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5 of the Best Canadian Stocks Under $5 to Buy Today

Daniel Da Costa | August 6, 2021| More on:

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As the economy continues to recover rapidly, investors have many opportunities, as several of the best Canadian stocks are worth a buy.

And while there is potential to find high-quality value and dividend stocks, some of the best to buy are growth stocks.

And when you find growth stocks with high-potential operations that are trading with a low share price, you have the potential to earn significant gains.

So, here are five of the best stocks under $5 to buy today.

A top communications stock

First on the list is the high-potential communications as a service stock, Sangoma Technologies (TSXV:STC). Sangoma is one of the best Canadian stocks to buy today, because it’s a high-potential growth stock offering services that only continue to grow in popularity.

Even before the pandemic, the need for businesses to have a strong communications system was crucial. Today, though, it’s paramount. And Sangoma Technologies is capitalizing on this increasing demand.

It’s growing its sales rapidly and has even made a high-potential acquisition recently, which should help it continue to expand its operations.

So, if you’re looking for some of the best Canadian stocks that are trading cheap, I’d strongly consider Sangoma Technologies.

A high-potential drone stock

If you’re looking for a top Canadian tech stock with major growth potential, Drone Delivery Canada (TSXV:FLT) is a stock you’ll want to consider.

Over the last seven years, the company has built an impressive platform and done tonnes of work to get these drones ready for operation. From flight plans to payload testing, Drone Delivery Canada has done extensive work.

It has partnered with several pilot partners and only continues to find new opportunities that can help expand the business.

Its drones can already be used for delivery services, healthcare, mining, and even for the industrial sector. Plus, the company continues to take important steps, which include obtaining licences from the Canadian Transportation Agency.

The sky’s the limit for Drone Delivery Canada, and it’s still considerably cheap, which is why it’s one of the best Canadian stocks to buy today.

A high-quality crypto stock

The best stocks in Canada list would be incomplete without a high-potential cryptocurrency stock. That’s why I’d recommend investors consider investing in the space, especially when you have options like HIVE Blockchain Technologies (TSXV:HIVE).

HIVE is one of the top stocks in the cryptocurrency industry, giving it a tonne of growth potential. We have seen in the past just how fast these stocks can rally.

So, while HIVE has been trading rangebound for a few months now, along with the rest of the cryptocurrency sector, it’s still one of the highest-potential growth stocks you can buy.

There are a lot of potential reasons why the sector could rally soon. So, if you’re looking for exposure, now is the time to buy when these stocks are cheap.

And while there’s a tonne of high-quality stocks to choose from, HIVE has to be one of the best Canadian stocks to buy today.

A top Canadian retail stock

Roots (TSX:ROOT) is another great stock to consider. The iconic Canadian retailer has been impacted severely over the last few years.

However, Roots has one of the strongest brands among Canadian consumers. So, while the stock trades this cheap, it’s easily one of the best Canadian businesses to buy today.

Roots was seeing some headwinds even before the pandemic, as it was trying to improve the economics of its operations.

Now, that it has revitalized the business, and the Canadian economy is recovering well from the pandemic, Roots offers investors a tonne of value at this price.

So, if you’re looking for a Canadian stock to buy and hold for years, Roots is one of the best there is.

One of the best Canadian gold stocks to buy now

Last on the list is B2Gold, one of the cheapest stocks to buy today.

B2Gold reported earnings recently, and while its second-quarter numbers weren’t ideal, it expects to have a strong recovery in the second half of 2021.

The company is one of the lowest-cost producers in the industry. This allows it to be a major cash cow. Plus, it even returns cash to investors, making it one of the best Canadian value stocks to buy today.

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 Daniel Da Costa owns shares of B2GOLD CORP. The Motley Fool has no position in any of the stocks mentioned.

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