5 Canadian growth stocks that can be hidden gems

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 5 Canadian growth stocks that can be hidden gems
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Highlights

  • ZEN stock spiked by roughly 15 per cent quarter-to-date
  • FLT stock plummeted by over 57 per cent in 52 weeks
  • DMG Blockchain reported a revenue surge of 377 per cent year-over-year in Q2 2022

Investors seeking significant growth could look at Canadian stocks like Zentek (TSXV: ZEN), Drone Delivery (TSXV: FLT), DMG Blockchain (TSXV: DMGI) etc., in order to gain from possible future growth.

Economic complexities resulting from inflation and interest rates can affect stock markets. However, investors with abilities to tolerate risk could explore high-growth equities that could provide considerable growth.

Here are five TSX growth stocks that can be considered hidden gems for investment endeavours.

1.     Zentek Ltd (TSXV: ZEN)

Zentek is a Canadian intellectual property (IP) developer-focused commercializing advanced healthcare solutions. Earlier in June, the C$ 283 million market cap company reported that it filed a patent application on April 12 that would enable a proprietary process for manufacturing its ZenGUARD™ nanotechnology at an industrial scale.

ZEN stock spiked by roughly 15 per cent quarter-to-date (QTD). As per Refinitiv, Zentek seems to have a moderate momentum with a Relative Strength Index (RSI) of 59.71 as of writing on Tuesday, July 12.

2.     Drone Delivery Canada Corp (TSXV: FLT)

Drone Delivery is a hardware technology firm that provides drone technology nationwide to retailers, service providers, and government agencies. The technology firm announced that it received a grant from the United States Patent Office for its proprietary technology in February this year.

FLT stock plummeted by over 57 per cent in 52 weeks. According to Refinitiv, this TSXV stock held an RSI of 47.76, near moderate level, on July 12.

3.     DMG Blockchain Solutions Inc (TSXV: DMGI)

DMG Blockchain reported a revenue surge of 377 per cent year-over-year (YoY) to C$ 11.9 million in Q2 FY2022. DMG posted 372 Bitcoins (BTC) at the end of the second quarter of this fiscal year.

DMGI stock declined by over 64 per cent in a year. Refinitiv information shows that DMGI is on a downward trajectory, with an RSI of 43.06 on July 12.

ZEN, FLT, DMGI, VXTR, QUIS: 5 hidden gems growth stocks to bag?

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4.     Voxtur Analytics Corp (TSXV: VXTR)

Voxtur Analytics is a smallcap software company serving the real estate industry. The property technology company increased its revenue by 182 per cent YoY to C$ 40.83 million in Q1 2022.

Voxtur stocks lost approximately 15 per cent in 52 weeks. Refinitiv data suggest VXTR stock seems to be facing the oversold market situation with an RSI of 28.7 on July 12.

5.     Quisitive Technology Solutions Inc (TSXV: QUIS)

Quisitive Technology is a software technology company that provides services related to Microsoft to enterprises. The tech firm said its revenue grew by 256 per cent YoY to US$ 44.9 million in the first three months of fiscal 2022.

QUIS stock dwindled by over 51 per cent year-to-date (YTD). According to Refinitiv, QUIS had an RSI of 42.95 on July 12.

Bottomline

The TSX main equity index sank by over 11 per cent this year, while the S&P/TSX Venture Composite Index fell by over 35 per cent in 2022 as market uncertainties continue to affect markets, including these TSXV growth stocks.

However, these Canadian stocks could be explored when focusing on capturing significant returns in the future arising from growth exposure.

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. 

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