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

Data center servers IT workers
Tech Stocks

Better Buy: Shopify Stock or Constellation Software?

Let's dive into whether Shopify (TSX:SHOP) or Constellation Software (TSX:CSU) are the better options for growth investors in this current…

Read more »

nvidia headquarters with nvidia sign in front
Tech Stocks

Nvidia Just Delivered a Beat-and-Raise Quarter. There’s 1 Red Flag Investors Shouldn’t Ignore.

The chipmaker continued to benefit from robust demand for artificial intelligence (AI). But can it last?

Read more »

GettyImages-1473086836
Tech Stocks

Why Super Micro Computer Stock Is Soaring Today

The volatile stock is getting a boost from Nvidia.

Read more »

Snowflake logo in snowflake office on wall_snowflake-1
Tech Stocks

Here’s Why Snowflake Stock Skyrocketed Today

Shares of the data company are up 32% for the day.

Read more »

man touching magnifying glass button on floating search bar internet google search engine
Tech Stocks

Why Alphabet Stock Was Sliding Today

The parent company of Google is facing heat from U.S. regulators.

Read more »

chart reflected in eyeglass lenses
Tech Stocks

Top Canadian AI Stocks to Watch in 2025

Celestica (TSX:CLS) stock and another Canadian AI stock are worth watching closely this holiday season.

Read more »

Nvidia Voyager Headquarters
Tech Stocks

Why Nvidia Stock Rallied (Again) on Tuesday

The chipmaker is expected to report earnings this evening.

Read more »

hand stacking money coins
Tech Stocks

3 Growth Stocks That Are Screaming Buys in November

The market might be soaring, but there are still lots of deals to be had. Here are three discounted stocks…

Read more »