3 of the Best Growth Stocks to Buy for Less Than $100 Right Now

Investing in an underperforming growth stock can be a great move for long-term investors. If a stock is trading at a low earnings multiple and there aren't serious issues with the underlying business, it can be a sign that the market may have overreacted to company or even industry-related developments.

It's these types of opportunities that can lead to significant gains down the road for investors who are willing to be patient and hang on. Three growth stocks trading below $100 that I believe are great buys right now are Netflix (NASDAQ:NFLX), Uber Technologies (NYSE:UBER), and Novo Nordisk (NYSE:NVO).

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Netflix

Streaming giant Netflix has been struggling this year, amid questions about its future growth. The company is still generating double-digit growth, but with growing competition in the video streaming industry, the market appears less convinced of Netflix's future success.

As a result, Netflix's stock is down 17% this year, at one point falling as low as $65. On Friday, it closed at just over $78, and simply getting back to $100 would require a sizable 28% rally from its current level.

Netflix is, however, one of the better growth stocks to buy at under $100 as it provides investors with exposure to a top streaming company, which generates strong profit margins and has proven it can grow in many different ways, even as it has broadened its business to include live sports and gaming.

At 25 times its trailing earnings, Netflix is an excellent growth stock to buy today.

Uber Technologies

Shares of Uber are down around 18% over the past year. It has been an underperforming stock, but what's encouraging is that the business also has plenty of long-term growth opportunities to tap into.

In addition to continuing to grow its operations into more international markets, Uber has also partnered with multiple companies as it looks to be a big player in the robotaxi industry, recently launching a service in London, in partnership with a British technology company, Wayve.

The tech stock is trading at around $76, and its price-to-earnings (P/E) multiple of 17 looks incredibly attractive given how much potential room there still is for Uber's business to grow. In the trailing 12 months, the company has generated more than $55 billion in revenue, with its net income totaling a solid $9.6 billion.

Novo Nordisk

Healthcare giant Novo Nordisk has been struggling to win over investors as rival Eli Lilly has been dominating the GLP-1 drug market. However, with a top name in Ozempic and a higher-dose version of Wegovy showing it can potentially go toe-to-toe with Eli Lilly's leading product, there's still plenty of hope for Novo Nordisk stock to recover.

It's trading at around $47, and the stock is deeply discounted, as its P/E multiple is a lowly 11, suggesting that investors aren't giving it much of a chance. At such a low multiple, there's an appealing margin of safety that comes with the healthcare stock, and it may have plenty of room to rise higher if it can prove its doubters wrong.

The company has been facing challenges, largely due to rising competition. However, this is a stock that I think the market is dead wrong about, because Novo Nordisk still has some promising assets in its portfolio, and there is room for multiple drugs to perform well in the massive GLP-1 market.

Novo Nordisk's stock may be down, but I wouldn't count it out for the long run; now may be a great time to buy it while its valuation is incredibly low. As a bonus, it also offers a fairly high yield of around 3.9%.

David Jagielski, CPA has positions in Novo Nordisk. The Motley Fool has positions in and recommends Eli Lilly, Netflix, and Novo Nordisk. The Motley Fool recommends Uber Technologies. The Motley Fool has a disclosure policy.