ATY - 4 Top Canadian Tech Stocks You'll Regret Not Buying on the Dip
Many top Canadian tech stocks have been some of the largest underperformers lately. So naturally, these are the best stocks for long-term investors to buy now.
The key is not to look for the cheapest stocks. You want to look for the highest-quality stocks first and then look for the ones that are trading at the most significant discount.
So if you’re looking for top Canadian tech stocks to buy now, here are four to consider.
A top Canadian health care tech stock to buy now
Tech stocks offer the opportunity for rapid growth. But despite this quality, they should still be approached as long-term investments. So although WELL Health Technologies (TSX:WELL) has had a significant sell-off over the last year, it continues to be a top Canadian tech stock to buy on the dip.
Health care, as we all know after the last two years, is an industry that’s crucial. But many aspects of the health care industry are outdated and in need of improvements.
So with WELL building a massive and diversified portfolio of digital health apps, telehealth business, physical clinics, and more, it’s seizing this opportunity, which is why it’s such an excellent long-term investment.
And with the stock trading this cheap, having an average analyst target price nearly twice as much as where it trades today, it’s one of the top Canadian tech stocks to buy on the dip.
One of the best crypto stocks to buy
Another industry you’ll want to be gaining exposure to today if you haven’t already is cryptocurrency . Cryptocurrencies and crypto stocks like Voyager Digital (TSX:VOYG) offer tonnes of growth potential when the industry comes back into favour.
And as we’ve seen before, the prices of these assets can rally quickly and without notice. So while Voyager is trading just off its 52-week low and more than 75% off its 52-week high, the crypto stock is extremely cheap.
Because when the industry comes back into favour, it won’t just be Voyager’s stock that rallies. More investors will inevitably be looking to buy crypto again, and Voyager will ultimately see a massive boost to its operations.
Therefore, while this top Canadian tech stock is cheap, it’s one of the best to buy now.
A top Canadian tech stock trading unbelievably undervalued
Another top Canadian stock to buy now that might be one of the cheapest tech stocks on the market is AcuityAds Holdings (TSX:AT) (NASDAQ:ATY) .
AcuityAds Holdings has been highly volatile lately, so it’s crucial you commit to owning the stock for the long term if you want to maximize your potential.
But with lots of opportunity to grow its business, especially thanks to a new proprietary platform it’s launched, and with the fact that its stock is trading at valuation metrics that are unbelievably cheap, it’s easily one of the top Canadian tech stocks to buy now.
Below $4 a share, AcuityAds has an enterprise value (EV) that’s less than $150 million. And today, at roughly $3.60 a share, that EV is closer to $120 million. So with the stock expected to earn EBITDA of at least 20 million next year, it’s trading at an EV to EBITDA ratio of approximately 5.9 times.
That’s cheap for most stocks, but for a high-growth stock, it’s unbelievably undervalued. So if you’re looking for a top Canadian tech stock to buy on the dip, AcuityAds is as cheap as they come.
One of the best Canadian tech stocks of all time
Lastly, a top Canadian tech stock list would be incomplete without Shopify (TSX:SHOP) (NYSE:SHOP) , and given how cheap it is today, it’s certainly one of the best to buy now.
Shopify’s stock has sold off for several reasons, many of them having to do with short-term issues, both in the markets and with Shopify’s own operations.
But with the company showing no signs of slowing down and continuing to be a dominant force in such a high-growth industry, it’s still one of the best long-term investments you can make.
So while the top Canadian tech stock trades undervalued, currently at more than 60% off its all-time high, it’s certainly one of the best to buy on this tech stock dip.
The post 4 Top Canadian Tech Stocks You’ll Regret Not Buying on the Dip appeared first on The Motley Fool Canada .
Fool contributor Daniel Da Costa owns AcuityAds Holdings Inc. and WELL Health Technologies Corp. The Motley Fool owns and recommends AcuityAds Holdings Inc. and Shopify.
2022