4 Canadian Stocks Under $10 to Buy Today

Investors may want to snatch up undervalued Canadian stocks that are priced in single digits like BlackBerry Ltd. (TSX:BB)(NYSE:BB) today.

grow dividends

Image source: Getty Images

North American markets have been hit hard by volatility during the spring season. The Bank of Canada (BoC) and the United States Federal Reserve moved to boost the benchmark interest rates in response to soaring inflation. This, in turn, has stirred investor anxiety and led to an increase in volatility. The ongoing Ukraine-Russia war has also stirred geopolitical tensions between great powers, which has also shaken markets.

Today, I want to look at four Canadian stocks under $10 that are worth your attention as we approach the midway point of the year. Let’s dive in.

This base and precious metal miner is worth watching in 2022

Hudbay Minerals (TSX:HBM)(NYSE:HBM) is the first Canadian stock I’d look to snatch up in the final week of May. This Toronto-based company is focused on the discovery, production, and marketing of base and precious metals in North and South America. The stock closed at $7.20 per share on May 20. Its shares have plunged 23% in the year-to-date period.

The company released its first-quarter 2022 results on May 9. Its first-quarter production was in line with expectations. Hudbay reported total revenues of $378 million — up from $313 million in the previous year. Moreover, adjusted earnings per share rose to $0.02 compared to an adjusted loss per share of $0.06 in Q1 2021. This Canadian stock spent much of the first half of May in technically oversold territory. It is not too late to snatch up this stock on the dip.

Here’s why I’m buying Canadian stocks in the telehealth space

Yesterday, I’d discussed why investors should seek exposure to Canadian stocks in the telehealth space. WELL Health (TSX:WELL) is a Vancouver-based company that rose to prominence during the COVID-19 pandemic, as this subsector posted enormous growth very quickly. However, WELL Health stock has since retreated from those highs. The stock closed at $3.69 per share on May 20. It has plunged 45% year over year.

In Q1 2022, WELL Health achieved record quarterly revenues of $126 million. Meanwhile, adjusted EBITDA soared to $23.5 million over $0.5 million in the previous year. Shares of this Canadian stock last had an RSI of 32, putting WELL Health just outside technically oversold levels.

BlackBerry is a volatile yet enticing Canadian stock

BlackBerry (TSX:BB)(NYSE:BB) is another Canadian stock that has struggled with volatility while attracting investors due to its promising potential. Back in March, I’d discussed why young investors should seek exposure to the cybersecurity space through stocks like BlackBerry. The tech stock was trading at $7.60 per share as of close on May 20. Its shares are down 35% in the year-to-date period.

The company unveiled its fourth-quarter and full-year 2022 results on March 31. Total revenues were down in fiscal 2022. However, BlackBerry’s IoT business delivered its first +$50 million revenue quarter since before the COVID-19 pandemic. The company encountered headwinds due to ongoing supply chain issues, some of which were related to the war in Ukraine.

One more struggling equity to consider today

Roots (TSX:ROOT) is the fourth Canadian stock I’d look to snatch up in late May. The clothing stock had a brutal start after its IPO back in 2017. Since then, it has managed to bounce back in a challenging environment. That said, it is still a very risky play. Roots stock last closed at $3.30. Its shares have climbed 5.1% in the year-to-date period.

In fiscal 2021, Roots posted sales growth of 13% to $273 million. Moreover, adjusted EBITDA jumped 29% year over year to $50.1 million. It reported adjusted net income of $27.5 million or $0.65 per share — up from $16.5 million, or $0.39 per share, in the prior year.

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 Ambrose O'Callaghan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned.

More on Investing

A cannabis plant grows.
Cannabis Stocks

Canopy Growth Stock Is Rising But I’m Worried About This One Thing

Canopy Growth stock is soaring as the legalization effort makes real progress in both Germany and the United States.

Read more »

young woman celebrating a victory while working with mobile phone in the office
Investing

3 Roaring Stocks to Hold for the Next 20 Years

These top TSX stocks are excellent long-term buys, given their multi-year growth potential and solid underlying businesses.

Read more »

Two seniors float in a pool.
Dividend Stocks

TFSA: How to Earn $1,890 in Annual Tax-Free Income

Plunk these investments into your TFSA to earn passive income and avoid the taxman.

Read more »

grow dividends
Investing

Here’s My Top 3 TSX Stocks to Buy Right Now

Even though the TSX has been rising, there are still some good bargains out there. Here are three top compounding…

Read more »

Target. Stand out from the crowd
Investing

Prediction: This Canadian Growth Stock Could Double by 2030

Alimentation Couche-Tard (TSX:ATD) is a top growth stock that could do well over the next six or so years.

Read more »

Businessman holding AI cloud
Tech Stocks

Could Investing $20,000 in Nvidia Make You a Millionaire?

Nvidia stock has made investors millionaires in the last 10 years. Is it too late to invest to become a…

Read more »

Engineers walk through a facility.
Dividend Stocks

1 TSX Stock I Wouldn’t Touch With a 10-Foot Pole

AtkinsRéalis (TSX:ATRL) is one TSX stock I'd never invest in.

Read more »

money cash dividends
Stocks for Beginners

Have $500? 3 Absurdly Cheap Stocks Long-Term Investors Should Buy Right Now

If you're looking for cheap stocks, these three have a huge future ahead of them, all while costing far less…

Read more »