You've no doubt heard the old warning about not throwing good money after bad. That's wise. But for investors, it's important to know exactly what bad really means in this context.

For example, just because a stock has fallen quite a bit doesn't necessarily make it a bad investment. Sometimes, buying more shares of these beaten-down stocks is actually throwing good money after good. With that in mind, here's why I think adding $1,000 to these three stocks right now would be a brilliant move.

A person holding a laptop with dollar signs drawn on a chalkboard.

Image source: Getty Images.

1. Brookfield Renewable 

Shares of Brookfield Renewable Corporation (BEPC 1.16%) are more than 30% below the high from earlier this year. Its sister stock, Brookfield Renewable Partners (BEP 0.53%), is down more than 20% from its peak. Both of these renewable energy stocks (which share the same underlying business) remain great picks.

It's a foregone conclusion that the demand for renewable energy will significantly increase over the coming years. Countries around the world, including the U.S., have committed to major carbon emission reductions. The only way they're going to make that happen is for more energy to be generated from renewable sources and less from fossil fuels.

Enter Brookfield Renewable. The company already runs close to 6,000 facilities across the world that produce hydroelectric, wind, and solar power. Combined, these facilities have a capacity of around 20 gigawatts.

But Brookfield Renewable's development pipeline could boost its total capacity by more than 150%. The company expects to deliver average annualized total returns in the ballpark of 15%. That's enough for both of its stocks to potentially double within the next five years.

2. Facebook

You might think that everyone and their brother is down on Facebook (META -0.26%) right now. The social media stock slid 15% before rebounding somewhat following allegations about its business practices by a whistleblower.

This isn't the first public relations challenge that Facebook has encountered, of course. It probably won't be the last one.

I suspect there are two potential scenarios that could unfold for the company -- nothing happens or the government imposes more regulations. My view is that Facebook will survive and thrive either way. CEO Mark Zuckerberg has even practically begged for government regulation in the past (although he wanted it to apply to all internet companies). 

It's a pretty good bet that Facebook's digital advertising revenue will continue to grow despite the controversies. The company is also attempting a major transformation by investing heavily in building the metaverse, a new internet where people can work and play together virtually. Now isn't the time to sell any Facebook shares; adding more makes a lot more sense for long-term investors. 

3. Teladoc Health

Teladoc Health (TDOC 1.50%) is, by far, the biggest stinker on the list. Shares of the virtual care company have plunged more than 50% from their first-quarter high. But Wall Street analysts think Teladoc could soar once again. I agree.

Let's first address why Teladoc stock has performed so dismally this year. Investors are clearly concerned about growth slowing after the end of COVID-19 lockdowns. It is true that the company's membership growth has leveled off. However, there's more to the story.

In the second quarter, Teladoc's revenue per member per month skyrocketed 142% year over year. Utilization rose to 21.5% from 16% in the prior-year period. The number of virtual care visits jumped 27.5% year over year. And remember -- many more people were at home during the second quarter of 2020. 

My view is that the future for virtual care remains as bright as ever. There's still a huge, untapped global market for telehealth and digital health platforms. Teladoc is the clear market leader with its customer base including over 40% of the Fortune 500. Buying more shares of Teladoc should pay off handsomely over the long term.