LSPD:CC - 3 Canadian Tech Stocks Poised for Explosive Growth in June 2023
2023-06-21 15:00:00 ET
It looks as if investors are finding interest in tech stocks once again. There have already been some gains from heavy hitters, but more could be on the way. And far sooner than many might think.
So today, let’s look at three Canadian tech stocks that could be due for some explosive growth in June of this year.
CGI stock
CGI Group ( TSX:GIB.A ) is a great consideration for those wanting a stable investment in the tech industry. CGI stock focuses on acquiring software companies, and then giving these companies what they need to thrive. From there, it can put them back out into the world and claim the revenue that they generate.
This has been an incredibly successful strategy over the years, with shares of CGI stock climbing 350% in the last decade, and 38% in the last year. Yet while this is impressive, it’s likely that investors could see even more growth coming in.
CGI stock has already become one of the first go-to tech stocks as the market looks like it is readying for a recovery. Therefore, as the market continues to see stabilization, CGI stock may still be an excellent buy this month.
WELL Health stock
For something that demands a comeback, I would consider WELL Health Technologies ( TSX:WELL ). WELL Health stock also climbed to prominence over the years with the growth of the tech sector. However, it also had the ability to provide virtual healthcare during the pandemic. This drove the stock to climb even further.
Yet in this case, shares of tech and “pandemic” stocks quickly fell over the last year or so. WELL stock was one of them, now down about 46% since its all-time highs, as of writing. Yet shares of WELL stock have been climbing steadily for a while now, up 54% in the last year after experiencing a dip about a month back.
That dip still provides a bit of a deal right now, with many analysts believing the stock will continue to climb back to all-time highs. And given its record performance, coupled with growth organically and through acquisitions, that looks quite likely.
Lightspeed Commerce
Ecommerce stocks were another area that experienced growth only to fall after the pandemic restrictions were lifted. Even so, Lightspeed Commerce ( TSX:LSPD ) has yet to make a large comeback, with many choosing its peers instead. Especially as those peers make larger cuts.
Lightspeed stock hasn’t been immune to cuts, laying off workers over the last year as well. Shares are down 27% in the last year alone, though lately there has been some positive movement. This came after another round of layoffs were announced, as well as the “doubling down on payments” for the company.
Shares are now up 16% in the last month alone, and look to be climbing further. So it could certainly be a great time to consider picking up Lightspeed stock as it continues its climb back to the top. Especially while shares remain under $20!
The post 3 Canadian Tech Stocks Poised for Explosive Growth in June 2023 appeared first on The Motley Fool Canada .
Fool contributor Amy Legate-Wolfe has positions in Lightspeed Commerce and Well Health Technologies. The Motley Fool recommends CGI and Lightspeed Commerce. The Motley Fool has a disclosure policy .
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