3 Promising Growth Stocks You Can Buy for Less Than $100

Investing in growth stocks is a great way to grow your portfolio in the long run. But it can be difficult to predict which ones will take off in value and which one's won't. And that's why it might make sense to invest in multiple growth stocks, to ensure you aren't placing all your hopes on just a single company.

Three stocks that possess a lot of long-term potential and are cheap buys right now are Carnival (NYSE: CCL), AstraZeneca (NASDAQ: AZN), and Block (NYSE: XYZ). At less than $100 per share, here's why these can be good growth stocks to load up on today.

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Carnival

Carnival stock trades at around $23 per share, and that's an attractive price for the business, given how strong its performance has been in recent quarters. The cruise ship operator has been posting record numbers as demand has been robust.

In its most recent quarter, which ended on Feb. 28, revenue of $5.8 billion rose by 7% year over year. Its operating income of $543 million was a little less than double the $276 million operating profit it posted a year ago.

What's weighing on the company, however, is its debt load, as interest expenses and debt repayment costs totaled $629 million and resulted in an overall net loss for the quarter.

The company still has a lot of work to do; its long-term debt remains substantial at $25.5 billion, but it is moving in the right direction and is working on reducing its debt load. At an estimated 13 times next year's estimated profits (based on analyst projections), this can be an underrated stock to buy right now.

AstraZeneca

Shares of AstraZeneca closed at a little less than $70 on Monday, and this is another growth stock to buy and hold. Its broad portfolio of drugs makes it a great healthcare investment to hang on to.

Its oncology products generated more than $5.6 billion in sales alone through the first three months of the year. Treatments in the cardiovascular, immunology, and rare-disease categories, along with other products, also generate billions.

AstraZeneca is a growth beast, projecting annual sales to top $80 billion by 2030, which would be a sizable increase from the $54 billion it reported last year. With a ton of growth on the horizon, this is a stock that can get much more valuable.

Its price/earnings-to-growth multiple of less than 1 also suggests this can be a bargain buy for long-term investors. And to sweeten the deal, the stock also pays investors a dividend that yields 2.3%

Block

Another potentially underrated growth stock to buy today is Block. Its 52-week high is just under $100, but right now it's trading at close to $60. What's appealing about it is that you can benefit from the growing popularity of crypto and the health of the overall economy.

Around 40% of the revenue that Block generates is related to Bitcoin. Its margins are minimal on that, but the big opportunity is from increased activity with its Cash App, allowing users to transfer money, invest in stocks, and trade Bitcoin, making it a great all-in-one option for consumers.

The company's point-of-sale devices also facilitate the payment process for merchants by giving them the flexibility they need to accept credit- and debit-card payments without the need for costly terminal rentals. As a result, Block can benefit from both a rise in crypto's popularity and strong economic growth.

The company has been struggling this year and is down more than 30% as investors are concerned about its underwhelming performance amid a challenging economy (revenue was down 3% for the first three months of the year).

But for long-term investors, this can still make for a good buy. In a span of three years, Block has grown its revenue by 37%, from $17.7 billion in 2021 to $24.1 billion this past year. While things may not look great in the short term, there's still room for much more growth for the business over the long haul.

Currently, the stock trades at less than 16 times its estimated future earnings (based on analyst expectations), which is fairly cheap, as the S&P 500 averages a forward price-to-earnings multiple of 22.

Should you invest $1,000 in Carnival Corp. right now?

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David Jagielski has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin and Block. The Motley Fool recommends AstraZeneca Plc and Carnival Corp. The Motley Fool has a disclosure policy.