Daniel Da Costa - Motley Fool - November 22, 2021 A top Canadian tech stock to buy now at this significant discount
One of the best stocks you can buy for the long term, especially at the bargain it trades at now, is WELL Health Technologies (TSX:WELL).
WELL Health trades over 35% off the highs it reached earlier this year. One of the reasons WELL Health has fallen out of favour is that it saw such a strong tailwind from the pandemic. So investors think that its growth potential could slow as the pandemic winds down.
And while it did see a tailwind, that doesn’t mean that it can’t continue to grow at a rapid pace as the pandemic ends. Our lives are only going to get more consumed by technology as the industry grows through constant innovation and continues to offer services that are convenient for the consumer.
Plus, WELL has proven it can continue to find high-quality businesses that offer attractive synergies, allowing it to grow its revenue and, more importantly, its EBITDA at an impressive rate.
So with the stock trading at a forward enterprise value to sales ratio of just 3.6 times, and an average analyst target price of roughly $12.50, which is almost double where WELL Health stock trades today, it’s one of the biggest no-brainer investments you can make in my opinion.
With the stock at the bottom of its 52-week range, it hasn’t been this cheap in a year. So if you’re looking for a high-quality Canadian stock to buy today, I’d look to gain exposure to WELL while it’s still ultra-cheap and then hold the high-growth tech stock for years.