Fire Sale: 2 Growth Stocks to Buy That Are Unbelievably Cheap

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With the volatility in stock markets picking up noticeably lately, this is yet another opportunity investors have to buy high-quality Canadian growth stocks while they’re cheap.

Every now and then, the stock market sells off. And as long as you can keep a level head and a long-term mindset, you can use the opportunity to improve your portfolio and gain exposure to the highest-quality companies in Canada.

There’s no telling how long the selloff will last or how far stocks can fall. But as long as you believe that the company is cheap and will continue to grow over the long haul, then it’s worth an investment today.

If you’re looking for the best opportunities created by the recent volatility, here are two unbelievably cheap growth stocks to buy now.

One of the best crypto stocks to buy for long-term growth

There’s no question that cryptocurrencies and the entire industry have major potential as blockchain technology continues to gain in popularity. However, despite rapid price increases in the past, these assets offer long-term growth potential.

Right now, while high-quality crypto stocks like Galaxy Digital Holdings (TSX:GLXY) trade cheap, they are some of the best growth stocks to buy.

Galaxy in particular is one of the best to buy, because it’s a financial services company serving the crypto industry. Not only that, but it has an incredible management team, and its operations are well diversified, yet they also offer tonnes of synergies amongst each other.

Galaxy is certainly a stock you’ll want to buy and hold for years. Plus, when you consider that Galaxy is now trading right near its 52-week low, while Bitcoin, Ethereum, and the entire market cap of the crypto industry are all well off their 52-week lows, it’s clear that the stock is trading well undervalued.

If you’re looking for top growth stocks that you can buy cheap, Galaxy is one of the best in Canada.

A top healthcare growth stock

Another of the best Canadian growth stocks to buy that’s trading unbelievably cheap is WELL Health Technologies (TSX:WELL). WELL is an exceptional healthcare tech stock that’s been growing rapidly both by acquisition and organically.

And while WELL is known as a tech stock and much of its growth potential has to do with its digital health apps and telehealth businesses, it has a well-diversified portfolio, which also includes physical medical clinics.

Plus, besides diversification, these clinics offer other synergies with WELL’s business and help it to bring in more cash flow, which has helped the business become more profitable already.

This is crucial, because the company is already earning positive EBITDA ahead of many of its peers, even though it’s still in the rapid growth stage. So, the fact that the stock continues to sell off and is now unbelievably cheap shows it’s one of the best growth stocks to buy now.

As of Wednesday’s close, WELL’s stock price was just $4.61, giving it a forward price-to-earnings ratio of 19.2 times and a forward enterprise value to EBITDA of roughly 14 times. Not to mention, WELL’s average target price from analysts is nearly $11 a share, and all seven analysts who cover that stock have it rated a buy.

If you’re looking for top Canadian growth stocks to buy amid this volatility, WELL Health Technologies is certainly one that’s incredibly cheap.

The post Fire Sale: 2 Growth Stocks to Buy That Are Unbelievably Cheap appeared first on The Motley Fool Canada.

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More reading

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Fool contributor Daniel Da Costa has positions in Bitcoin, Ethereum, Galaxy Digital Holdings Ltd., and WELL Health Technologies Corp. The Motley Fool has positions in and recommends Bitcoin and Ethereum.

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