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Highlights
- Tech stocks are the leading indicators of the economic progress of a country.
- Rakon has 175.41% as its YTD growth.
- Wellington Drive Technologies, which witnesses continued strong growth of its business, has a YTD growth of 122.08%.
Technology companies are the backbone of a nation. They include software and semiconductor companies, telecom services as well as cloud-computing providers. These companies not only optimise a company’s operations but also increase the efficiency of business communication and provide a wider reach in the global market.
Further, tech stocks generally offer impressive returns in the long run, thus benefitting their investors.
Having said that, let us explore the two NZX-listed tech stocks having YTD returns exceeding 100%.
Source: © 2022 Kalkine Media® data source- EODHD/Others
Rakon Limited (NZX:RAK)
Known for designing world-class frequency control solutions, Rakon Limited boasts having a YTD return of 175.41%.
Must Read: RAK, SCT- 2 NZX stocks to keep an eye on as tech exports make waves
Earlier this month, the Company disclosed that its Chair, Bruce Irvine, who is also a director, would step down from his position on 1 April.
He will be succeeded by Lorraine Witten, who has more than two decades of governance experience.
On 29 March, at the time of writing, RAK was gaining by 0.60% at NZ$1.680.
Wellington Drive Technologies Limited (NZX:WDT)
Offering IoT solutions to the global retail food and beverage industry, Wellington Drive Technologies Limited has a YTD return of 122.08%.
Do Read: WDT, GEO and PYS: Are these tech penny stocks poised for growth?
The Company in its Annual Report for 2021 revealed that despite being impacted by supply chain disruption and factory closures due to the COVID-19 pandemic, its revenue climbed by over 74% to NZ$64.2 million on pcp. Also, its FY21 EBITDA and NPAT stood at NZ$15.1 million and NZ$5.4 million, respectively.
Owing to the continued strong growth of its business, WDT expects its FY22 EBITDA to be in the range of NZ$4.5 million to NZ$5.5 million.
On 29 March, at the time of writing, WDT was trading flat at NZ$0.171.
Bottom Line
New Zealand boasts a vibrant technology sector, which is one of its major exports and a key contributor to the country’s GDP.
