RAK, GEO, SCT: Why are these NZX tech stocks grabbing attention in 2022?

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RAK, GEO, SCT: Why are these NZX tech stocks grabbing attention in 2022?

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Highlights

  • NZ hosts some of the world-famous tech companies which have demonstrated resilience during the pandemic and performed well
  • Rakon is set to release its FY2022 performance next week
  • Geo shares a positive operating update for the March quarter

New Zealand boasts housing some of the globally acclaimed tech companies which are known for supplying world-class products and services worldwide.

The nation’s tech and start-up industry attracts massive international capital as the industry boasts exceptional talent and churns out more international success stories.

The country has seen a huge growth in its tech sector as, according to reports, NZ's best tech companies and start-ups to work for have grown two folds to 100 over the last year.

Further, the NZ Government has announced NZ$20 million towards tech sector investment over four years, which will support the growth of the SaaS community across the country and help realise the sector’s full potential.

In the light of the given background, let us look at the three NZX-listed tech stocks that can be considered.

NZ tech stocks- RAK, GEO, SCT 

Source: © Alexandersikov | Megapixl.com

Rakon Limited (NZX:RAK)

First on the list is Rakon Limited, whose frequency control products and timing solutions are acclaimed worldwide. It has a market cap of nearly NZ$346 million.

Recently, RAK revealed that its FY2022 results would be published on 26 May.

Interesting Read: Revealed! 2 NZX tech stocks with more than 100% YTD return

Also, an update on the business and the financial performance of the Company will be presented by the Company's Chief Executive Officer and Chief Financial Officer after the result announcement.

On 19 May, at the time of writing, RAK was down 1.31% at NZ$1.510.

Geo Limited (NZX:GEO)

Second on the list is Geo Limited, which develops smart mobile-based software for workforce productivity and has a market cap of over NZ$19 million.

Earlier this month, the Company released its operating update for the quarter ended March 2022, stating that the size of its Product and Technology team had doubled and would play a significant role in the Company’s accelerated product development roadmap.

Also Read: WDT, PYS & GEO: 3 interesting NZX penny stocks from tech space

Further, it has continued its trend of record sales in Q3 across ANZ markets and at the same time, is gradually increasing customer acquisition investment across the UK.

On 19 May, at the time of writing, GEO was gaining 2.65% at NZ$0.116.

Scott Technology Limited (NZX:SCT)

Topping off the list is Scott Technology Limited, which is engaged in designing smart automation and robotic solutions to make businesses more efficient and productive. It has a market cap of around NZ$256 million.

Do Read: Focusing on tech stocks? SCT, SKO, ERD: 3 NZX stocks to explore in May

A few days back, the Company revealed the issue price of its Dividend Reinvestment Plan, which has been fixed at $2.9044 per share.

It is noted that the allotment of shares under the said DRP scheme will be made on 11 May, i.e., on SCT’s dividend payment date.

On 19 May, at the time of writing, SCT was dipping 1.56% at NZ$3.150.

Bottom Line

The NZ tech sector is performing well despite lockdowns across the country and the recent Omicron outbreak

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