Lite Access (TSXV:LTE) & Facedrive (TSXV:FD): 2 Rising Tech Stocks

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 Lite Access (TSXV:LTE) & Facedrive (TSXV:FD): 2 Rising Tech Stocks

Summary

  • The S&P/TSX Venture Information Technology Index registered a growth of nearly 14 per cent in the last 20 days.
  • Stocks of Lite Access Technology Inc catapulted by a whopping 90 per cent on Wednesday.
  • Since debuting on the TSXV platform in September 2018, Facedrive shares have ballooned by over 1900 per cent.

The information technology (IT) sector has been experiencing a surge in its demand and usage through the coronavirus pandemic. As more people around the world adapted to a homebody economy amid lockdown restrictions, technological services became necessary.

With this rise in demand, many junior tech firms have also come into the limelight. The S&P/TSX Venture Information Technology Index, too, registered a growth of nearly 14 per cent in 2021 to date.

Two TSXV tech stocks that are currently making some noise on the trending charts are Lite Access Technology Inc (TSXV:LTE) and Facedrive Inc (TSXV:FD). Let’s take a closer look at their recent stock performances.

 

Lite Access Technology Inc (TSXV:LTE)

Current Stock Price: C$ 0.285


Stocks of Lite Access Technology Inc catapulted by a whopping 90 per cent on Wednesday, January 20, after the company announced the approval of a C$ 14.4 million deal to build a city-wide broadband network in Alberta.

In its latest Canadian operational update, Lite Access also mentioned winning a fibre build contract worth at over C$ 400,000 in West Vancouver and currently being in the process of completing a C$ 1.1 million fibre project in Prince George.

Lite Access, which focuses on fiber optic technology, saw its stocks grow by over 111 per cent in January to date. The shares currently post a 10-day average trading volume of 2.3 million.

@Kalkine Group 2021

Facedrive Inc (TSXV:FD)

Current Stock Price: C$ 19.08


Facedrive Inc, an emerging ride-sharing service provider based in Ontario, saw its stocks rocket by nearly 116 per cent in the last three months and by almost 670 per cent in the last one year.

Since debuting on the TSXV platform in September 2018, Facedrive shares have ballooned by over 1900 per cent.

Back in December, Facedrive Inc’s contact-tracing platform TraceSCAN made headlines after receiving a federal-level certification from Canada’s Innovation, Science and Economic Development (ISED) board.

Facedrive Inc’s operating expenses climbed to C$ 3.58 million and its net loss stood at C$ 3.52 million in the third quarter ending 30 September 2020. The company’s cash and cash equivalents amounted to C$ 7.36 million at the end of the third quarter.

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