With so many high-quality Canadian stocks selling off recently, there are many options for investors. And because a lot of these cheap Canadian stocks, that offer so much value and are the best to buy now, happen to be growth stocks, the opportunity is even more significant.
Growth stocks already offer investors major potential over the long run as they expand their businesses. So when you can buy them at a discount, in some cases of more than 50%, you can significantly increase the returns you can generate. In addition, many other sectors in favour today also offer investors value, such as gold stocks.
Therefore, if you’re looking for value in the current market environment, here are three smart Canadian stocks to consider now.
A top crypto ETF
Throughout the last two years, investors have seen the potential that cryptocurrencies and crypto stocks have. In addition, many new developments and innovations have been created in the industry.
So now is the time to buy these stocks and build a long-term position in these assets while the industry is out of favour. There are many reasons why crypto could rally later this year and do so in a big way.
The tech these cryptocurrencies offer is still significant, especially over the long run. For example, a high-quality cryptocurrency like Ethereum (CRYPTO:ETH), which has substantial real-world use cases, is expected to launch major upgrades to its network later this year.
That’s why one of the best Canadian value stocks to buy now is the CI Galaxy Ethereum ETF (TSX:ETHX.B). The ETF allows investors to gain exposure directly to the price of Ethereum through an investment vehicle that’s simple to buy and even eligible for registered accounts.
Cryptocurrencies, especially Ethereum, are some of the best investments you can make today. So while the industry is out of favour and these high-potential assets trade at a significant discount, now is the time to buy. Because when the industry comes back into favour, these Canadian value stocks will rally rapidly, and there may not be another opportunity to buy these stocks cheap.
A top Canadian value stock to buy now
There are several Canadian value stocks to buy in the tech sector, but one of the cheapest by far has to be AcuityAds Holdings (TSX:AT)(NASDAQ:ATY).
AcuityAds stock is unbelievably cheap today. For a tech stock with massive long-term growth potential, it’s trading at valuations that a maturing business would have. And while AcuityAds’ performance to date has been sub-par, the long-term potential it offers to investors certainly warrants a greater premium in the stock price.
Over the past couple of trading sessions, it’s actually gained a tonne of value as markets have become more bullish. On Wednesday alone, the stock gained over 16%.
So I’d watch AcuityAds over the next couple of weeks. While there is value at the price today, it’s a steal below $3. And I’d expect the short-term volatility in the stock to continue for some time.
So if you can keep a long-term outlook and manage to buy AcuityAds for as cheap as possible over the coming weeks, it’s one of the best Canadian value stocks to buy now.
A cheap gold stock
Lastly, you may be looking to add gold to your portfolio in this market environment. And while gold stocks have rallied over the last few weeks, there are still top Canadian value stocks you can buy now, such as B2Gold Corp (TSX:BTO)(NYSEMKT:BTG).
Despite B2Gold having rallied by over 10% the last month, it still offers value today. Even before this rally, B2Gold was one of the cheapest gold stocks to consider.
And B2Gold’s value is hardly the only reason it’s worth an investment today. First off, gold stocks are looked at as safe-haven investments. So while uncertainty is high, it can help protect your capital. Furthermore, B2Gold is one of the lowest-cost gold stocks. This means it can achieve profitably longer as prices are falling and see its margins expand faster as prices are rising.
Finally, the stock also pays a significant dividend, one of the largest yields you’ll see from any gold stock, currently at 3.75%. So if you’re looking for a Canadian value stock to buy today, B2Gold is certainly worth consideration.
