3 Canadian Growth Stocks I’d Buy Under $30

These under $30 stocks have solid growth prospects and could outperform the broader market by a wide margin.

| More on:

What I love about stocks is that one can start investing with as much money as they have. For instance, one doesn’t need a lot of cash to buy shares as several high-quality stocks are trading cheap in dollar value and have good growth prospects.

With this backdrop, let’s look at three fundamentally strong Canadian stocks with high growth potential that you can buy under $30. 

WELL Health

I’ll start with the digital healthcare company WELL Health (TSX:WELL). The stock trades incredibly cheap, making it a compelling buy near the current levels. The company has grown its top line despite concerns from tough year-over-year comparisons and economic reopening. Further supporting my bull case is WELL’s ability to consistently deliver profitable growth. 

The momentum in WELL Health’s business will likely be sustained in the coming years, led by growing omnichannel patient visits. In addition, the strength in its high-margin virtual healthcare services will support its top- and bottom-line growth. Also, its expansion in the U.S. and accretive acquisitions will accelerate its growth rate and drive its stock higher. 

Notably, the company surpassed one million patient visits in Q2, which is encouraging. Moreover, its investments in AI (artificial intelligence) will drive clinic productivity and provide better patient outcomes, supporting its growth. While the company is performing well, its stock is trading cheap. It trades at a forward enterprise value-to-sales multiple of 1.7, much lower than the pre-pandemic levels of 5.6, making it a buy near the current price levels.

StorageVault Canada

StorageVault (TSX:SVI) is the leading storage provider in Canada. It operates 240 storage locations across Canada and owns 209 of these locations. Moreover, it has 5,000 portable storage units. In addition, it also provides last-mile storage and professional records management services. 

It benefits from the strong demand for rentable storage space. Moreover, its top line marked double-digit growth in the first half of 2023 despite macro challenges. 

Looking ahead, its focus on expanding its rentable space and increasing rent per square foot augurs well for revenue and earnings growth. Moreover, its short-duration rentals (weekly or monthly) enable it to manage demand well and form a solid pricing strategy to counter inflation. Overall, StorageVault is well-positioned to deliver strong financials and attractive returns in the long term. 

Lightspeed

From storage, let’s move to the Canadian tech space. Within the tech sector, investors could consider investing in the shares of Lightspeed (TSX:LSPD). The company provides a cloud-based commerce platform and is poised to gain from the shift in selling models towards omnichannel platforms. 

Lightspeed is streamlining its operations and focusing on generating sustainable profitability. It now offers only two core products targeting retailers and restaurant operators and focuses on high-value customers. 

The company’s strategy bodes well for long-term growth and will enable it to drive average revenue per user and achieve a lower churn rate. Moreover, Lightspeed will also benefit from its ability to acquire and integrate companies.  

While Lightspeed has solid growth potential, its stock trades at a discounted valuation, providing an excellent entry point for long-term investors. 

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Sneha Nahata has no position in any of the stocks mentioned. The Motley Fool recommends Lightspeed Commerce. The Motley Fool has a disclosure policy.

More on Tech Stocks

GettyImages-1352607170 (1)
Tech Stocks

Why Shopify Stock Is Skyrocketing Today

Shopify published its Q3 report this morning, and it gave investors plenty to be excited about.

Read more »

young people stare at smartphones
Tech Stocks

Here Are My Top 3 Tech Stocks to Buy Now

Given their strong performances and healthy growth prospects, I expect these three tech stocks to deliver superior returns over the…

Read more »

artificial intelligence AI data deep processing
Tech Stocks

Top 3 Canadian AI Stocks to Watch This Year

When there is as much hype about a specific type of stock (like AI stocks), it's a good idea to…

Read more »

ETF stands for Exchange Traded Fund
Tech Stocks

The Best Tech ETF to Invest $1,000 in Right Now

An ETF can be a solid option for any type of investing. But with tech stocks having a lot of…

Read more »

how to save money
Tech Stocks

Should You Buy Shopify Stock Hand Over Fist Before November 12?

Here are the top reasons why you may want to consider buying Shopify stock before its upcoming earnings event.

Read more »

stocks climbing green bull market
Tech Stocks

Why Propel Stock Keeps Going Up

Propel stock has seen a fivefold increase in its market cap in the last year! But even more is set…

Read more »

a-developer-typing-lines-of-ai-code-while-viewing-multiple-computer-monitors
Tech Stocks

Could Constellation Software Become the Next Berkshire Hathaway?

Constellation Software's (TSX:CSU) capital-allocation strategy is similar to that of Berkshire Hathaway (NYSE:BRK.B).

Read more »

cloud computing
Tech Stocks

3 No-Brainer Tech Stocks to Buy With $1,000 Right Now

These three Canadian tech stocks could be among the best growth opportunities in the market right now.

Read more »