Technology stocks are the new Gold Rush, PPH and PLX to watch

Summary

  • Technology stocks can be a good investment if their growth projections explain their valuations.
  • Pushpay Holdings share price has doubled in the past six months on the back of growing business as more US based churches moved towards online payments amid COVID-19.
  • Plexure Group, whose shares have been on the rise, recorded robust growth in FY20 ending 31 March with a net profit of $1 million, up 243% compared to FY19.

Technology has played a significant role during the pandemic with tech stocks performances reflecting the health of the stock market as well as the economy. A tech stock can be a good source of investment if the stock represents solid fundamentals and top price-performance in their industry groups. Technologies such as 5G, Artificial intelligence, cloud computing, blockchain etc. are expected to shape the future of the world and transform every sector.

GOOD READ: Technology has changed the way we work amid the COVID-19 crisis: A look at in-demand technologies

Let’s have a look at the performance of these 2 NZX listed technology stocks.

Pushpay Holdings

Pushpay Holdings Limited (NZX: PPH) is a leading payment and engagement provider to US faith sector.

The shares of PPH last traded at $8.99 on 8 October. In the past one month, PPH stock has given a return of ~16%. The stock has increased 2.3x in the past six months.

The high surge in the share price reflected Pushpay’s ability in providing services to the faith-based industry through technology amid social distancing and coronavirus induced lockdown. Pushpay grew significantly during the pandemic as more Churches in the US shifted to online payments.

On 22 September, the Pushpay Board appointed Lorraine Witten as a Director.

As per its press release dated 8 September, it announced ChurchStaq™, a software solution that provides Churches with the technology they require to link up different ministry touchpoints effortlessly.

PPH is expected to announce its interim results for six months ended 30 September 2020 on 4 November 2020.

Plexure Group Limited

Plexure Group Limited (NZX: PLX) is a mobile engagement software company that integrates with operational systems to eliminate conflict and produce a smooth purchase experience for consumers.

The shares of Plexure last traded at $1.55 on 8 October. In the past one month, PLX stock has given a return of 12%. The stock grew 2.6x in the past six months.

As per its 2020 meeting results, Plexure has performed strongly in FY20 ending 31 March 2020. It posted a net profit of $1 million, a rise of staggering 243% from FY19 and operating revenue of $25.3 million, up by 50% from FY19.

The Company also signed two new customers during the year including White Castle, a US burger chain and Super Indo, an Indonesian supermarket operator. Plexure has also reached nearly 200 million end users on its platform in 59 countries.

The Company is also examining an IPO in Australia, which will involve listing on the ASX and re-categorizing the current primary NZX listing to a secondary listing as an NZX Foreign Exempt Issuer.

(NOTE: Currency is reported in NZ Dollar unless stated otherwise)


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