If you’ve got cash and are looking to find stocks to buy in the tech sector, you’ve come to the right place. Over the last few months, we’ve seen tech stocks across the board fall significantly in value, including some of the highest-quality growth stocks.
Opportunities like this aren’t unusual, but they also rarely materialize. And considering that tech stocks are often the best growth stocks to own, being able to buy these stocks well undervalued is an incredible opportunity.
If you’re looking to take advantage of these unbelievable discounts, here are two of the best tech stocks to buy, trading at some of the most significant discounts to their average analyst target prices.
A top crypto stock trading well undervalued
Cryptocurrencies, much like tech stocks, have fallen completely out of favour recently and lost tonnes of value. However, they’re also some of the first tech stocks I’d be looking to buy, considering all the potential that the industry has.
That’s why, if you’re looking for top tech stocks to buy this week, Voyager Digital (TSX:VOYG) offers some of the best value.
Voyager is a well-diversified business, but its main operations are as a crypto platform for investors. It’s one of the main businesses that will see a massive boost in revenue when the cryptocurrency industry comes back into favour.
Unfortunately for investors who already own Voyager, though, while the industry has been out of favour, it’s lost nearly 85% of its value since it hit its 52-week high. And right now, Voyager trades at the bottom of its 52-week range. However, this incredible selloff is not all bad. In fact, it’s creating an opportunity for investors to gain exposure, or, if you already own Voyager, buy more.
Right now, the average analyst target price for Voyager from the four analysts covering it is a little more than $22.50. That means if you were to buy Voyager at its price today, you could potentially make over 300%, as it rallies to its average analyst target price.
Even the lowest estimate of more than $15 is a nearly 200% premium to Thursday’s closing price of $5.28. Therefore, if you’re looking to buy the dip in tech stocks, Voyager Digital is one of the cheapest stocks to buy now and one of the best opportunities for investors.
A top healthcare tech stock to buy while it’s still cheap
In addition to Voyager, another high-potential tech stock with decades of growth potential is WELL Health Technologies (TSX:WELL). But when you consider how cheap WELL has gotten recently due to the headwinds tech stocks are facing, but also as the pandemic’s impact lessens, it’s clear that WELL is one of the top tech stocks to buy now.
For years WELL was growing mostly by acquisition and boosting its share price rapidly. Now, while it will still look to acquire value accretive businesses, which offer attractive synergies, it’s much more focused on growing organically.
Many of the businesses WELL has acquired in recent years have tonnes of organic growth potential themselves, though. So, WELL has a significant runway for growth, which is why its ultra-low stock valuation makes it a compelling buy.
In addition to how cheap it is, though, and how much potential it offers, the healthcare tech stock has also consistently performed well, most recently beating analyst expectations when it reported earnings at the end of last month.
With the stock having closed Thursday’s trading session at a price of $4.85 a share, it has a more than 120% premium to its average analyst target price of $10.72. Therefore, if you’re looking for top Canadian tech stocks to buy now, WELL Health Technologies seems like a no-brainer.