Where to Invest $5,000 in February 2024

Consider buying stocks such as WELL Health in February, which is too cheap to ignore.

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The economy demonstrated greater resilience than anticipated, boosting investor’s risk appetite and driving the equity market higher. Looking ahead, easing inflation and potential rate cuts could act as catalysts, propelling Canadian stocks higher. 

If you plan to invest $5,000 in stocks in February 2024, consider buying the following stocks. These companies boast solid fundamentals and have the potential to deliver stellar gains. 


Investors seeking exposure to stocks could consider investing in the shares of goeasy (TSX:GSY). The company offers loans to non-prime consumers. This Canadian financial services company has been consistently growing its sales and earnings at a double-digit rate, which supports its share price. For instance, in the last five years, its top and bottom lines sport a CAGR (compound annual growth rate) of 19.6% and 31.9%, respectively. At the same time, goeasy stock has gained over 329% in value. 

The large subprime lending market, solid demand, diversified revenue sources, and omnichannel offerings suggest that its top-line momentum will likely be sustained. Further, operational efficiency and steady credit performance will likely cushion its bottom line. Besides capital gains, investors will also benefit from goeasy’s growing dividend payouts. 


Aritzia (TSX:ATZ) stock has witnessed a recovery and appreciated nearly 19% in one month. However, the stock is still trading at a discounted valuation compared to its highs and is ready to deliver solid gains as the company is focusing on creating and introducing new styles and opening new boutiques in high-growth markets. 

Aritzia’s expansion of its boutique network, social media presence, and digital marketing strategies will likely increase its brand awareness and drive sales. Moreover, its focus on expense management and improving operational efficiency will cushion its earnings. Aritzia’s management reiterated the long-term revenue growth guidance and expects its top line to grow at a CAGR of 15-17% through fiscal 2027, which indicates a reacceleration in its sales growth rate in coming quarters, which will likely push its share price higher.

WELL Health 

Next are the shares of the digital healthcare company WELL Health (TSX:WELL). The company is growing exceptionally well. Meanwhile, its stock is trading cheap, providing a solid opportunity for buying in February 2024. The company has been rapidly growing its revenue, led by higher organic sales and benefits from acquisitions. Despite the reopening of the economy and macro uncertainty, WELL Health has been successfully growing its omnichannel patient visits, which shows the resilience of its business model and will likely support its share price. 

Its extensive network of clinics and omnichannel patient services will likely drive its organic sales. Further, its focus on strategic acquisitions will accelerate its growth rate. Notably, WELL Health is profitable, which is a positive. Moreover, it is investing in artificial intelligence technology, enabling the company to expand its product base and support long-term growth.

WELL Health stock is trading at the next 12-month enterprise value to sales multiple of 1.5, which is substantially lower than its historical average and near the all-time low, making it a compelling investment near the current levels.

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 Sneha Nahata has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Aritzia. The Motley Fool has a disclosure policy.

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