LSPD and CTS: 2 TSX tech stocks to see as Elon Musk invests in Twitter

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LSPD and CTS: 2 TSX tech stocks to see as Elon Musk invests in Twitter

LSPD and CTS: 2 TSX tech stocks to see as Elon Musk invests in Twitter
Image source: © 2022 Kalkine Media Inc

Highlights

  • Tech stocks, like Lightspeed (TSX: LSPD) and Converge (TSX: CTS), are gaining traction in the wake of Tesla CEO Elon Musk purchasing a 9.2 per cent stake in Twitter (NYSE: TWTR, TWTR: US).
  • The social media stock surged by almost 23 per cent in the pre-market hours on Monday, April 4, in the wake of this news.
  • CTS stock swelled almost 76 per cent in the past 12 months.

Tech stocks, like Lightspeed (TSX: LSPD) and Converge (TSX: CTS), are gaining traction in the wake of Tesla CEO Elon Musk purchasing a 9.2 per cent stake in Twitter (NYSE: TWTR, TWTR: US).

The transaction, worth US$ 2.89 billion, is said include 73.48 million Twitter shares bought at US$ 39.31 apiece, which was TWTR stock’s closing price on Friday, April 1. 

The social media stock surged by almost 23 per cent in the pre-market hours on Monday, April 4, in the wake of this news.

As this move seems to be inspiring some increased interest in technology stocks, let us look at two Canadian tech stocks.

Lightspeed Commerce Inc (TSX: LSPD)

Lightspeed Commerce reported total revenue of US$ 152.7 million in Q3 FY2022, representing a year-over-year (YoY) rise of 165 per cent.

However, the Montreal-headquartered company posted a net loss of US$ 65.5 million in the latest quarter against US$ 42.7 million in Q3 2021.

LSPD stock was up by about 43 per cent in the last one month and was trading at C$ 39.08 apiece at 9:46 AM EST on Monday.

 Lightspeed Commerce (TSX: LSPD) Q3 FY2022 results

Also read: Is it time to keep close watch on Air Canada (AC)?

Converge Technology Solutions Corp (TSX: CTS)

Converge Technology marked its 30th acquisition by purchasing a cybersecurity firm Creative Breakthrough Inc on April 1.

The technology company increased its net revenue by 74 per cent YoY to C$ 505 million in Q4 FY2021. Its adjusted EBITDA zoomed by 48 per cent YoY to C$ 34.7 million in the latest quarter.

CTS stock swelled almost 76 per cent in the past 12 months and was trading at C$ 10.36 apiece, up by over one per cent at 9:51 AM EST on Monday.

Bottomline

Technology stocks could gain some traction if Elon Musk-inspired investors choose to re-focus on the tech sector. However, investors should ideally follow their personal investment goals and risk profile while investing.

Also read: CP Rail & CNR: 2 TSX transport stocks to watch amid supply chain crisis

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