In the face of slowing revenue growth and a stiff cost-cutting wave, the technology sector has continued to perform at a respectable pace.
Even when giants in the field like Microsoft Corp. (NASDAQ: MSFT) and Alphabet Inc. (NASDAQ:GOOGL) are laying off thousands, tech-heavy indexes are building up steam. Even Bitcoin hit a new six-month high this week as regulatory crackdowns drove continued uneasiness in the crypto space.
The TSX’s tech sector has been climbing back from its lows around 118 points in October 2022.
While many names in any investor’s portfolio are written in red, there are a few notable stock options out there performing well enough to see their valuations trend upward. Let’s take a look at a few:
Voxtur Analytics (TSXV:VXTR) offers targeted data analytics to simplify tax solutions, property valuation and settlement services throughout the lending lifecycle in Canada and the U.S.
The real estate technology company recently signed a partnership with a top mortgage servicing aggregator through its wholly-owned capital markets division, Blue Water Financial Technologies.
The arrangement will see Blue Water provide tools to facilitate mortgage asset pricing, commitment, transfer, underwriting, and due diligence, as well as rep and warrant protection to enhance trading experience and performance.
In addition, Blue Water will provide its flagship products, including Blue Rate, a seasoned mortgage asset trading engine incorporating patent-pending loan level pricing technology; MSR-X, a pricing engine that provides a seamless liquidity experience for mortgage originators; and Super Transfer, a tool that digitizes and optimizes due diligence and asset transfer.
Meanwhile, Blue Water’s President, Alan Qureshi, made a C$1,478,364.72 investment into the company by purchasing 5,279,874 shares at $0.28 per share.
Voxtur has seen significant growth thanks to the development of new technology and data-driven products, such as Appraisal Direct and Voxtur AOL, accretive acquisitions, and experienced additions to its management team.
This company’s stock is up more than 30 per cent year to date.
Also up roughly 30 per cent since last year is A2Z Smart Technologies (TSXV:AZ), a firm out to create innovative solutions for complex challenges.
With its smart algorithm, touch screen, and computer-vision system, Cust2Mate (a mobile self-checkout shopping cart) streamlines the retail shopping experience by scanning purchased products and enabling in-cart payment so that customers can simply “pick and go”, and bypass long cashier checkout lines. This results in a more efficient shopping experience for customers, less unused shelf-space and manpower requirements, and advanced command and control capabilities for store managers.
In late January 2023, the company announced that it will fully integrate its Cust2mate Smart Cart with NCR R10, one of the leading global point-of-sale software platforms, which is increasingly being adopted by many of the largest grocery chains around the world.
Earlier, the company had signed a joint venture agreement where Cust2Mate will employ Lenovo Group (OTC:LNVGY) solutions in its infrastructure, while Lenovo will sell and promote Cust2Mate through its worldwide channels.
Finally, a tech outfit behind serious gains over the past year is Digihost Technology Inc. (TSXV:DGHI), a blockchain technology company primarily focused on Bitcoin mining.
The company operates from three sites in the U.S., and in addition to managing its own operations, provides joint venture partners with hosting arrangements at its facilities. Earlier this month, the company completed the acquisition of a 60 MW power plant in North Tonawanda, NY.
DGHI stock has logged 390 per cent growth year to date.
While value stocks might top growth stocks for the time being, the case remains for a lot of opportunities in the tech sector for investors to keep on their radar. Indexes may have suffered losses comparable to 2020, 2008, or 2000, but traders can dodge volatile stocks by investing in businesses with a clear focus that serve large and growing markets.