Here Are 2 Top Tech Stocks You Can Buy Right Now With Just $100

Only have $100 to invest? No problem! Here are two top Canadian tech stocks that you can buy today.

| More on:
Wireless technology

Image source: Getty Images

This year has had no shortage of ups and downs for investors across the globe. The COVID-19 pandemic has been the major catalyst for the extreme levels of volatility over the past six months. And even though the Canadian market is trading roughly at the same place it began the year, there is lots of uncertainty still ahead, at least in the short term.

The S&P/TSX Composite Index began the year with a slow and steady incline from January 1 up until the last week of February. The COVID-19 pandemic then caused the broader market to drop a staggering 35% in just over one month. Following that massive drop, the previously mentioned index went on to surge back up close to 50% over the next five months.

Now is the time to buy tech stocks

Extreme levels of volatility is perhaps an understatement when trying to describe the year that investors have had to live through. But even though the economy may seem unstable today, long-term investors know that these types of market conditions can lead to massive returns over the long run.

I’ve covered two of my favourite stocks tech stocks that are perfect for new investors. Each has a long runway of growth still ahead. Even better, both companies are trading below $50 today.

BlackBerry

BlackBerry (TSX:BB)(NYSE:BB) is a long way away from when it was trading above $100. But that doesn’t mean this tech stock doesn’t have to potential to once again be a multi-bagger.

The $3.5 billion company is no longer a top player in the smartphone industry. BlackBerry has since changed its course and is now a major AI-cybersecurity provider for enterprises across the globe. 

A major tailwind for this tech stock is the projected growth rate of the cybersecurity industry as a whole. Analysts are expecting the entire industry to grow at a rate of more than 10% annually over the next five years. And that’s not even taking into consideration the potential impact that the COVID-19 virus will have on the cybersecurity industry.

The pandemic caused an abrupt change in the working culture earlier this year. Many working employees were forced to set up a home office to follow social-distancing guidelines. This has led to a significant increase in employees now using their personal home networks when working from home. This will likely only highlight the importance of BlackBerry’s software even more. 

Trading today at just $6.50, this is one tech stock that has multi-bagger written all over it.

Lightspeed POS

This tech stock may be much younger than BlackBerry, but its publicly traded track record speaks for itself. 

One of my favourite tech stocks to follow in the Canadian market, Lightspeed POS (TSX:LSPD)(NYSE:LSPD) is a company that I believe will also likely stand to benefit from economic tailwinds cause by the COVID-19 virus.

The $4 billion company took a substantial hit in its share price earlier this year. The COVID-19 pandemic wreaked havoc on small- to medium-sized businesses across Canada. Fortunately for Lightspeed, the company is no longer solely a point-of-sale hardware provider.

Lightspeed has spent the last several years aggressively expanding its product offering to become a robust cloud-based e-commerce platform. Products and services that Lightspeed now offers include digital marketing and analytics, loyalty program management, and billing software, to name a few.

This tech stock trades at just over $40 today. The valuation is steep, so the volatility will likely continue over the short term. But for investors that have a time horizon that will allow them to buy and hold for 10 or more years, this is one tech stock that deserves serious consideration. 

Foolish takeaway

Don’t let not having enough money stop you from investing in the stock market today 

Both of the companies that I’ve covered are in prime positions to see high levels of growth for many years to come. And with just $100, you could pick up shares of both companies. 

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 owns shares of Lightspeed POS Inc. The Motley Fool owns shares of Lightspeed POS Inc. The Motley Fool recommends BlackBerry and BlackBerry.

More on Tech Stocks

clock time
Tech Stocks

Long-Term Investing: 3 Top Canadian Stocks You Can Buy for Under $20 a Share

These three under-$20 stocks offer excellent buying opportunities for long-term investors.

Read more »

Businessman holding AI cloud
Tech Stocks

AI Will Transform Everything: Investors, Be Early Adopters and Buy These 3 Stocks

Investors looking to invest in companies doing big things in AI should consider these three stocks for their portfolios.

Read more »

stock research, analyze data
Tech Stocks

Forget Shopify: These Unstoppable Stocks Are Better Buys Today 

Should you consider buying Shopify stock while rivals consider a buyout or should you go for stocks with a stronger…

Read more »

A colourful firework display
Tech Stocks

2 Potentially Explosive Stocks to Buy in March

These two growth stocks are destined for many more years of market-crushing returns.

Read more »

edit CRA taxes
Tech Stocks

TFSA Millionaires Are Learning They Can Still Be Taxed

If you day trade stocks like Shopify (TSX:SHOP) in a TFSA, you may be taxed.

Read more »

Shopping and e-commerce
Tech Stocks

Where Will Lightspeed Stock Be in 5 Years?

Lightspeed stock (TSX:LSPD) continues to be touch and go, so what might happen in the next five years?

Read more »

Technology
Tech Stocks

Here’s Why Constellation Software Is a No-Brainer Tech Stock

Are you looking for tech stocks to add to your portfolio? Constellation Software is a no-brainer!

Read more »

Businessman holding AI cloud
Tech Stocks

2 AI Stocks That Wall Street Likes Better Than Nvidia

NVIDIA (NASDAQ:NVDA) may be trendy but Shopify (TSX:SHOP) has more upside according to Wall Street.

Read more »