AUS
NZ
UK
CA
USA
IND
Highlights
- Tech giant Alphabet Inc (NASDAQ: GOOGL, GOOGL: US) has announced that it plans to acquire Mandiant (NASDAQ:MNDT), a cybersecurity firm, for its cloud computing division.
- Following this announcement, which came on Tuesday, March 8, cybersecurity stocks like BlackBerry Limited (TSX:BB) and Nubeva Technologies (TSXV:NBVA) seem to be gaining some attention on the stock markets.
- Nubeva Technologies ranked among TMX’s 2022 Venture 50 companies under the technology category, with its stock soaring by about 260 per cent year-over-year (YoY).
Tech giant Alphabet Inc (NASDAQ: GOOGL, GOOGL: US) has announced that it plans to acquire Mandiant (NASDAQ:MNDT), a cybersecurity firm, for its cloud computing division.
Following this announcement, which came on Tuesday, March 8, cybersecurity stocks like BlackBerry Limited (TSX:BB) and Nubeva Technologies (TSXV:NBVA) seem to be gaining some attention on the stock markets.
Also read: Absolute (ABST) & Magnet (MAGT): 2 TSX cybersecurity stocks for 2022
Let’s see how these two Canadian cybersecurity stocks have been doing.
BlackBerry Limited (TSX: BB)
BlackBerry, in its annual threat report for 2022 released on February 15, suggested that the cybercriminal underground has optimized to attack small businesses by offering timely and personalized deceptions.
The Waterloo-based cybersecurity firm saw its net income surge to US$ 74 million in Q3 FY2021 compared to a loss of US$ 130 million a year ago. The surge in profit came despite a revenue slump (reported US$ 184 million in the latest quarter compared to US$ 218 million a year ago).
BlackBerry stock plummeted by roughly 32 per cent year-to-date (YTD). The cybersecurity stock was trading at US$ 8.11 apiece on Tuesday, March 8 at 9:52 a.m. EST.
Also read: Cargojet (TSX:CJT) sees revenue zoom 26% in Q4. A cargo stock to buy?
Nubeva Technologies Ltd (TSX: NBVA)
Nubeva Technologies ranked among TMX’s 2022 Venture 50 companies under the technology category.
Nubeva Technologies, in January this year, launched its initial commercial version of its Ransomware Reversal solutions for sale orders and marketing.
The company, on February 14, agreed to provide its ransomware reversal solutions to Copper River Cyber Solutions, an enterprise that serves the government, private and education sectors.
Nubeva stock soared by about 260 per cent year-over-year (YoY). Having closed at US$ 1.35 on Monday, NBVA stock was trading down by almost four per cent, priced US$ 1.30, at 9:52 a.m. EST on Tuesday.
Bottomline
The Russia-Ukraine war has disrupted the tech world, and US corporations, reportedly, fear potential cyberattack from Russia to break down the critical infrastructure network.
Investors should be aware of the ongoing market conditions and calculate the risk-return potential before heading their money into cyber stocks.
