Investing doesn’t have to be expensive. Despite the old adage that you need money to make money, no one actually said how much money that needs to be. Hence why we’re looking at cheap stocks that look like strong buys on the TSX today. Ones that you can pick up with just $20 to spare.
OrganiGram
First up we have OrganiGram Holdings (TSX:OGI), a leading licensed producer of cannabis and cannabis-derived products in Canada. The company has a diverse portfolio of products, including dried flower, oils, and edibles.
Recent earnings reports have shown strong revenue growth driven by increased sales and new product introductions. Historically, OrganiGram has maintained a strong balance sheet and focused on operational efficiency, setting it apart from many of its peers.
The company’s strategic partnerships and international expansion plans position it well for future growth. OrganiGram’s stock now trades at just $2.10, making it an affordable option for investors looking to capitalize on the growing cannabis industry.
BlackBerry stock
Sure, this was a meme stock. But there’s a reason behind the madness. BlackBerry (TSX:BB), once known for its smartphones, has transformed into a leading cybersecurity and software services provider. The company’s recent earnings have been bolstered by strong growth in its cybersecurity segment and enterprise software solutions.
Historically, BlackBerry stock has faced challenges but has successfully pivoted to focus on high-margin, recurring revenue streams. Its QNX software is widely used in the automotive industry, and partnerships with major tech companies enhance its growth prospects.
Trading at just $3.25 as of writing, BlackBerry stock offers a compelling investment opportunity in the tech sector with a focus on cybersecurity and Internet of Things (IoT).
Lightspeed stock
Finally, the most expensive of the bunch here is Lightspeed Commerce (TSX:LSPD). Yet it could also be the most beneficial. Lightspeed is a rapidly growing provider of point-of-sale and e-commerce solutions for small and medium-sized businesses.
The company’s recent earnings reports have highlighted significant revenue growth driven by increased adoption of its platform and expansion into new markets. Historically, Lightspeed stock has demonstrated robust growth, leveraging its innovative technology and strategic acquisitions. The company’s future outlook is promising, with continued expansion in both North America and international markets.
Although trading on the higher end, Lightspeed stock offers substantial growth potential for investors interested in the technology and e-commerce sectors. Especially now with former CEO and founder Dax Dasilva back at the reigns, who stated a renewed focus on the growth in subscriptions. So with shares at $18.60 as of writing, now could be the time to buy.
Bottom line
OrganiGram stock, BlackBerry stock, and Lightspeed stock provide compelling investment opportunities for Canadian investors with a modest $20 budget. These companies operate in diverse and high-growth sectors such as cannabis, cybersecurity, and e-commerce. What’s more, the strong historical performance, recent earnings, and promising future outlook make them suitable options for investors seeking affordable yet promising stocks on the TSX today. So don’t let $20 hold you back from making some strong investments for long-term growth.
