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Summary
- Stocks of Canadian tech venture Facedrive Inc rocketed nearly 613 per cent year-to-date.
- Billionaire Tom Siebel’s software company C3.ai reportedly raised over US$ 650 million at its IPO.
- The S&P/TSX Capped Information Technology Index is up nearly 51 per cent year-to-date.
- Currently, the tech stocks of Facedrive (TSX:FD) and C3.ai (NYSE:AI) are trending high on the stock markets.
As the difficult year of 2020 comes to close, Canada’s technology sector seems to be heading to end on a high note. The latter half of 2020 saw a spike not only in the number of tech IPOs in North America, but also in merger and acquisition (M&A) among technological companies. Currently, the tech stocks of Facedrive (TSX:FD) and C3.ai (NYSE:AI) are trending high on the stock markets.
Tech stocks have been an investors’ favorite this year as shares of most companies headed plunged during the pandemic. But not to forget, while tech stocks enjoyed a spike due to the rise in online business activities, they also faced the heat of selloff from time to time.
At the moment, the S&P/TSX Capped Information Technology Index is up nearly 51 per cent year-to-date. Let’s look at the recent performances of the two emerging tech stocks of Facedrive and C3.ai.
Trending Tech Stocks: C3.ai & Facedrive
Facedrive Inc (TSXV:FD) recently announced that its health division’s contact-tracing platform TraceSCAN has received federal certification from Canada’s Innovation, Science and Economic Development (ISED).
The trending stocks of the tech company rocketed nearly 613 per cent year-to-date (YTD) and over 63 per cent in the last six months. In December so far, Facedrive shares zoomed up over 23 per cent.
Facedrive stocks are currently priced at C$ 16.39.
Artificial intelligence company C3.ai, on the other hand, made headlines this week after it launched its initial public offering (IPO) earlier this week. The stocks debuted on the New York Stock Exchange on Tuesday, December 9, under the ticker of ‘AI’.
©Kalkine Group Image
Billionaire Tom Siebel’s software venture reportedly raised over US$ 650 million at its IPO, offering some 15.5 million shares, which rose well above the estimated price range of US$ 36 to US$ 38 and was trading at US$ 42 apiece on Tuesday. The C3.ai stock, which opened for its debut trading at more than double its estimated IPO price, went on to hit the US$-100 mark.
C3.ai reached a market valuation of about US$ 11 billion since its stock market debut on Tuesday, which was significantly raised from the initially estimated number of US$ 4 billion.
Facedrive’s total operating expenses jumped from C$ 1.34 million in Q3 2019 to C$ 3.58 million in its third quarter ending September 30, 2020. The company also recorded a net loss of C$ 3.52 million in Q3 2020.
Facedrive had cash and cash equivalents worth C$ 7.36 million as of the end of September 2020, up from C$ 3.79 million at December-end 2019.
