There are a few top stocks out there for which investors should really question why they aren’t already in their portfolios. In the case of the two I’m going to cover today, the values are so immense that you could see your portfolio even double this year alone!
So without further ado, let’s get into the top stocks I would invest in today, both with share prices below $7 offering huge returns for 2023.
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WELL Health
So WELL Health Technologies (TSX: WELL) hasn’t had the best year. The tech stock climbed during the pandemic for two reasons. First, it is in the growth stock-heavy tech sector. But beyond that, patients depend on companies like WELL, as it provides virtual healthcare options for providers to connect with patients.
Here’s the thing. Pandemic restrictions may be fewer, but we’re still in a pandemic. What’s more, even when it’s over, WELL stock will still be a necessity. It saves too much time, resources, and money to be ignored.
And management realizes this. WELL stock continues to expand both organically and through acquisitions, and is now the largest outpatient clinic in Canada, and growing in the United States.
Yet, with shares trading at $3.06 as of writing, it’s a crazy steal. It’s now one of the top stocks trading down 33% in the last year, yet analysts believe it could easily double in 2023 alone to $7.66 per share. So dig into this stock for a chance at major returns this year. As of writing, should $5,000 invested today reach 52-week highs, investors could have a portfolio worth $9,185.67.
POET Technologies
Another company that rose and fell during the 2020 boom was POET Technologies (TSXV: PTK). Poet stock remains in a similar position to WELL stock, however. It simply was the right stock at the right time, and now the reverse is true.
I could go into everything that POET stock does, but I’d rather get into what it’s involved in. The company provides semiconductor support and tech for industries that will continue to need them for the foreseeable future. This includes everything from medical devices to virtual reality systems.
As a Canadian chip stock, I would certainly keep my eye at least on POET stock right now. It promises a big future, though you may have to wait a bit longer than WELL stock in this case. That being said, it currently trades at just $6.73 per share as of writing, so even a small stake could do great things.
And especially as shares are still down about 29% in the last year alone. So if you’re looking to invest $5,000 today and see shares return to 52-week highs, that could turn your portfolio into $10,141.95!
Bottom line
Tech stocks have drivin up in price during the last few years, but were some of the first to plummet. However, in the case of these two companies, I’d say the drop wasn’t necessary. In fact, investors can now lock up these top stocks for a steal, and look forward to their portfolios potentially doubling in 2023 and beyond.
