With interest rates on the rise in Canada, investors are on the hunt for undervalued stocks that have the potential for future growth.
The recent market downturn has left some of the best Canadian stocks trading at discounted prices.
Below, we’ll break down the most undervalued stocks to buy in Canada right now.
How To Buy The Most Undervalued Canadian Stocks
Today, the top investing apps make it easy to buy the most undervalued Canadian stocks.
In four easy steps, residents can receive free cash to invest in the top undervalued stocks in Canada.
At Questrade, new users can simply sign up, add funds, make a trade, and receive a $50 trade commission rebate to buy their favorite undervalued Canadian stocks.
Check out our step-by-step guide on how to buy the most undervalued Canadian stocks.
- Click here to sign up for a Questrade account
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- Receive a $50 trade commission rebate to invest in the most undervalued Canadian stocks
Most Undervalued Canadian Stocks Right Now
A stock is undervalued when it is trading below its intrinsic value.
Undervalued stocks are some of the best Canadian stocks because they offer a low risk of further downside and a higher upside.
Check out some of the best stocks to buy now in Canada that are undervalued below:
- Hive Blockchain Technologies (TSX: HIVE)
- Bragg Gaming Group (TSX: BRAG)
- Hut 8 Mining Corp (TSX: HUT)
3. Hive Blockchain Technologies (TSX:HIVE)
Hive Blockchain Technologies (Hive) is a Cryptocurrency mining company and is one of the best Canadian stocks currently undervalued.
Its first quarter financial results released on the 16th of August showed that it mined 821 Bitcoin, a 265% increase from the 225 Bitcoin it mined a year earlier. This is due to an increase in its hash rate which is the speed of mining cryptocurrency, the company’s increasing hash rate makes it attractive as it increases the amount of bitcoin it can mine.
As with all crypto mining companies, the stock price of Hive Blockchain Technologies generally follows the price of bitcoin and Ethereum and although the cryptocurrency market is currently bearish, as it recovers, the stock price of Hive should follow.
2. Bragg Gaming Group (TSX:BRAG)
Bragg Gaming Group is a global B2B online gaming technology platform provider that has operations across Europe and North America.
The company announced on Friday the 1st that its player engagement and gamification product Fuze is now available to sports betting products and the Dutch betting operator BetCity.nl started using the product.
It acquired Spin Games for $30M in June 2022, Spin Games has a solid presence in the US and the purchase of the company will help accelerate Bragg Gaming Group’s entry into the US and increase revenue in the future. This makes Bragg Gaming Group on the best stocks in Canada at its current value.
1. Hut 8 Mining Corp (TSX:HUT)
Why is this company among the best undervalued stocks in Canada? It is one of North America’s largest innovation-focused digital asset miners.
The price of the company has been bearish in the last six months due to the current sentiment in the cryptocurrency market. However, the recent collapse of FTX may have actually helped HUT reach a true bottom.
The crypto company is a good buy at this price because:
- It holds 7,736 mined bitcoins held in reserve
- It has a diversified revenue stream, including 5 multi-tier data centers that offer services for high-performance computing
- It has a solid balance sheet with $45M in cash held as at the end of the second quarter
