Written by Amy Legate-Wolfe at The Motley Fool Canada
It’s what we all hope for when we enter the stock market, isn’t it? Finding that cheap stock that could turn our investment into millions one day. Well, I’ll tell you, there aren’t many out there. Even those that are identified as strong companies under $5 right now look far too risky for most investors.
But if you’ve identified space in your portfolio for a bit of risk, these three TSX stocks could make you millions in the years to come.
One of the top choices I would consider if looking for cheap TSX stocks under $5 with huge potential is WELL Health Technologies (TSX:WELL). WELL stock continues to come out with earnings report after earnings report that surges past estimates. Analysts continue to recommend it.
And yet, here it is, down 11% in the last year alone, with a recent surge in share price from another strong earnings report. The company has been pushed down to a share price of $4.48 as of writing, and I doubt that will last for long.
That’s because WELL stock is in a stellar industry that will remain growing and thriving for decades: healthcare — specifically, healthcare technology. It provides tech support for electronic reports but also telehealth virtual healthcare. The company’s worth was proven during the pandemic, and that will only continue. Time will tell how long it will take until this company surges past single digits.
While just above the $5 mark, BlackBerry (TSX:BB) could still be worth your time in the long run. In fact, it could be one of those companies that makes you millions in the years to come. This comes from the stock shifting away from the focus on smartphones, and towards cybersecurity and electric vehicles.
BlackBerry stock surged in the last year or so with renewed interest mainly from meme and retail traders. However, if you want to hold BlackBerry stock long term, I would suggest that now is the time. Shares are down 47% in the last year alone, making it one of the worst-performing tech stocks out there.
Still, this is mainly from the company’s identification as a tech stock coupled with the meme trader nonsense of last year. The bottom line is that BlackBerry stock has made some strong partnerships and its management team could reach new levels of growth with the surge in electronic vehicle use. So, it’s definitely worth your consideration at these prices.
Finally, Canopy Growth (TSX:WEED) may be a TSX stock that surges to greatness, but it’s anyone’s guess as to when. Canopy stock seems to think it’s on the road to recovery, moving forward with its acquisitions that are set to come online with decriminalization in the United States.
It’s now looking to focus pretty much solely in the United States, and that could be good news for investors. After all, once legalization comes, it would likely make the U.S. the largest consumer of marijuana around the world, according to reports. And Canopy stock would be the largest producer for the country.
So, while right now, and indeed over the next few years, its $2.71 share price isn’t likely to make much of a move towards the former all-time $70 highs, it could happen eventually. And that could help you on your way to making millions.
The post 3 TSX Stocks Under $5 That Could Make You Millions appeared first on The Motley Fool Canada.
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Fool contributor Amy Legate-Wolfe has positions in Canopy Growth and Well Health Technologies. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.