1 Top Growth Stock to Buy on the Dip

The S&P/TSX Composite Index has bounced back nicely over the last two trading sessions after a rough start to the week. This has followed the green trend for the rest of the North American markets. Today, I want to look at a top growth stock that is worth snagging on the dip.

MAV Beauty Brands (TSX:MAV) is a Vaughan-based personal care company. Its shares have plunged 57% in 2021 as of late afternoon trading on September 22. The stock is down 35% from the prior year.

The company released its second quarter 2021 results on August 12. Total revenue was down marginally from the prior year to $29.1 million.

Meanwhile, adjusted EBITDA was more than halved to $3.8 million. The company suffered from net distribution decreases across several of its brands. It did deliver revenue growth of 34% in its international segment.

This foray into the global market holds promise for MAV Beauty going forward. Moreover, the personal care industry is geared up for big growth in the years ahead. ResearchAndMarkets recently projected that the global beauty and personal care market would reach $558 billion U.S. by 2026. This would represent a CAGR of 4.8% over the forecast period dating from 2021.

Shares of MAV Beauty possess a very attractive price-to-earnings ratio of 7.5. Now is the time to jump on this growth stock that has a great chance to erupt over the course of the 2020s.