3 Top Stocks You Can Still Buy for Under $20 a Share

Canopy Growth stock (TSX:WEED)(NASDAQ:CGC) and these two others are incredible investments to consider as we continue to move out of this market correction.

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Some of the best growth stocks out there over the last few years are now on sale. And I mean a huge sale. Like, bargain-basement, how-low-can-this-go sale prices.

In fact, some of the best ones remain priced not just at a discount, but under $20 per share. And this is a major point here. The growth stocks I’m going to discuss are perfect buys today at these prices. Each will set you up for years of growth both in the short- and long-term. Not only will you see these share prices recover as the TSX continues to climb. You’ll also see them explode in the years, and decade, to come.

Canopy Growth: $5

Shares of Canopy Growth (TSX:WEED)(NASDAQ:CGC) trade at just $5.20 as of writing. This is a huge discount from its $70 share price. Though I’m not sure you can call it a discount when the share price plunges by 93%. Ouch.

But now it’s absolutely an oversold stock. One of the growth stocks that should recover and then some in the years to come. Am I suggesting we’ll reach $70 per share in two years or so? Absolutely not. But it would certainly not be unheard of to see WEED stock double in price in the next year and beyond.

This could be accelerated should the United States finally legalize marijuana. Even still, state after state has been legalizing recreational use. There are steps getting closer to the time that acquisitions made by WEED stock will finally come online. Meanwhile, it’s taking steps towards profitability by focusing on cash cows like BioSteel – the fast-growing healthy sports drink business it acquired in 2019.

For now, shares are down by 53% year to date, and up a whopping 79% in the last month alone.

Algonquin Utilities: $18.75

Need something a little less volatile? Algonquin Power & Utilities (TSX:AQN)(NYSE:AQN) is an intriguing option for those who like the security of utilities combined with the surging price of oil and gas. Algonquin has both, and yet is still one of the growth stocks trading under $20 per share.

Algonquin stock has proven it’s able to meet shareholder needs by growing through acquisitions again and again. It also provides a seamless transition to clean energy through it utility arm, even when oil and gas become obsolete in the decades to come. And it’s one of the growth stocks offering a dividend of 4.92% as of writing!

Shares of Algonquin stock are up 5% year to date, and an even further 8% in the last month alone.

Bausch Health: $7.75

Finally, for something in between, Bausch Health Companies (TSX:BHC)(NYSE:BHC) offers not only growth now, but major future growth. Bausch stock has a number of products under its wing, and created offshoots of its company that allow it to operate within practically every health sector, all around the world.

And yet recent market performance as well as a drop in sales during this time of inflation and high interest rates has left the stock down. But don’t count it out. After sales recover, Bausch stock could see major growth in the years to come.

For now, it’s probably one of the more volatile growth stocks after the huge drop in share price. Bausch stock is down 78% year to date, and 31% in the last month after earnings brought in a loss along with lower full-year guidance. Yet analysts continue to recommend the company as a buy even after the less stellar performance. It currently has a consensus price target of $13.25, and a potential upside of 71%.

Bottom line

Growth stocks come with some risks, it’s true. But long-term investors I believe will be happy with these three choices. For the nervous investor, I would go with Algonquin stock as it offers security and dividends. For those eying the future and who want stable growth, I’d say WEED stock is a secure investment. And for those hoping for a recovery and a potentially major upshot in share price, Bausch stock could be the one for you.

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 Amy Legate-Wolfe has positions in Canopy Growth Corp. The Motley Fool has no position in any of the stocks mentioned.

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