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Investors were faced with massive challenges in the last 12 months. While the equity markets plunged into bear market territory in March 2020, it also managed to stage a miraculous snapback rally to end the year at record highs.
There were several high-flying stocks in the tech sector that crushed the broader markets. For example, in the last year, shares of
Shopify,
Docebo returned 165%, 351%, and 306%, respectively.
However, there were other stocks that easily surpassed the returns of these Canadian tech heavyweights. If you had the foresight and financial flexibility to invest $10,000 in these three stocks 12 months back, you would have returned at least $100,000 today.
In 2020, electric vehicle (EV) stocks were on an absolute tear. Shares of
Tesla (NASDAQ:TSLA) gained an astonishing 743% last year compared to the 15% rise in the S&P 500 Index.
As the world shifts towards clean energy solutions, the demand for EV vehicles is expected to gain momentum in the upcoming decade. This means it is a good time to bet on companies that are part of this high-growth vertical.
Tesla stock is down 37% from record highs
After its astonishing run in 2020, Tesla stock is currently trading 37% below its record high. The broader market sell-off coupled with the stock’s steep valuation have contributed to its recent decline. Further, a new EV launched by
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Companies in the electric vehicle space experienced a stellar run in 2020. While the ongoing pandemic decimated multiple sectors, the high-growth EV vertical was relatively immune to COVID-19. In 2020,
Tesla(NASDAQ:TSLA) stock gained close to 750%, while other EV players such as
NIO and
GreenPower(TSXV:GPV)(NYSE:GP) also surged higher by a staggering 1,110% and 1,840%, respectively.
In the first month of 2021, Tesla stock gained 12.5%, while NIO rose 17%. Comparatively, the Canada-based GreenPower took a breather, as shares fell by 1.1% in January 2021. Investors are likely to remain bullish on companies in the EV sector due to a rapidly expanding market and the shift towards clean energy.
Buy Alert: 1 EV Stock Flying Under the Radar
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Electric vehicle (EV) stocks are the place to be in 2021. Any company, big or small, that affiliated itself with electric vehicles since late 2020 has attracted increased investor attention. Most have been rewarded in the form of rising stock prices. This is true for one tiny and seldom-covered Canadian small-cap,
Grande West Transportation Group (TSXV:BUS) stock, which is on a tear. Grande West’s stock price has rallied by 820% over the past six months. Its shares have outperformed established EV bus manufacturing peers by a wide margin so far this year.