If you have $3,000 to invest in ASX growth shares, then I think the ones listed below would be top options after recent market weakness.
Here’s why I would invest $1,000 across each of these growth shares:
Kogan.com Ltd (ASX: KGN)
The first ASX growth to consider investing $1,000 into is Kogan. I believe this ecommerce company’s shares could be market beaters over the 2020s thanks to the continued rise in online shopping and the growing popularity of its Kogan-branded products and Marketplace. In addition to this, Kogan’s expansion into potentially lucrative verticals such as energy and mobile should be supportive of its growth. As should its $120 million capital raising. The company plans to use these funds to make value accretive acquisitions in the near future.
NEXTDC Ltd (ASX: NXT)
Another top ASX growth share for investors to put $1,000 into is NEXTDC. It is a growing data centre operator which owns a collection of world class centres in key locations across Australia. In FY 2020 NEXTDC delivered a 23% increase in EBITDA to $104.6 million. This was driven by strong demand for its data centre services thanks to the accelerating shift to the cloud because of the pandemic. The good news is that the cloud computing boom still has a long way to run. I believe this means NEXTDC is perfectly positioned for growth over the 2020s.
PolyNovo Ltd (ASX: PNV)
A final option for investors to consider buying is PolyNovo. It is a growing medical device company behind the NovoSorb Biodegradable Temporising Matrix (BTM) product. This is a wound dressing which is designed to treat full-thickness wounds and burns. Management estimates that it currently has a sizeable $1.5 billion addressable market. Though, it isn’t settling for this and is looking to expand its use into other markets. It has its eyes on the hernia and breast treatment markets, which would add a further $6 billion to its addressable market.
Man who said buy Kogan shares at $3.63 says buy these 3 ASX stocks now
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James Mickleboro owns shares of NEXTDC Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Kogan.com ltd and POLYNOVO FPO. The Motley Fool Australia has recommended Kogan.com ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.