5 TSX tech growth stocks to buy right now: SHOP, LSPD, SYZ, HAI & QTRH

The TSX Capped Technology Index spiked by 4.92 per cent on Wednesday, July 20, supporting Canada’s main equity index to reach 19,020.67 after Statistics Canada revealed that Canada’s inflation rate grew 8.1 per cent. Two TSX technology stocks, Shopify (TSX: SHOP) and LightSpeed (TSX: LSPD) were two of the top gainers this day.

As the tech sector seems to be on the path of recovery, investors looking for growth could also look into tech stocks like Sylogist (TSX: SYZ), Haivision Systems (TSX: HAI) and Quarterhill (TSX: QTRH).

Let us look closely at the five TSX tech growth stocks mentioned above and learn more about them.

1.     Shopify Inc (TSX: SHOP)

Canada’s e-commerce platform company closed the acquisition of Deliverr, a fulfilment technology firm, to offer improved end-to-end logistics solutions to merchants and consumers.

Shopify stocks rose by over 12 per cent in a single day on July 20. The largecap stock galloped by more than 23 per cent this month. According to Refinitiv data, the SHOP stock noted a Relative Strength Index (RSI) of 59.64, reflecting a moderate-to-high trend, underpinned by trading volume in green with 3.61 million shares exchanging hands on July 20.

2.     LightSpeed Commerce Inc (TSX: LSPD)

Lightspeed and OpenTable, a Booking Holdings (NASDAQ: BKNG) company that provides online restaurant-reservations services, expanded their systems integration to North America in order to improve restaurants’ efficiencies amid the current operational challenges.

The LSPD stock surged by over 12 per cent this week in the light of this new development. As per Refinitiv data, LSPD appears to be on a moderate trend with an RSI hovering around 43, backed by a positive trading volume of 2.13 million shares on July 20.

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3.     Sylogist Ltd (TSX: SYZ)

Sylogist reported a top line of C$ 13.1 million in Q2 2022 up from C$ 8.9 million in Q2 2021. The technology firm pointed out that its organic revenue growth rate increased significantly while noting a top line surge of 48 per cent year-over-year (YoY) in the latest quarter.

The SYZ stock spiked by nearly 11 per cent from a 52-week low of C$ 6.12 on July 15. Refinitiv findings say that the SYZ stock recorded an RSI of 45.40 on July 20.

4.     Haivision Systems Inc (TSX: HAI)

Haivision Systems is a software company that offers real-time video streaming, networking and visual solutions. Haivision recently launched a visual collaboration platform, Haivision Command 360TM.

The HAI scrip swelled by over six per cent in July. This tech stock gained more than 18 per cent from a 52-week low of C$ 4.63 (May 26). According to Refinitiv, the HAI stock seems to be on a consolidated trend since May and held an RSI of 54.13 on July 20.

5.     Quarterhill Inc (TSX: QTRH)

Quarterhill recently revealed that its subsidiary firm, WiLAN Inc, signed a license agreement related to wireless technology with an automotive company.

The QTRH stock dipped by over 10 per cent in 52 weeks. However, this TSX tech stock grew by nearly 14 per cent quarter-to-date (QTD). According to Refinitiv, the QTRH stock seems to be heading upward, with an RSI of 61.26 on July 20.

Bottom line

The TSX technology index was still down by nearly 34 per cent year-to-date (YTD). However, growth investors could look into quality technology stocks, given sound investment strategies are in place. Risk is an important factor to consider while considering high-growth equities like tech stocks.

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.