LSPD:CC - 3 Under-$50 TSX Stocks to Buy in September 2023

2023-09-19 12:15:00 ET

Stock market investing can be an excellent way to generate solid returns on your investment. Contrary to what many newcomers think, you do not need massive capital to begin investing . Even if you do, there is no need to pump all your money into the market to become an investor. Your journey as a stock market investor can begin with as little as $50.

The TSX boasts several high-quality stocks trading at discounted prices with massive long-term growth potential. By identifying and investing in top-notch stocks with high growth potential, you can set yourself up for solid long-term returns on your investment. Today, we will look at three stocks with substantial growth potential that you can buy for well under $50.

Lightspeed Commerce

Lightspeed Commerce ( TSX:LSPD ) is a Canadian tech stock investors might be aware of. Bursting onto the scene in March 2019, Lightspeed stock rose rapidly amid the tech sector boom. When the sector-wide meltdown struck the market, Lightspeed stock declined rapidly.

The $3.16 billion market capitalization tech stock provides a cloud-based platform and has been benefitting from selling models shifting increasingly toward omnichannel platforms.

The tech sector selloff and a broader slowdown in economic activity combined to diminish its share prices from all-time highs. As of this writing, Lightspeed stock trades for $20.81 per share. While it has solid growth potential, it trades at an almost 90% discount from its all-time highs. Long-term investors can consider allocating some money to the stock at an attractive entry point.

StorageVault Canada

Moving away from the tech space and into storage services, StorageVault Canada ( TSX:SVI ) is another attractively priced stock to consider for your portfolio. The $1.85 billion market capitalization company is Canada’s largest storage provider.

It owns, operates, and leases storage spaces to individual and commercial customers nationwide. With over 5,000 portable storage units and 240 standard storage locations across Canada, it benefits greatly from the demand for rentable storage spaces.

The company is constantly looking for ways to expand its portfolio. As the demand increases, its focus on increasing rent per square foot can also bear fruitful results for the storage space giant.

Between its short- and long-term storage options and a well-managed strategy, it is well positioned to deliver solid long-term returns. As of this writing, it trades for $4.92 per share, down by over 31% from its all-time high.

WELL Health Technologies

WELL Health Technologies ( TSX:WELL ) is another stock to consider, moving back to the tech space. The $1.03 billion market capitalization digital health company is Canada’s largest owner and operator of outpatient health clinics.

The onset of the pandemic and ensuing restrictions led to a rapid rise in telemedicine demand, sending WELL Health stock prices soaring. Despite the reopening of the economy and broader macroeconomic challenges, the company has managed to grow its top line.

Along with its expansion into the U.S. and accretive acquisitions, WELL Health looks well positioned to fuel its growth for years to come. The high-margin virtual healthcare services it offers provide it with the level of safety necessary to make it a potential long-term winner.

As of this writing, WELL Health Technologies stock trades for $4.36 per share. Down by over 50% from its all-time highs, investors have a good entry point to invest in the stock.

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Foolish takeaway

When investing in the stock market, you must never forget that it is inherently risky. Never allocate more money to the stock market than you can afford to invest comfortably. If a major market correction comes along, share prices of even the biggest blue-chip stocks can drop.

If you have a well-balanced portfolio and want to invest in stocks with a greater degree of risk but higher growth potential, Lightspeed Commerce stock, StorageVault stock, and WELL Health stock can be good investments to consider.

The post 3 Under-$50 TSX Stocks to Buy in September 2023 appeared first on The Motley Fool Canada .

Fool contributor Adam Othman has no position in any of the stocks mentioned. The Motley Fool recommends Lightspeed Commerce. The Motley Fool has a disclosure policy .

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