3 Under $50 TSX Stocks to Buy in September 2023

Should you invest $1,000 in American Airlines Group Inc. right now?

Before you buy stock in American Airlines Group Inc., consider this:

The Motley Fool Stock Advisor Canada analyst team just identified what they believe are the Top Stocks for 2025 and Beyond for investors to buy now… and American Airlines Group Inc. wasn’t one of them. The Top Stocks that made the cut could potentially produce monster returns in the coming years.

Consider MercadoLibre, which we first recommended on January 8, 2014 ... if you invested $1,000 in the “eBay of Latin America” at the time of our recommendation, you’d have $21,058.57!*

Stock Advisor Canada provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month – one from Canada and one from the U.S. The Stock Advisor Canada service has outperformed the return of S&P/TSX Composite Index by 38 percentage points since 2013*.

3 Under-$50 TSX Stocks to Buy in September 2023

These three under-$50 stocks can deliver market-beating returns to maximize your return on investment due to solid growth prospects.

Adam Othman ❯

Adam is a value investor who is always on the hunt for fantastic undervalued companies that he can share with Motley Fool readers. He follows Warren Buffett and Charlie Munger's investment advice and has completed the Canadian Securities Course. When he's not investing, Adam can usually be found traveling or skiing.

Published September 19, 2023 12:15 pm EDT

| More on: LSPDSVIWELL

Stock market investing can be an excellent way to generate solid returns on your investment. Contrary to what many newcomers think, you do not need massive capital to begin investing. Even if you do, there is no need to pump all your money into the market to become an investor. Your journey as a stock market investor can begin with as little as $50.

The TSX boasts several high-quality stocks trading at discounted prices with massive long-term growth potential. By identifying and investing in top-notch stocks with high growth potential, you can set yourself up for solid long-term returns on your investment. Today, we will look at three stocks with substantial growth potential that you can buy for well under $50.

Lightspeed Commerce

Lightspeed Commerce (TSX:LSPD) is a Canadian tech stock investors might be aware of. Bursting onto the scene in March 2019, Lightspeed stock rose rapidly amid the tech sector boom. When the sector-wide meltdown struck the market, Lightspeed stock declined rapidly.

The $3.16 billion market capitalization tech stock provides a cloud-based platform and has been benefitting from selling models shifting increasingly toward omnichannel platforms.

The tech sector selloff and a broader slowdown in economic activity combined to diminish its share prices from all-time highs. As of this writing, Lightspeed stock trades for $20.81 per share. While it has solid growth potential, it trades at an almost 90% discount from its all-time highs. Long-term investors can consider allocating some money to the stock at an attractive entry point.

StorageVault Canada

Moving away from the tech space and into storage services, StorageVault Canada (TSX:SVI) is another attractively priced stock to consider for your portfolio. The $1.85 billion market capitalization company is Canada’s largest storage provider.

It owns, operates, and leases storage spaces to individual and commercial customers nationwide. With over 5,000 portable storage units and 240 standard storage locations across Canada, it benefits greatly from the demand for rentable storage spaces.

The company is constantly looking for ways to expand its portfolio. As the demand increases, its focus on increasing rent per square foot can also bear fruitful results for the storage space giant.

Between its short- and long-term storage options and a well-managed strategy, it is well positioned to deliver solid long-term returns. As of this writing, it trades for $4.92 per share, down by over 31% from its all-time high.

WELL Health Technologies

WELL Health Technologies (TSX:WELL) is another stock to consider, moving back to the tech space. The $1.03 billion market capitalization digital health company is Canada’s largest owner and operator of outpatient health clinics.

The onset of the pandemic and ensuing restrictions led to a rapid rise in telemedicine demand, sending WELL Health stock prices soaring. Despite the reopening of the economy and broader macroeconomic challenges, the company has managed to grow its top line.

Along with its expansion into the U.S. and accretive acquisitions, WELL Health looks well positioned to fuel its growth for years to come. The high-margin virtual healthcare services it offers provide it with the level of safety necessary to make it a potential long-term winner.

As of this writing, WELL Health Technologies stock trades for $4.36 per share. Down by over 50% from its all-time highs, investors have a good entry point to invest in the stock.

We just revealed five stocks as “best buys” this month … join Stock Advisor Canada to find out if WELL Health Technologies Corp made the list!

Foolish takeaway

When investing in the stock market, you must never forget that it is inherently risky. Never allocate more money to the stock market than you can afford to invest comfortably. If a major market correction comes along, share prices of even the biggest blue-chip stocks can drop.

If you have a well-balanced portfolio and want to invest in stocks with a greater degree of risk but higher growth potential, Lightspeed Commerce stock, StorageVault stock, and WELL Health stock can be good investments to consider.