3 Top Under-$30 TSX Stocks to Buy Now With $1,000

There are plenty of cheap TSX stocks out there if you know where to look, with Air Canada stock (TSX:AC) and others due to soar!

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No one is going to complain when they see massive returns from stocks. However, that strategy overall is, frankly, not a strategy at all. Instead, long-term investing is what’s recommended for the average investor. But that has benefits too, as it means you don’t have to worry about short-term volatility with TSX stocks.

But just because you’re not investing short term doesn’t mean you can’t find great deals. In fact, these three TSX stocks are perfect options to see strong returns for both medium- and long-term investors.

Air Canada

It’s going to be a few years before investors see pre-crash levels for Air Canada (TSX:AC) stock. The COVID-19 virus and its variants continue to wage war on the airline industry. That means the company continues to add to its massive $13 billion debt.

However, today’s share price is a steal for long-term investors. Once the vaccine is distributed around the world, there is likely to be a significant boost in Air Canada stock and its financials, even as soon as the end of 2021.

This also means the company’s losses are likely to shrink. While the debt is massive, Air Canada stock received a $5.9 billion government bailout, bought fuel-efficient aircraft, bought back its Aeroplan loyalty program, and expanded to cargo shipping. All this means it could be a short period of time before the debt is paid down.

That leaves today’s share price of Air Canada stock around $25 with multiples at 4.8 times book value and 1.5 times sales a complete steal. Long-term investors can hold out for decades with TSX stocks like this one.

WELL stock

Another stock primed for high growth is WELL Health Technologies (TSX:WELL). WELL stock is a telehealth company that continues to acquire businesses regularly. The company continues to become a powerhouse for telehealth services, ranging from physicians to physiotherapists and everything in between. This is likely to only grow, as the world shifts to post-pandemic norms.

The company had an incredible year within the tech sector, with revenue most recently increasing 53% year over year. Its expansion into the United States means when online, its full business could see massive growth for its investors. That makes it a prime candidate to buy among TSX stocks.

But the best news is its share price. WELL stock trades at about $7 as of writing, with shares up 226% in the last year alone! Its book value also remains affordable at 5.2 times book value. With a solid acquisition strategy already underway, the company is likely to continue driving revenue growth for years to come.

HIVE stock

Finally, HIVE Blockchain Technologies (TSXV:HIVE) is for the investor wanting to get in on Bitcoin with less risk. This miner and seller of cryptocurrency is the perfect buy at the perfect time. While cryptocurrency remains volatile when buying directly, HIVE stock and its counterparts will continue to be necessary in this new world.

Much like WELL stock, HIVE stock has taken on an acquisition strategy lately. Most recently, it purchased a data storage facility in New Brunswick to continue expanding. Yet again, shares trade at the incredibly affordable price of about $4.50 as of writing. That’s after share growth of 1,150% in just this year alone. And revenue remains strong, coming in at 27% increase year over year during its recent earnings and a 76% increase in net income.

I’ll admit this is the most volatile of the stocks, given the volatile nature of cryptocurrency. But it seems the winds have shifted. With this stock, it may be better to take a small stake and increase it as its multiples improve. Meanwhile, at $4.50, there are plenty of opportunities to see massive growth from HIVE stock. That makes it another strong TSX stock to buy today under $30 and hold forever.

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 Amy Legate-Wolfe owns shares of AIR CANADA and WELL Health Technologies.

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