Unfortunately, the desire to invest in stocks with tremendous potential doesn't always correlate to the financial resources to invest in those stocks. Some great equities have shot up so much that they're priced beyond what many investors can afford.

Sure, many trading platforms allow buying fractional shares, but they don't always include every stock. For example, Schwab only supports buying and selling fractional shares for S&P 500 stocks.

If you're looking for smart stocks to buy but don't have a ton of cash to invest, you don't have to go the fractional-share route. Here are three no-brainer growth stocks to invest in right now that are each under $250 per share.

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Etsy (ETSY -0.06%) has carved out a niche for itself as the go-to online site for unique handmade products. The COVID-19 pandemic brought a big new wave of customers to the e-commerce platform, initially as a source for face masks.

That face-mask business has tapered off significantly now, and Etsy's sizzling growth rate has slowed somewhat, as well. However, the company still delivered 23.4% year-over-year revenue growth in the second quarter. I think Etsy is well-positioned to generated strong growth for a long time to come.

Etsy claims a solid moat that appears to be growing even stronger. The company's take rate (the portion of gross merchandise sales from third-party sellers that Etsy keeps as revenue) continues to increase. Etsy's base of active buyers jumped 50% year over year in Q2. Customers are also spending more time on the e-commerce platform.

More importantly, Etsy has only begun to tap its overall market opportunity. It targets a total addressable market of $1.7 trillion. Nearly $250 billion of that market includes the types of products and geographies that are especially relevant for Etsy.

The company is on track to make a little over $2 billion this year -- only a sliver of its potential market. Etsy should have plenty of room to grow.


Fiverr (FVRR 1.59%) operates an online marketplace, too. However, instead of bringing buyers and sellers of handmade goods together, it matches freelancers with businesses that need their services.

The stock plunged after Fiverr reported its Q2 results earlier this month. Those results actually looked great. Fiverr's revenue soared 60% year over year with better-than-expected earnings. The problem was that management projects revenue will decline sequentially in Q3 as freelancers take vacations and spend less time online.

Don't let Fiverr's slowing growth fool you. The company still has tremendous long-term prospects. The freelance market opportunity that Fiverr targets totals close to $115 billion annually in the U.S. alone.

Fiverr continues to expand its platform to go after this market more effectively. Its Fiverr Business offers collaboration tools that enable companies' in-house teams to work with freelancers. This product already makes up 5% of Fiverr's core marketplace business only three quarters after its launch. The company also recently introduced Seller Plus, a loyalty program for freelancers.

It's likely that Fiverr stock could be volatile, especially with the uncertainties related to COVID-19. However, the company is a leader in a market that will undoubtedly grow significantly over the next decade and beyond. 

Innovative Industrial Properties

Unlike Etsy and Fiverr, Innovative Industrial Properties (IIPR -0.61%) doesn't run an online e-commerce platform. However, IIP is similar to these two companies in that it has achieved considerable success in its niche market -- providing real estate capital to medical-cannabis operators.

IIP's revenue more than doubled year over year in the second quarter, and its profits soared 124% year over year. The company now has 74 properties in 18 states. That count will almost certainly increase.

There are still another 18 states that have legalized medical cannabis where IIP doesn't operate. Many of the medical-cannabis markets where the company already owns properties are expanding.

IIP also has plenty of cash to use to acquire additional properties. Executive chairman Alan Gold said in the company's Q2 conference call that the quarter was "transformational" after IIP secured an investment-grade corporate credit rating and raised $300 million in gross proceeds from a bond offering.

On top of its great growth prospects, IIP also offers an attractive dividend with a current yield of 2.4%. The company has quadrupled its dividend payout over the last three years. Look for more dividend hikes to come.