In this piece, we will take a look at five oversold Canadian stocks to buy. If you want to read our introduction to the Canadian economy and the stock market, then take a look at 10 Oversold Canadian Stocks To Buy.
5. TELUS Corporation (NYSE:TU)
Latest 14 Day RSI Score: 25.34
TELUS Corporation (NYSE:TU) provides telecommunications hardware and software products in Canada. The stock is down 10% year to date. However, TELUS Corporation (NYSE:TU) did beat analyst EPS estimates during Q1 and the shares are rated Strong Buy on average.
As of Q1 2023 end, 14 of the 943 hedge funds part of Insider Monkey’s database had invested in TELUS Corporation (NYSE:TU). Out of these, the firm’s largest shareholder is Ken Griffin’s Citadel Investment Group with a stake that is worth $35 million.
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Follow Telus Corp (NYSE:TU)
4. Profound Medical Corp. (NASDAQ:PROF)
Latest 14 Day RSI Score: 24.06
Profound Medical Corp. (NASDAQ:PROF) is an advanced medical technology company whose products enable doctors to treat prostate, urethra, and related problems. Out of its four latest quarters, Profound Medical Corp. (NASDAQ:PROF) has beaten analyst EPS estimates in three, and the average share price target has a $7 upside.
Insider Monkey dug through 943 hedge funds for their first quarter of 2023 investments and found out that four had bought the firm’s shares. Profound Medical Corp. (NASDAQ:PROF)’s largest investor in our database is Jean-Francois Tardif’s Timelo Investment Management since it owns 756,179 shares that are worth $7 million.
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Follow Profound Medical Corp. (NASDAQ:PROF)
3. GFL Environmental Inc. (NYSE:GFL)
Latest 14 Day RSI Score: 19.55
GFL Environmental Inc. (NYSE:GFL) is a waste management company with operations in both Canada and the U.S. The firm reported strong second quarter of 2023 earnings as it overshot analyst EPS margins by a wide margin and not only delivered 13.8% revenue growth but also raised full year guidance.
By the end of March 2023, 21 of the 943 hedge funds portfolios studied by Insider Monkey had held stakes in GFL Environmental Inc. (NYSE:GFL). Robert Pohly’s Samlyn Capital is the largest shareholder with an investment of $96 million.
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2. TELUS International (Cda) Inc. (NYSE:TIXT)
Latest 14 Day RSI Score: 18.72
TELUS International (Cda) Inc. (NYSE:TIXT) is a subsidiary of TELUS Communications. It is a diversified customer experience management products and services provider, which offers technologies such as AI in its portfolio. The stock has taken heavy hits this year since it is down by more than 50% year to date.
Insider Monkey scoured through 943 hedge fund holdings for 2023’s first quarter to determine that five had invested in TELUS International (Cda) Inc. (NYSE:TIXT).
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Follow Telus International (Cda) Inc.
1. Fusion Pharmaceuticals Inc. (NASDAQ:FUSN)
Latest 14 Day RSI Score: 17.69
Fusion Pharmaceuticals Inc. (NASDAQ:FUSN) is a biotechnology firm developing treatments for prostate problems, tumors, and different kinds of cancers. The stock is rated Strong Buy on average and the latest ratings come from Wedbush and Raymond James which both maintained an Outperform rating on the stock in June 2023.
14 of the 943 hedge funds part of Insider Monkey’s Q1 2023 survey had held a stake in the firm. Fusion Pharmaceuticals Inc. (NASDAQ:FUSN)’s largest shareholder out of these is David Witzke and Michael Gregory’s Avidity Partners Management with a $21.4 million stake.
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Disclosure: None. You can also take a look at 15 Most Valuable Canadian Companies and 15 High Growth Large Cap Stocks to Invest In.
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