Tech stocks have fallen into oblivion these last few months. A bull market seems so far away, but it’s a lot closer than you think.
The TSX today is on an upswing from October 2022 lows. Doesn’t that seem like it was yesterday, when our stocks were so far down that we didn’t think they’d ever get back up? And yet here we are, just a couple months later, and they’re back to where they were a few months before that.
What’s more, a bear market doesn’t last forever. Neither does a recession, which we haven’t even entered yet. That’s bound to happen before summer. But after that? The market will likely be on an upswing — a bull market that could last. And if that scenario happens, these are the tech stocks I would buy.
goeasy
goeasy (TSX:GSY) is a solid choice for investors who want a proven company among their tech stocks. The stock started out as a lender of home appliances and remains so, but with more of a focus on loans big and small. It’s grown exponentially over the last few decades and has years of historical data to look back on when it comes to choosing the investment.
What’s more, even though it’s one of the tech stocks out there, and it’s not new so doesn’t have that early set growth, it’s still an exciting investment. That’s because the company continues to beat its own records, bringing on more and more loan originations and beating estimates over and over.
Yet goeasy stock still trades in value territory at about 13.48 times earnings as of writing. Further, it has a dividend yield at 2.83%. Shares are up 1,445% in the last decade, a compound annual growth rate (CAGR) of 31.47% in that time!
Dye & Durham
While Dye & Durham (TSX:DND) doesn’t have the history of goeasy stock, it’s one of the tech stocks with a secure future. This comes from partnering with institutions, charities, governments, law firms, and other stable companies to provide its software.
Because of this, DND stock looks like it will be around for years if not decades to come. Yet again, it’s one of the tech stocks that saw a rise and subsequent fall in the last year or so. It’s still up 52% since coming on the market but a far cry from all-time highs.
Even still, DND stock is making a comeback recently. Shares are up an incredible 76% in the last three months alone! So, I would consider buying this stock on the upswing, as it makes its way back to 52-week highs.
Lightspeed stock
Another of the tech stocks that were darlings of the time is Lightspeed Commerce (TSX:LSPD). Lightspeed stock may be one of the first companies to recover among tech stocks in a bull market. That’s because it has the benefit of seeing consumption at the source. Whether it’s retail and restaurant in-store purchases, or online e-commerce buildup, the company is invested in it all.
And it’s invested everywhere! Lightspeed stock is now in over 100 countries, offering a broad range of exposure for investors to consider. With acquisitions also now online, it’s bringing in more revenue than ever. So sure, it might have fallen in line with expectations in its recent earnings release, but when a bull market arrives, it’s bound for its former glory.
Lightspeed stock meanwhile is a fraction of its glory days, down 85% from $160 at all-time highs to today’s share price at $24 as of writing. Yet while it may be down 38% in the last year, shares are already up 24% since the beginning of 2023.
