- Some technology stocks have taken quite a beating lately. However, some tech-savvy investors might see this as an opportunity to own quality tech stocks at cheap prices
- The S&P/TSX Venture Information Technology Index has declined by almost 23 per cent year-to-date (YTD)
- The Hive Blockchain stock surged by over 15 per cent in the past one week
Some technology stocks have taken quite a beating lately. However, some tech-savvy investors might see this as an opportunity to own quality tech stocks at cheap prices.
The S&P/TSX Venture Information Technology Index has declined by almost 23 per cent year-to-date (YTD).
Also, digital asset currencies became a hot topic as the West imposed sanctions against Russia to isolate its economy, which may have also sparked some interest towards blockchain stocks
So today, let us look at two TSXV stocks.
Hive Blockchain Technologies Ltd (TSXV:HIVE)
Hive Blockchain produced 244.4 Bitcoin (BTC) in February this year at a mining capacity of 1.9 exahash. The digital asset company also mined 1,814 Ethereum (ETH) at an increased mining capacity of 4.88 Terahash this month.
The Hive Blockchain stock surged by over 15 per cent in the past one week and closed at C$ 2.56 apiece on Tuesday, March 22, with 2.1 million shares switching hands.
Topicus.com Inc (TSXV:TOI)
Topicus.com saw its revenue at EUR 207.6 million in Q4 FY2021, representing a year-over-year (YoY) rise of 51 per cent (including organic growth of 10 per cent). The vertical market software company also reported a net profit of EUR 27 million in the latest quarter, up from EUR 12.9 million a year ago.
TOI stocks zoomed by over 29 per cent in the past 12 months and closed at C$ 88.19 apiece on Tuesday.
Investors should note that high inflation, likely interest rate hikes and the Russia-Ukraine crisis may continue to cause volatility in the near term, and this could affect the stock market. Hence, it is essential to consider macroeconomic and microeconomic factors before making any investment call.
Please note, the above content constitutes a very preliminary observation based on the industry, and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks.