Canadian investors have endured yet another year full of volatility. The S&P/TSX Composite Index has spent the past year and a half struggling to return to where it was in early 2022. The index is up about 5% on the year but still down close to 10% from all-time highs.
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Loading up on tech stocks
While volatility may hurt investors in the short term, it can create opportunities for those with long-term time horizons.
The tech sector in particular was hit hard in 2022. Plenty of those beaten-down tech stocks have come roaring back this year, but there’s still lots of value opportunity out there.
If you’ve got the time horizon that allows you to be patient, I’d make sure to have at least one discounted tech stock at the top of your watch list today. Here’s one suggestion for a tech stock that’s loaded with multi-bagger growth potential.
Lightspeed Commerce
Lightspeed Commerce (TSX: LSPD) is nearing its five-year mark as a public company. Unfortunately, though, it’s trading at a price today not much higher than when it went public in 2019. It’s been a whirlwind ride for Lightspeed Commerce shareholders in recent years, to say the least.
The tech stock is down a staggering 80% from all-time highs that were set in late 2021. And that’s even with shares up a market-beating 20% on the year. There’s no question that the stock got far ahead of itself in 2020 and much of 2021, which it is now paying for.
The stock price may have nose-dived but the business itself remains in solid shape, at least in terms of growth potential. Lightspeed wasn’t able to avoid making significant layoffs, as did many of its tech peers. Revenue growth, however, continues to be in double-digit territory as the business remains focused on growing both its product offering and international presence.
At less than $30 a share, you don’t need to break the bank to start a position in this discounted tech stock. And with plenty of long-term upside, Lightspeed is certainly worth the risk at these prices.
goeasy
goeasy (TSX: GSY) may not be a tech stock but it is a market-beating regular that’s trading at bargain prices. The growth stock has been among the top-performing TSX stocks over the past decade. Today, Canadian investors have been presented with an opportunity to load up on shares at a rare discount.
goeasy has surged 20% over the past month yet remains down more than 30% below all-time highs. Still, the growth stock’s return of nearly 400% has crushed the market’s returns over the past five years.
As a consumer-facing financial services provider, it’s not that surprising to see goeasy trading at a discount. The high interest rate environment has understandably taken a hit on demand for the company.
In the short term, as interest rates remain far above pre-pandemic prices, we may see shares of goeasy continue to struggle. But over the long term, there’s no reason to believe that the company won’t return to its market-crushing ways.
Don’t miss your chance to load up on one of the top growth stocks around at a discounted price.
