOP stock has gained more than 1,274% with its founders seeming to have found lightning in a bottle with their strategy of helping small business owners to make their online e-commerce dreams a reality.

Thanks to the advancement of the internet, e-commerce, and, more recently, mobile technologies and online payment systems, it’s hard to argue that the world of global commerce has never been more democratized, and SHOP’s owners are certainly hoping the company can continue to tap into the universal appeal of entrepreneurship.

In what could potentially be the “next Shopify,” Lightspeed POS (TSX:LSPD) stock has already soared more than 132% since its March IPO.

Lightspeed offers its small- and medium-sized business clients a cloud-based platform for them to be able to manage their front-end payments systems and has more recently introduced a payments system that it hopes will enable it to tap into lucrative network synergies.

In the case of a business model like the one that Lightspeed is following, it’s all about network effects and achieving the critical scale needed to keep costs competitive.

As of today, LSPD isn’t quite there yet, having posted a net deficit in operating cash flows for each of the past two years with that not expected to change in 2019 either.

Still, with just over $190 million in cash on the books as of the end of June, no debt currently outstanding, and forecasted annual sales growth approaching 40% this year, this is one that might be worth taking a flyer on.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Jason Phillips has no position in any of the stocks mentioned. Tom Gardner owns shares of Shopify. The Motley Fool owns shares of Lightspeed POS Inc, Shopify, and Shopify. Shopify is a recommendation of Stock Advisor Canada.

More on Tech Stocks

A data center engineer works on a laptop at a server farm.
Tech Stocks

3 No-Brainer Data Centre Stocks to Buy With $500 Right Now

Data centres are going to be a huge growth opportunity in the next decade. And these are the top buys.

Read more »

The virtual button with the letters AI in a circle hovering above a keyboard, about to be clicked by a cursor.
Tech Stocks

Is OpenText Stock a Buy, Sell, or Hold for 2025?

OpenText stock has fallen in the last few years, but that could mean this top tech stock remains an undervalued…

Read more »

AI microchip
Tech Stocks

Celestica Stock: Buy, Sell, or Hold?

Celestica's stock price has rallied 950% in the last five years. Will the AI boom send it even higher in…

Read more »

data analyze research
Tech Stocks

2 Ridiculously Cheap Growth Stocks to Buy Hand Over Fist in 2024

Well Health Technologies is a cheap growth stock to buy for its record-breaking results, massive revenue growth, and profitability.

Read more »

A worker uses a double monitor computer screen in an office.
Tech Stocks

4 Reasons to Buy Kinaxis Stock Like There’s No Tomorrow

Kinaxis stock has a strong past. But there is even more to look forward to from this top tech stock.

Read more »

The letters AI glowing on a circuit board processor.
Tech Stocks

The Future of AI: Best Canadian Stocks to Buy Now

Here are two of the best AI-focused stocks in Canada that you can consider adding to your portfolio before it’s…

Read more »

TFSA (Tax-Free Savings Account) on wooden blocks and Canadian one hundred dollar bills.
Tech Stocks

2 TFSA Stocks to Buy Right Now With $7,000

Are you looking for growth stocks that can help you maximize the tax-free withdrawals of the TFSA? This article is…

Read more »

cloud computing
Tech Stocks

3 No-Brainer Tech Stocks to Buy Right Now for Less Than $1,000

Not all tech stocks are the risky investments that many think they are. Which is why we're focusing on the…

Read more »