3 Growth Stocks That Are Screaming Buys in November

The market might be soaring, but there are still lots of deals to be had. Here are three discounted stocks to have on your radar.

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The Canadian stock market is nearing a 20% return on the year, not even including dividends. It’s been a steady rise up and to the right for the S&P/TSX Composite Index, dating back to late 2023. But with the market as hot as it is right now, it’s worth begging the question of whether now’s a good time to invest.

Investors looking to turn a quick profit will have their work cut out for them. The market is due for a decline at some point. We already started seeing a pullback last week, and it’s anybody’s guess as to whether there’s more downward movement to come.

With all that being said, now could be an excellent time for a long-term investor to put money to work in the Canadian stock market. Despite the market’s strong performance this year, there’s still no shortage of discounts to take advantage of on the TSX.

I’ve put together a well-rounded basket of three discounted stocks that are worth a look right now. 

If you’re looking to add some growth potential to your investment portfolio, these companies should be on your radar.

Lightspeed Commerce

Tech stocks may be on fire right now, but many continue to trade below all-time highs from 2021, and Lightspeed Commerce (TSX:LSPD) is no exception.

The discounted tech stock is down more than 80% from all-time highs in 2021. It’s been a disappointing past couple of years for the stock, but that doesn’t take away from the company’s long-term growth potential.

Despite the stock’s poor performance, Lightspeed owns a global presence in the growth-filled commerce space. The company offers a wide range of commerce solutions to its global customers, which is one reason why I’d be banking on continued double-digit revenue growth for years to come.

At these prices, Lightspeed is a low-risk, high-reward type of investment. As long as you’re willing to be patient, there’s some serious multi-bagger growth potential here.

goeasy

goeasy (TSX:GSY) is in a very different position than Lightspeed. What they do have in common, though, is that both are trading at discounted prices today.

Over the past decade, the growth stock has been as reliable of a market-beater as you’ll find on the TSX. And for the opportunistic long-term investors, goeasy is trading at a rare discount today. 

The consumer-facing financial services provider found itself in a challenging position as interest rates began spiking. But with the interest rates now on the decline, we’ve already seen the growth stock gaining momentum.

Even with shares down 20% from all-time highs in 2021, goeasy is still up a market-crushing 150% over the past five years. 

Created with Highcharts 11.4.3Goeasy PriceZoom1M3M6MYTD1Y5Y10YALLwww.fool.ca

WELL Health Technologies

The telehealth space might still be recovering from its highs during the pandemic, but that doesn’t mean there isn’t value here for long-term investors.

Despite being down close to 50% from all-time highs in 2021, WELL Health Technologies (TSX:WELL) is still up a whopping 250% over the past five years. 

It will likely take time for WELL Health to return to all-time highs. But if you’re bullish on the long-term rise in virtual healthcare, this is a company you’ll want to own. And with shares priced at less than $5 right now, it doesn’t take much to start a position in the company.

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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 Nicholas Dobroruka has positions in Lightspeed Commerce. The Motley Fool recommends Lightspeed Commerce. The Motley Fool has a disclosure policy.

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