3 Absurdly Cheap Growth Stocks That Are Trading Below $100

Many quality stocks are falling in value right now. For investors, loading up on struggling stocks can be a bit unnerving, since the worry is that they'll continue falling lower. However, as long as their fundamentals are sound and they have promising futures, buying them at reduced prices can set investors up for some significant gains later on.

Three growth stocks that are currently trading at less than $100 and that may prove to be steals down the road are Medtronic (NYSE:MDT), Uber Technologies (NYSE:UBER), and Carnival Corp (NYSE:CCL).

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Medtronic

Medtronic is a leading medical device maker with a presence throughout the world. Its stock is currently trading at around $87, as it has declined by over 9% this year.

For long-term investors, however, this can be an incredibly easy stock to justify buying given its opportunities, as Medtronic's devices and therapies help people with over 70 different health conditions, and its business is likely to grow right along with the broader healthcare sector. Another promising opportunity is its Hugo robotic-assisted surgery system, which received clearance from the Food and Drug Administration late last year.

Medtronic's business has been growing steadily over the years, and it has much more upside when looking at the long run. Due to its fall in value this year, it's now trading at a forward price-to-earnings (P/E) multiple of around 15 (based on analyst projections), which is incredibly low for a promising growth stock such as this; the average stock on the S&P 500 trades at a forward P/E of 20.

Uber Technologies

At around $70, Uber Technologies is another cheap-looking stock that may be too good to pass up right now. It has fallen by 15% this year, and it's getting close to its 52-week low of $65.41.

Uber has been investing billions into the deployment of autonomous vehicles, partnering with multiple companies along the way, in what could be the next big growth opportunity for its business. While it still has opportunities to expand its business with more human drivers in international markets, autonomous vehicles bolster its growth prospects even further.

In the trailing 12 months, Uber has generated more than $55 billion in revenue, with its operating income totaling $6.7 billion. The business has become bigger and much more profitable over the years, with plenty of opportunities still ahead.

At a forward P/E of just 16, it's an incredibly cheap stock to buy, and it has considerable upside.

Carnival Corp

Another top growth stock that looks like a bargain these days is Carnival Corp. The cruise ship operator posted its latest quarterly numbers on Tuesday, which yet again featured strong results that came in better than expectations.

The company's revenue for the quarter ending Aug. 31 totaled $8.4 billion and was up 3% year over year. Its net income of $1.9 billion rose by a similar amount, and it was a new all-time high for the company. Carnival also says that its booked occupancy and pricing for the following year are at record levels.

Demand for cruises has remained strong over the years, as it can be a more affordable and simpler way to travel and see the world than booking flights, hotels, and car rentals, plus making other accommodations along the way. Yet despite strong numbers and the business doing much better of late, Carnival's stock has not returned to its pre-pandemic levels. In 2019, the stock hit highs of more than $50; currently, it's at around just $25.

Carnival's forward P/E multiple is around just nine. It's been a deeply discounted stock for some time, and while it may require some patience from investors as the market has remained hesitant to price it much higher, it could generate significant returns in the long run.

David Jagielski, CPA has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Medtronic. The Motley Fool recommends Carnival Corp. and Uber Technologies. The Motley Fool has a disclosure policy.