If you're looking to add growth shares to your portfolio now the bull market has started, then you're in luck.
During the bear market a number of top growth shares were sold off by investors. I believe this has left them trading at attractive levels for a long term investment.
Three top growth shares to consider buying today are listed below. Here's why I like them:
Kogan.com Ltd (ASX: KGN)
Despite rebounding strongly over the last few weeks, this growing ecommerce company's shares are still down materially from their 52-week high. Based on its last close price, Kogan's shares were 25% lower than their high. I think this is a buying opportunity for investors, especially given how it appears to be one of the few winners from the coronavirus pandemic. This is because most retail stores across the country have closed to stop the spread of the virus, which has led to a seismic shift to online shopping.
Nanosonics Ltd (ASX: NAN)
Nanosonics is a leading infection control specialist. Its shares have fallen almost 20% from their February high. This has been driven by concerns that its trophon EPR disinfection system for ultrasound probes may experience a temporary lull in demand due to the pandemic. In addition to this, with hospitals pushing back treatments that are not emergencies, usage of the system could drop. This could hurt the sales of the consumables that the system uses. While I think this is a real possibility, I feel this will be only a short term headwind and expect it to bounce back strongly when conditions return to normal. Looking further ahead, the upcoming launch of a series of secretive new products with similar market opportunities could boost its long term growth.
SEEK Limited (ASX: SEK)
Based on its last close price, this job listings company's shares are down 31% from their high. Investors have been selling SEEK's shares due to concerns that the pandemic will lead to a sharp reduction in job listings. While this appears to be happening (ANZ and Asia billings fell 60% for the week ended March 29), this should only be a temporary headwind. I expect listings volumes and billings to rebound strongly once the crisis passes. In addition to this, I think investors should look beyond this short term pain and focus on the potential long term gains. SEEK is aiming to grow its revenues to $5 billion later this decade. This compares to revenue of $1,537.3 million in FY 2019.
