If I Could Only Buy 1 Stock Before 2023, This Would Be It

This stock is the one company that really doesn’t deserve its ultra-low share price, so I’ll definitely pick it up ahead of 2023!

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That title is a lot to take in. But let’s be real, none of us want to sink all our savings into only a few stocks before the New Year. Especially since economists are predicting that 2023 could be a rough year, with a recession expected until mid-2023. That’s why I’m going to look at one, just one stock that I would seriously consider buying before 2023.

My reasoning

The reason I’m only focusing on one stock here is because as I said, I’m not about to sink a tonne of cash into a market that could crash further. While a long-term investing strategy certainly helps curtail a downward spiral, I still have my family to think about. I’m not about to take money out of my investments. But I’m also not going to sink a bunch into them either.

That is, unless it’s the right company, at the right price. That’s why today I’m looking at a stock that’s going to be cheap in every respect. In share price, fundamentals, you name it. Plus, it needs to offer returns that will last through 2023 and beyond.

So here’s the one stock I would buy before 2023.

WELL Health stock

WELL Health Technologies (TSX:WELL) is the one stock I would consider buying before 2023. No, it doesn’t offer dividends. And if you don’t have some dividend stocks in your portfolio, as I do, then this may not be the one stock to consider.

However, if you’re looking for strong returns at a great price, then I certainly would take a look at WELL stock. Despite being new, WELL stock has come a long way, leading the charge in virtual healthcare. It’s now the largest outpatient clinic in Canada, and has been growing its operations in the United States as well.

Despite all its growth through acquisitions, however, the company recently achieved record quarterly growth thanks to organic growth. WELL stock achieved record quarterly revenue up 47% year over year, and record adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) up 23% year over year. The company also increased its guidance, expecting over $565 million in annual revenue, up from $550 million. Further, it expects to hit $700 million in 2023.

And yet, it’s so cheap!

So why is WELL stock so cheap? It hit all-time highs of about $9.75 before falling back dramatically. It now trades at just $2.89 as of writing, which comes to a 0.99 times book value. And that decline can all be blamed on being a tech and pandemic stock.

WELL stock fell back when a vaccine for COVID-19 came around, with many believing the end of the pandemic would mean the end of virtual healthcare. They have been so wrong. It’s far too cheap, easy, and time efficient to simply toss away. And that’s why the company continues to expand.

As a tech stock is also saw its shares fall further, wrongly identified as one of those growth stocks that doesn’t have much to offer. Again, so wrong. This company continues to expand and will likely soon go global given the amount it’s grown so far.

Bottom line

I could easily put aside $500 and be quite happy investing it in WELL stock right now. Especially before 2023, when shares could start climbing at any moment. That’s why right now, I want to lock in these exceptionally low share prices. With analysts predicting a consensus price target of $7.66, that could turn my $500 into $1,325 at today’s share price of $2.89! So yes, this is the one stock I’ll be watching ahead of the New 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 Amy Legate-Wolfe has positions in Well Health Technologies. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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