4 of the Best Stocks to Invest $2,000 in Right Now

Canadian investors with some cash to spend in May 2023 should look to promising stocks like Celestica Inc. (TSX:CLS) and others right now.

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The S&P/TSX Composite Index climbed 120 points on Monday, May 15. Some of the top-performing sectors includes base metals, battery metals, and energy. Today, I want to look at four of the best stocks that are worth snatching up for investors who have $2,000 to spend right now. Let’s dive in!

This first stock offers a shot at growth and a little bit of income!

Badger Infrastructure (TSX:BDGI) is a Calgary-based company that provides non-destructive excavating and related services in Canada and the United States. Shares of this stock have dropped 5.9% month over month as of close on May 15. The stock is still up 4.8% so far in 2023.

This company released its first-quarter (Q1) fiscal 2023 earnings on May 3. Overall, Badger put together a strong quarter in the face of a challenging macroeconomic climate. Revenues increased 25% year over year to $143 million. Badger’s revenue growth was powered by its enhanced commercial strategy and “improved utilization,” according to its Q1 report. Moreover, it posted adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $23.9 million — up from $10.6 million in the previous year.

Shares of this stock currently possess a price-to-earnings (P/E) ratio of 27, which puts Badger in solid value territory compared to its industry peers. Meanwhile, it offers a quarterly dividend of $0.1725. That represents a 2.4% yield.

I’m still bullish on this tech stock for the long haul

Kinaxis (TSX:KXS) is the second stock I’d look to target past the midway point in May 2023. This Ottawa-based company provides cloud-based subscription software for supply chain operations in North America and around the world. This tech stock has increased 1.7% over the past month. Its shares have climbed 20% in the year-to-date period.

In Q1 FY2023, the company posted total revenue growth of 3% to $101 million. The supply chain software market is geared up for strong growth over the long haul. Kinaxis is projecting total revenue between $425 million and $435 million for the full year.

This tech stock is trading in middling value territory compared to its competitors. Meanwhile, Kinaxis boasts a phenomenal balance sheet, which should boost investor faith in this promising tech stock.

Don’t sleep on this undervalued growth stock in the middle of May

Celestica (TSX:CLS) is a Toronto-based company that also provides supply chain solutions in North America, Europe, and elsewhere around the world. These stocks illustrate the leadership Canada has claimed in the global supply chain optimization space. Celestica stock has plunged 11% over the past month. That has pushed its shares into negative territory in the year-to-date period.

This company released its Q1 fiscal 2023 earnings on April 26. Celestica delivered revenue growth of 17% to $1.84 billion. Meanwhile, adjusted earnings per share (EPS) rose to $0.47 compared to $0.39 in Q1 of fiscal 2022.

Shares of Celestica currently possess an attractive P/E ratio of 9.1. Moreover, the company boasts a fantastic balance sheet at the time of this writing. This is an undervalued stock that is worth your time in the middle of May.

One more Canadian staple I’m betting on before the summer

Maple Leaf Foods (TSX:MFI) is the last stock I’d look to snatch up in the final weeks of the 2023 spring season. This Mississauga-based company produces food products in North America, Japan, China, and around the world. Shares of Maple Leaf have increased 5.2% so far in 2023.

In Q1 2023, Maple Leaf delivered total company sales growth of 4.3% to $1.17 billion. This stock is trading in favourable value territory compared to its industry peers. Moreover, it offers a quarterly dividend of $0.21 per share, which represents a 3.1% yield.

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 positions in Kinaxis. The Motley Fool recommends Kinaxis. The Motley Fool has a disclosure policy

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