BB, VQS, TCS, ABST & MDF: 5 technology stocks for June 2022

Published on May 30, 2022 09:39 AM EDT

BB, VQS, TCS, ABST & MDF: 5 technology stocks for June 2022 — Image source: Pixabay.com

Highlights

On Friday, May 27, the S&P/TSX Capped Information Technology Index gained 2.36 per cent

Month-to-date, it was in the red by 2.91 per cent

These stocks are on the rebound and in the green on a one-month basis

On Friday, May 27, the S&P/TSX Capped Information Technology Index gained 2.36 per cent. Month-to-date (MTD), it was in the red by 2.91 per cent.

The technology sector is having a bad year, so far. Tech stocks can be growth stocks but factors like war and inflation can turn the market bearish.

At such times, some investors might remove money from these stocks and place them in more stable investments, including bonds.

The S&P/TSX Capped Information Technology Index has lost nearly 35 per cent year-to-date (YTD). But going into June there seems to be a sense of optimism with the TSX Composite Index posting gains for six straight days.

So, let’s look at some TSX tech stocks that make for an interesting watch in June.

BlackBerry (TSX:BB)

BB ended Friday at C$8.34 and it is on the rebound after falling for most of this year. BB has gained nearly 10 per cent in a week and so far, in May, it is in the green 14.5 per cent.

The C$4.8 billion market cap company has a price-to-earnings (P/E) ratio of 224.3, which is the amount of dollars required for investment for each dollar’s gain.

VIQ Solutions Inc (TSX:VQS)

VQS closed Friday at C$2.08 and has galloped a whopping 64 per cent in the last week. MTD, its has spiked about 39 per cent.

It is almost 90 per cent above what it was on May 20, when it touched a one-year low of C$1.10. The company saw a net loss of C$2 million in Q1 2022, which explains why it has a negative P/E ratio of 2.2.

TECSYS Inc (TSX:TCS)

TCS closed at C$29.61 on Friday and its one-week gain is 7.7 per cent. Over the last month, it has risen about 15 per cent.

TCS comes with a quarterly dividend of C$0.07 and a dividend yield of 0.95 per cent. Its P/E ratio is 109.7.

Also read: ICYMI, investors! Best 10 TSX stocks for June 2022

Absolute Software Corp (TSX:ABST)

ABST was the only stock on this list that was in the green on a YTD basis as it closed Friday at C$11.91. Its growth in the last one week has been 2.5 per cent.

Its net loss for Q3 2022 was C$6.5 million and its P/E ratio is negative 20.9. However, it has a dividend yield of 2.69 per cent.

Over the last month, it has gained over 19 per cent.

mdf commerce inc (TSX:MDF)

MDF had gained nearly six per cent for the week when it closed Friday at C$2.65. Over the last month, it has risen over 13 per cent.

It is 18 per cent above its one-year low of C$2.25 seen on April 27. The stock has lost 75.4 per cent over the last 12 months.

Bottom line

While the sector has suffered losses this year, technology is central to progress and tech stocks may see relatively faster growth, generally speaking. Some tech companies may incur losses while researching and developing new products.

The above stocks are on the rebound and in the green on a one-month basis. They make for an interesting watch in June 2022.

Also read: FFN, DF, DGS, LCS & FTN: 5 top TSX dividend stocks under $10

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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