TSX Growth Stocks You Can Buy at a Screaming Discount

Long-term investors won’t want to miss out on these fire-sale prices. Here are three discounted growth stocks to load up on today.

value for money

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It’s not hard to find a bargain on the TSX today. The Canadian stock market is down more than 10% year to date with plenty of top growth stocks trading at a loss of far more than that.

The difficulty of bargain hunting during a market downturn is the natural tendency to worry about catching a falling knife. It’s anybody’s guess as to how much lower the market will continue to drop. As a result, it’s only natural to be hesitant to invest in a heavily discounted stock that may be 10% cheaper in a week’s time.

One of the luxuries of being a long-term investor is not needing to worry about timing the market. Rather than worrying about day-to-day price changes, I’d strongly argue that it’s much more important to focus on which companies to invest in. 

With that said, I’ve reviewed three market-beating growth stocks that are currently trading far below all-time highs. If you’ve got some cash to spare, now would be a wise time to start positions in these three companies.

Lightspeed Commerce

The newest addition to the public market of the three companies, Lightspeed Commerce (TSX:LSPD) has experienced all kinds of highs and lows since joining the TSX in 2019.

At one point in 2020, the tech stock was up more than 600% on the year. However, shares have been steadily dropping since late 2021 and are now trading at roughly the same price as when the company went public.

With shares down 50% on the year, the company is now valued at a market cap of less than $5 billion. Couple that with revenue growth expected to continue coming in at the +50% range, Lightspeed has multi-bagger growth potential written all over it. 

Shopify

The tech sector as a whole has been hit hard this year, so it’s no surprise that Shopify (TSX:SHOP) is also down big. But, as a shareholder of the Canadian tech giant, it hasn’t been easy to watch the stock price drop more than 70% since the start of 2022. 

The tech company has had a tough time staying out of the headlines this year. From slowing revenue growth to workforce layoffs, there haven’t been many positives to celebrate as of late.

Short-term investors may not have much interest in picking up shares of Shopify today. Long-term investors, however, have the opportunity to invest in a global e-commerce leader at a massive discount right now.

Shopify is no stranger to delivering market-crushing gains, and I’m not expecting that to change in the coming decades

WELL Health Technologies

The last pick on my list is not a tech stock. It is, however, a high-growth company trading at a significant discount, like the other two stocks I reviewed. Shares of WELL Health Technologies (TSX:WELL) are down 50% year to date and close to 70% below all-time highs set in early 2021.

Demand for the company’s telemedicine services unsurprisingly surged during the pandemic. But as people across the globe have slowly returned to their pre-pandemic lifestyles, demand has cooled off. 

There was a lot of growth that was pulled forward in 2020, which explains why we’ve witnessed a pullback in price over the past year and a half.

If you’re a long-term bull on the growing telemedicine industry, this is an under-the-radar growth stock trading at a fantastic price.

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 positions in Lightspeed Commerce and Shopify. The Motley Fool has positions in and recommends Shopify. The Motley Fool recommends Lightspeed Commerce. The Motley Fool has a disclosure policy.

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