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While most companies took a severe beating in the midst of the coronavirus pandemic this year, tech and ecommerce enterprises saw their businesses bloom as the demand for technological services rose amid lockdowns. As a result, technology stocks also saw a spike in trading volume and performance as investors flocked towards them.
Here’s a look at top nine tech stocks on the Toronto Stock Exchange (TSX), which registered a notable surge in their performances in 2020.
1. Lightspeed POS Inc (TSX:LSPD)
Stocks of Lightspeed POS Inc are up about 105 per cent this year. The omnichannel software solutions provider got publicly listed on the TSX over a year ago and debuted in the US markets in September this year. At its US initial public offering (IPO), the Canadian tech company raised a capital pool of about US$ 397.7 million.
Lightspeed posted a total revenue of US$ 45.5 million in its latest quarter ending 30 September 2020, recording an increase of 62 per cent year-over-year (YoY).
2. Nuvei Corp (TSX:NVEI)
Nuvei Corp, which debuted on the TSX in September this year, saw its stocks zoom by about 41 per cent in the last three months. The online payment service provider made it to the list of the TSX’s biggest tech IPOs, raising a capital of about US$ 700 million.
Nuvei stocks are currently rallying on the TSX, having jumped about 23 per cent in November and over five per cent in December so far.
The fintech enterprise recorded a 32 per cent YoY growth in its revenue of US$ 93.6 million in the third quarter of 2020.
3. Dye & Durham Ltd (TSX:DND)
Dye & Durham Ltd hit a record this year after it collected capital worth C$ 172.5 million in its IPO in July. The cloud-based technological solutions provider saw its stocks nearly double in value on its first day on the stock market, becoming one of the best trading debuts in about three decades for a Canadian IPO.
Its stocks are currently trending on the TSX, having jumped about 136 per cent in the last five months since June.
The tech firm saw its revenues of C$21.9 million jump 29 per cent YoY in the first quarter of FY2021.
4. Open Text Corporation (TSX: OTEX)
The trending stocks of software company Open Text Corporation jumped over 11 per cent in the month of November and about two per cent in December so far.
The company pays a quarterly dividend of US$ 0.201, which will be payable in a few days on December 22.
Open Text Corporation’s total revenue was US$ 804 million in Q1 FY2021, while its cloud services and subscription revenues grew 43.7 per cent YoY to US $341 million in the latest quarter.
5. Absolute Software Corporation (TSX: ABT)
Cybersecurity stocks like those of Absolute Software Corporation registered quite a boost this year amid the pandemic. The scrips grew nearly 50 per cent year-to-date (YTD), and by almost three per cent in the last six months.
Its dividend noted a five-year growth of 1.79. Absolute Software’s revenue stood at US$ 28.5 million in the Q1 FY2021 (ending 30 September 2020), while its total annual recurring revenue (ARR) climbed 13 per cent YoY to US$ 111.7 million.
6. BlackBerry (TSX:BB)
Canadian cybersecurity company BlackBerry Limited saw its stock price shoot to its highest level this year on December 1 following the announcement of the company’s multi-year agreement with Amazon Web Services (AWS).
Blackberry stocks are up nearly 27 per cent this year. Since its March lows, the stock recovered by about 41 per cent in the last six months and nearly 64 per cent in three months.
The company recorded a revenue of US$ 259 million in the second quarter of fiscal 2021, a notable increase from that of US$ 244 million YoY.
7. Kinaxis Inc (TSX:KXS)
Stocks of Kinaxis Inc rocketed by nearly 77 per cent this year. Since tumbling during the March market crash, the stocks have improved by almost five per cent in the last six months.
The Canadian tech firm registered a 26 per cent YoY increase in its Software-as-a-service (SaaS) revenue to US$ 39.3 million in the third quarter ending 30 September 2020. The company also posted a total revenue of US$ 55.1 million in Q3 2020, up 17 per cent YoY.
8. Shopify Inc (TSX: SHOP)
No tech stock list can be over with the mention of Canada’s largest public company.
Canadian e-commerce platform Shopify Inc sailed through the pandemic with much boom to its business, thanks to the rise in online orders amid lockdown restrictions.
This boost reflected on the tech stock’s performance and quarterly reports as well. The trending stock is currently up about 160 per cent YTD. The scrips also registered a growth of 35 per cent in the last six months and about 10 per cent in the last three months.
Shopify saw its revenue balloon by 96 per cent YoY to US$ 767.4 million in the third quarter of 2020. Its gross profit in the latest quarter climbed by 87 per cent YoY to US$ 405.1 million.
9. Docebo Inc (TSX:DCBO)
Cloud-based Learning Management Stock (LMS) Docebo stock was already trending in the markets, even before the pandemic arrived.
LMS is an offshoot of the edutech industry, which gained prominence in the homebody economy, where employees worked from home.
The stock has zoomed by over 265 per cent this year.
Docebo uses artificial intelligence (AI) to improve enterprise learning.
The demand for its products went up amid the pandemic, a fact reflected in back-to-back financial reports. The firm’s revenue surged 52 per cent YoY to US$16.1 million in Q3 2020.
