Have $1,000? Here Are 2 Top Tech Stocks Trading Below $50

These are two tech stocks trading below all-time highs today. Find out what makes each a great long-term bet. and why you should be investing today.

| More on:
Male IT Specialist Holds Laptop and Discusses Work with Female Server Technician. They're Standing in Data Center, Rack Server Cabinet with Cloud Server Icon and Visualization

Image source: Getty Images

The Canadian market has surged an astonishing 35% over the past two months. And even more astonishing is that the S&P/TSX Composite Index is down by more than 10% year to date.

Investors witnessed one of the fastest drops in history earlier this year. The Canadian market dropped by almost 40% in just over one month.

Many TSX stocks have had impressive runs over the past two months alongside the S&P/TSX Composite Index. But even as the economy is beginning to slowly re-open across the country, there is still plenty of uncertainty ahead in the short term.

If you’re a long-term Foolish investor, there’s no need to worry about the short-term volatility. There are great TSX companies that are trading well below all-time highs today. Here are two top tech stocks that you can buy today for under $50 a share.

BlackBerry

The once-beloved Canadian tech company is trading well below where it was a decade ago. BlackBerry (TSX:BB)(NYSE:BB) is now valued at a market cap of $3.5 billion and trading at less than $10 a share.

The tech company was once a top player in the smartphone industry, which explains why the stock price was at one-point trading well above $100. The company has since shifted strategies dramatically.

BlackBerry today is primarily associated with two industries, cybersecurity and autonomous vehicle software.

The cybersecurity offering is led by the Cylance division, an acquisition made in 2019. The AI-driven software is designed to detect threats before they occur, rather than when it is too late.

The cybersecurity industry is projected to grow at an annual rate of 12% over the next seven years. BlackBerry is very well positioned to continue to capture market share in this exploding industry for years to come.

The autonomous vehicle software market is another industry with a lot of growth expected over the next decade.

BlackBerry has already installed proprietary security platforms in more than 150 million cars worldwide. The company is also expected to eventually begin integrating Cylance technology into the vehicle software offering.

Trading at less than $10 a share at writing, BlackBerry is an absolute steal at today’s stock price.

Lightspeed

The slightly higher priced Lightspeed (TSX:LSPD) is trading at roughly $35 today.

The point-of-sale (POS) provider has been hit especially hard during this COVID-19 pandemic. Brick-and-mortar retailers and restaurants are the two main businesses that Lightspeed serves.

The stock has been on an extremely impressive run over the past two months. The share price has more than doubled since early April, but the stock is still trading below all-time highs.

As the economy is beginning to re-open across the country, Lightspeed should see revenues return to pre-COVID-19 levels.

The company is much more than just a POS provider, though. Lightspeed is a one-stop-shop for small- and medium-sized businesses. The tech company provides support for inventory management, staffing, data analytics, loyalty program creation, and advertising.

Lightspeed has also been wisely investing in an e-commerce offering. The company is helping traditional brick-and-mortar retailers develop their online presence. 

Foolish bottom line

There’s no need to break the bank if you’re looking to add two top tech companies to your portfolio.

Both companies are in industries with lots of projected growth over the foreseeable future. Before the market returns to an all-time high, investors should consider adding shares of both stocks today.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Nicholas Dobroruka has no position in any of the stocks mentioned. The Motley Fool owns shares of Lightspeed POS Inc. The Motley Fool recommends BlackBerry and BlackBerry.

More on Tech Stocks

work from home
Tech Stocks

Could Lightspeed Stock Be a Big Winner in 2023?

Investors can capitalize on Lightspeed’s low valuation and benefit from the recovery in its price.

Read more »

IMAGE OF A NOTEBOOK WITH TFSA WRITTEN ON IT
Tech Stocks

TFSA Passive Income: How I’m Investing to Make $2,000/Year From Dividends

I am increasing my dividend income by investing in dividend stocks like the Toronto-Dominion Bank.

Read more »

Electric car being charged
Tech Stocks

Is Now The Time to Buy EV Stocks?

EV stocks may be down now, but don't count them out. They'll soon be back up again, so now may…

Read more »

Happy shoppers look at a cellphone.
Tech Stocks

Better Buy: Amazon vs. Apple Stock

While both Amazon and Apple have bright long-term prospects, Apple stock looks like the best tech company to invest in…

Read more »

A stock price graph showing declines
Tech Stocks

Has Blackberry Stock Finally Stopped the Slide?

Blackberry has not yet delivered the kind of financial results that we know it can, but this is about to…

Read more »

Car, EV, electric vehicle
Tech Stocks

Chinese Stocks are Soaring: This TSX Stock Could Gain

Magna International stock could benefit from China's economic re-opening.

Read more »

Money growing in soil , Business success concept.
Tech Stocks

1 Oversold Growth Stock to Buy for Major Returns in 2023

This growth stock could be the best Canadian stock to buy now for 2023, with shares possibly doubling back to…

Read more »

Hands holding trophy cup on sky background
Tech Stocks

Could BlackBerry Stock Be a Big Winner in 2023?

BlackBerry (TSX:BB) stock more than halved last year amid the tech stock selloff. Could 2023 be a winning year for…

Read more »