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Canadians are making the most of this opportunity to explore the markets, which have been selling off quickly and consistently throughout the year. TSX Find the best Canadian stocks that they can purchase.
However, while this market provides an excellent opportunity for long-term investors to buy the dip, you don’t want to buy stocks that don’t offer much of a discount. On the flip side, though, you also don’t want to buy lower-quality stocks just because they are significantly undervalued.
So it’s crucial for investors to use this opportunity to look to buy stocks that are both high quality and trading ultra-cheap.
If you are looking for the best Canadian stocks to invest in this market, these are the three stocks that are trading at least half off their highs.
A top financial growth stock that’s recently become one of the best Canadian stocks to buy
For many years, Goeasy Stocks of (TSX.GSY) have been increasing rapidly. The company is seeing a rise in sales. It also has incredible economics which has led to its profitability skyrocketing. This has made goeasy one of the best Canadian stocks to own, but because it traded with a premium for so long, it wasn’t necessarily one of the best stocks to buy.
Now, however, after the stock has pulled back by more than 50% from its high this year, there’s no question that it’s an unbelievable investment to make today.
It trades at an attractive 3.4% dividend and forward price-to earnings ratio of 8.6 times yieldAnalysts expect that the company’s earnings will grow by almost 50% in the next two-years.
So while this impressive growth stock trades at a more than 50% discount, it’s easily one of the best Canadian stocks to buy now.
Incredible value from an out-offavour tech stock
Another Canadian stock that’s become ultra-cheap over the last 18 months is AcuityAds Holdings (TSX:AT)(NASDAQ:ATY). AcuityAds is an AdTech stock that’s actually been selling off since early 2021.
The stock is down by over 70%, but if you only consider its 52-week peak, it still offers amazing value.
For starters, with AcuityAds trading at roughly $3.30, nearly half of what you’re paying for, over $1.50 a share, is cash on its balance sheet. The stock trades at an unbelievable low price and has an enterprise value currently of only $100 million.
The stock is cheap enough to allow it to grow its operations and sales through its proprietary advertising platform.
Therefore, if you’re looking for cheap Canadian stocks to buy that offer major value, AcuityAds is one I’d consider soon.
A top Canadian growth stock trading at the cheapest levels it’s ever been
This is the last item on this list. WELL Health Technology (TSX:WELL), another high-potential growth stock that’s trading 60% off its 52-week high.
WELL, a stock worth considering is another appealing option. It owns a number of high-quality healthcare businesses with their own organic growth potential. In addition, the company is constantly looking for any other acquisitions it can buy, whether it’s a company trading undervalue or a business that can offer attractive synergies to its existing operations.
WELL is a Canadian stock that you can buy at a very affordable price. Not only is its valuation dirt cheap, trading at an enterprise value-to-sales ratio of just 2.1 times, but since it’s bottomed over the last couple of weeks, this is the lowest valuation WELL Health has traded at since being upgraded to the TSX.
So if you’re looking to find high-quality Canadian stocks to buy at worthwhile discounts, WELL is certainly a top growth stock that I would recommend.