3 Canadian Growths Stocks Under $100 to Buy in February

Now’s the time to invest in growth stocks. These three top picks are all trading below $100 right now.

| More on:
potted green plant grows up in arrow shape

Image source: Getty Images

Growth stocks, specifically tech companies, have not fared particularly well over the past 12 months. While the S&P/TSX Composite Index posted a 20% gain last year many top growth companies ended the year at a loss. Today, there’s no shortage of growth stocks on the TSX trading far below 52-week highs. 

Short-term investors may be hesitant to buy growth stocks in today’s volatile environment. It’s very possible that growth stocks will continue to slide even lower in the upcoming months. But if you’re investing for the long term, I’d strongly suggest putting some cash to work to take advantage of these discounted prices

I’ve put together a list of three market-beating growth stocks that are all trading at a discount. From a valuation standpoint, shares may not necessarily be cheap. But investors can own any of these three companies for less than $100 right now. 

Nuvei

Investors may not want to wait much longer to start a position in Nuvei (TSX:NVEI)(NASDAQ:NVEI). The tech stock is already up close to 30% from lows that were set two months ago.

A short report released in mid-December caused Nuvei to sell off an incredible 40% in a single day. While the report did include several serious allegations, shares have rebounded very well from that drop, highlighting investors’ confidence in the company.

Nuvei has only been a publicly traded company since late 2020. And even with a 40% selloff in December, shares are still up a market-crushing 75% since September 2020. 

Considering how well the growth stock has rebounded from its lows, I don’t think it will be long before Nuvei is back to trading at all-time highs. I’d act fast if you’re interested in this tech company.

WELL Health Technologies

Telemedicine stocks have not fared any better than tech companies over the past year. In the early days of the pandemic, telemedicine stocks surged, as demand for virtual health services skyrocketed. But as the world has slowly continued to return to pre-COVID life, demand for telemedicine services has dramatically cooled off. 

As a huge bull on the long-term growth opportunity of telemedicine, I couldn’t pass up these prices. I’m not a shareholder of WELL Health Technologies (TSX:WELL) yet but will be looking to add the company to my portfolio very soon.

The growth stock was up a whopping 400% in 2020. In comparison, the Canadian market was just about flat. Shares are currently down close to 50% over the past year, but WELL Health is still up close to 200% since the beginning of 2020.

Docebo

Last on my list is another high-priced tech stock that’s trading at an opportunistic discount. 

Similar to WELL Health, shares of Docebo (TSX:DCBO)(NASDAQ:DCBO) spiked at the beginning of the pandemic, due to a sudden rise in demand for the company’s products and services.

Docebo provides a range of different virtual learning platforms to customers spread across the globe. Unsurprisingly, the abrupt shift to remote work for many employees in 2020 caused a jump in demand for Docebo’s suite of virtual learning products.

Docebo is also relatively new to the public market, having only joined the TSX in late 2019. Since then, shares are up over 400%, easily outpacing the returns of the Canadian market. 

The tech stock is currently trading close to 40% from all-time highs. This is a buying opportunity that long-term investors won’t want to miss.

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 Nicholas Dobroruka has no position in any of the stocks mentioned. The Motley Fool owns and recommends Nuvei Corporation. The Motley Fool recommends Docebo Inc.

More on Tech Stocks

consider the options
Tech Stocks

Top 2 Beaten-Down Stocks I’ve Not Given Up on

The massive correction in the prices of these TSX stocks presents a solid buying opportunity at current levels.

Read more »

Various Canadian dollars in gray pants pocket
Tech Stocks

2 Cheap Stocks (Below $50) to Buy and Hold Till 2032

The inexpensive valuations and rapid growth will help these Canadian companies outperform the TSX by a wide margin.

Read more »

Couple relaxing on a beach in front of a sunset
Dividend Stocks

Canadians: 3 Easy Stocks to Invest in for Retirement

It’s never too early to begin retirement planning. Adding the right mix of stocks to an RRSP can grow your…

Read more »

TIMER SAYING TIME FOR ACTION
Tech Stocks

3 Growth Stocks to Buy Before it’s Too Late

These growth stocks were once greats, and now they're gross to even consider. But honestly, I'm asking you to consider…

Read more »

Family relationship with bond and care
Tech Stocks

Retire Young: 2 Cheap Growth Stocks to Buy Now and Hold Forever

There are huge sales on growth stocks in the tech sector. Here are two top picks to put on your…

Read more »

A worker uses the cloud for paperless work. tech
Tech Stocks

3 Tricks to Finding Undervalued Canadian Stocks

There are plenty of cheap Canadian stocks, but not all are undervalued. Yet this one certainly ticks all the boxes.

Read more »

Tech Stocks

Lightspeed Stock: Could a Holiday Rush Save the Tech Stock?

Lightspeed (TSX:LSPD)(NYSE:LSPD) stock continues to have near-term issues, but in the long term, this could be a stock everyone wants…

Read more »

question marks written reminders tickets
Tech Stocks

Is Evertz Technologies (TSX:ET) Stock a Buy After Q1 Earnings?

Evertz Technologies (TSX:ET) stock appears undervalued and offers a high dividend yield and growth potential. Watch identified challenges.

Read more »