2 Undervalued Canadian Stocks to Buy While They’re Still Cheap

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Over the last few months, the market has been selling off, and for some higher-risk stocks, the selloff has been going on even longer. But as we saw on Wednesday this week, that can change at a moment’s notice. So, when you find high-quality Canadian stocks that are trading at a price you believe is cheap and makes them worth a buy, then it’s crucial to take advantage of the opportunity.

Investing is all about keeping a long-term mindset while taking advantage of opportunities that present themselves in the short term. While you may be inclined to hold off buying stocks when the market is volatile, just in case they get cheaper, you also don’t want to miss the opportunity altogether.

That’s why it’s crucial to seize the opportunity when it presents itself. When you find high-quality stocks trading cheap that you know can eventually recover, you’ll want to pull the trigger. And if you’re looking to buy top Canadian stocks while they’re cheap today, here are two of the best to consider right now.

One of the best Canadian growth stocks to buy today

Finding stocks to buy today is about looking for businesses with the most long-term potential and trading at the most attractive prices. If you’re looking for a Canadian stock to buy while it’s cheap, I’d look no further than WELL Health Technologies (TSX:WELL).

WELL owns an impressive portfolio of healthcare businesses ranging from digital health apps and telehealth business to a massive electronic medical records business. It’s even Canada’s largest outpatient medical clinic owner-operator.

The company has built an incredibly diversified portfolio of businesses giving it a tonne of growth potential in the healthcare sector, which is naturally highly defensive. So, even as WELL’s stock struggles to gain favour from the market in the current environment, its businesses continue to post impressive organic growth.

This stock won’t be cheap forever, though, so, while it’s cheap, it’s one of the best Canadian stocks to buy now. Currently, WELL trades at a forward price-to-earnings ratio that’s now below 20 times. That’s considerably cheap for a high-quality growth stock like WELL.

It’s not surprising that its average target price from analysts is nearly $11, more than 130% above where WELL trades today. Therefore, while the stock trades at the bottom end of its 52-week range, it’s easily one of the best Canadian stocks to buy.

Now is the opportunity to buy this top crypto stock

While the cryptocurrency industry is out of favour, you’ll certainly want to consider gaining exposure to these high-potential assets. And while you could consider buying some of the top cryptocurrencies, buying a stock like Voyager Digital (TSX:VOYG) could be even more advantageous.

Cryptocurrencies went through a major revolution over the last few years, and while they may be out of favour now, there is a tonne of potential that blockchain technology offers. It’s only a matter of time before the cryptocurrency industry can rally again. And as we’ve seen in the past, when this rally materializes, it can bring significant and rapid growth.

That’s why you’ll want to buy the best crypto stocks, such as Voyager, now, while they are still cheap. And currently, Voyager, trading at the bottom of its 52-week range, is well undervalued.

Of the four analysts covering Voyager, the average target price is just under $20, a roughly 300% premium to today’s trading price. And because Voyager’s primary business is a cryptocurrency platform, allowing investors to buy and sell these digital assets easily, it’s a business that will immediately see an uptick in volume as cryptocurrencies come back into favour.

So, while Voyager and the rest of the cryptocurrency industry are out of favour and trading cheap, there’s no question that they are some of the best stocks to buy now.

The post 2 Undervalued Canadian Stocks to Buy While They’re Still Cheap appeared first on The Motley Fool Canada.

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More reading

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Should You Buy Canadian Stocks in May Amid Market Volatility?

Fool contributor Daniel Da Costa has positions in WELL Health Technologies Corp. The Motley Fool has no position in any of the stocks mentioned.

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