3 TSX Stocks With Jaw-Dropping 2021 Returns
More on: Image source: Getty Images
After an adequate amount of recovery, 2021 was expected to be a bit more stagnant compared to 2020, but so far, the year has defied expectations and has its fair share of stocks with jaw-dropping returns. There are several stocks that have doubled investors’ money in fewer than four-and-a-half months. Let’s take a look at three of them, and if you believe their current momentum might carry them to new heights, you might consider adding them to your portfolio.
A digital media company
Enthusiast Gaming Holdings (TSX:EGLX) is a Toronto-based digital media company with a market capitalization of $1.08 billion. As the name of the company suggests, its primary focus is gaming. It controls over a hundred gaming sites, +1,000 YouTube channels (focused on gaming), and it reaches out to over 300 million gamers every month.
Dow s Up, but It s Little Comfort The ARK Innovation fund is down and so is the Russell 2000 fund, and many traders are frustrated.
Although there is some decent bounce action, it is very inconsistent and frustrating traders once again. While 29 of 30 of the stocks on the Dow Jones industrial average are in positive territory, the ARK Innovation exchange-traded fund (ARKK) is trading down more than 3%, and the Russell 2000 ETF (IWM) is at the lows of the day.
Breadth is good at around 5,100 gainers to 2,700 decliners, but there are only about 50 stocks on the new high list and 140 making new lows. The growth and speculative small caps are struggling to hold support levels and are doing so with mixed success. I have to wonder if the ARK funds are driving the weakness in growth names, whether than the other way around. It is such a stark contrast to the rest of the market that it looks like it is driven by attempts at manipulation more than anything else.
How I m Playing the Bounce and Bottom Fishing The most oversold stocks are seeing the best bounces.
After aggressive selling on Wednesday, we have some bounce action Thursday morning. Breadth is running about 4 to 1 positive but what is most notable is that the most oversold stocks are seeing the best bounces. The Russell 2000 ETF ( (IWM) ETF) is up over 2% while the DJIA is up around 1.4%.
The biggest challenge for traders recently has been trying to navigate a rotational correction that was hitting various areas of the market at different times. The selling was more correlated on Wednesday and that may have been what was needed to help put in some support for stocks that have been suffering from relative weakness.