- In the simplest of terms, metaverse is the amalgamation of technological elements such as virtual environments, augmented reality and video.
- A Canadian AI company saw its revenue skyrocket by about 293 per cent quarter-over-quarter (QoQ) in Q1 FY22.
- In the nine months ending September 2021, Canadian information technology company’s top line expanded by a whopping 429 per cent YoY to C$ 40.3 million.
If you are still not aware of the metaverse mania, you might be behind your time. If you are looking to explore its penny stock options, then you have come to the right place.
In the simplest of terms, metaverse is the amalgamation of technological elements such as virtual environments, augmented reality and video, which gives users a chance to experience "life" in a digital universe.
4 Canadian metaverse penny stocks to buy before 2021 ends
In the stock market realm, metaverse comes into the picture with publicly listed tech companies that are invested in its development efforts and are currently drawing investor interest for the very same reason.
So, let’s merge the popularity of metaverse with the demand of low-price shares and explore some Canadian metaverse penny stocks.
1. FOBI AI Inc (TSXV: FOBI)
Fobi AI Inc, an up and coming Canadian technology company, saw its stocks surge by nearly 91 per cent in the last one year and close at a value of C$ 1.47 apiece on Monday, November 29.
The Vancouver-based firm, which uses artificial intelligence (AI) to help retail businesses (especially physical stores) with market insights, has also noted an average share trading volume of 1.16 million in the last 50 days.
But it is Fobi’s latest quarterly results that is likely to turn some heads.
The AI company said on November 29, that its revenue skyrocketed by about 293 per cent quarter-over-quarter (QoQ) in Q1 FY22.
2. GoldSpot Discoveries Corp (TSXV: SPOT)
One of the top trending junior tech companies on the Toronto Stock Exchange, GoldSpot Discoveries Corp is known to engage in machine learning to reduce capital risk in resource exploration and investment.
SPOT stock, which closed at C$ 1.05 apiece on November 29, grew by 153 per cent in the past year and surged 28 per cent this quarter.
The C$ 140-million market cap company also held a price-to-earnings (P/E) ratio of 4.1 and a return on equity (ROE) of 54.65 per cent.
In the third quarter of 2021, GoldSpot Discoveries saw its consulting revenue gallop by 29 per cent year-over-year (YoY) to C$ 2.05 million.
3. VIQ Solutions Inc (TSX: VQS)
Founded in 2004, the Mississauga, Canada-based company is known to use AI to provide a voice and video capture technology across several countries.
Stocks of VIQ Solutions Inc shot up by closed at a price of C$ 3.03 apiece on November 29. The tech stock noted a price growth of about 10 per cent from its one-year low of C$ 2.75 apiece (recorded on November 10, 2021).
The C$ 90.5-million market cap company posted a price-to-cash flow (P/CF) ratio of 39.3 on November 29.
4. Datametrex AI Limited (TSXV: DM)
Stocks of Datametrex AI Limited, a Canadian information technology company that delves into AI and machine learning via its subsidiary Nexalogy, soared by about 11 per cent in the month of November.
The tech scrip, which closed at a price of C$ 0.2 apiece on November 29, has also surged by nearly 111 per cent in the last year.
The Toronto, Canada-based posted a revenue growth of 123 per cent YoY to C$ 10.8 million in Q3 2021, while its net earnings surged by 124 per cent YoY.
In the nine months ending September 2021, Datametrex’ top line expanded by a whopping 429 per cent YoY to C$ 40.3 million and bottom line rocketed by 618 per cent to C$ 10.58 million.
In a time and age where people are growing more and more dependent on technology, the next attractive development appears to be metaverse. It not only provides technological advancements and growth, but also lets one “live” vicariously on a digital plane the way they probably cannot in their reality.
But not all good things are free of downsides. In case of stock markets, investors should mind the fact that even the best of metaverse stocks can fall in certain circumstances, so proper research in the real world is vital.