It’s no secret that tech stocks have been outperforming the markets during this economic crisis. With everything moving more online than ever before, mainly out of necessity, tech stocks have seen huge growth. One of those companies is Facedrive (TSXV:FD).
Shares in Facedrive stock are up a whopping 507% year to date after two years of stability. But shares are still quite reasonable at about $14 per share as of writing. But is there more room for growth? And what exactly is Facedrive? Let’s dig in.
What it does
Facedrive started out as an eco-friendly ride-sharing company, but it has since started to expand. The company now offers not just ride sharing, but food delivery, e-commerce, and health tech solutions. According to the website, the company hopes to offer its customers an easier way of making “day-to-day decisions that will contribute to a healthier planet.”
What else does it do? It makes money. While the company is still performing at a loss, revenue growth has been strong. During the first quarter of 2020, Facedrive grew revenue more than 1,000% to $387,901. It also reported income of $599,104 for 2019, up from $13,579 the year before.
The ride-sharing arena has huge room for growth. All you need to find is a way of creating a niche, and Facedrive has found that. As the company continues to expand, there is room for explosive growth.
The main source of expansion that this company has ahead of it is other countries. Right now, the company operates out of Canada, but it’s looking to expand to the United States and Europe. This will create an incredible source of expansion for the company.
But as I mentioned, the company is already in the food delivery, e-commerce, and healthcare business as sources of delivery. It’s no longer about just delivering people but items. The company can likely continue to make partnerships with large clients to help deliver further products across the world. It really only has to look to its peers for inspiration on how to expand further. Not only can it find new business, but those businesses can claim an “environmentally friendly approach” to its customers. That puts Facedrive ahead of the pack.
There is still a huge opportunity for Facedrive investors looking to get in while it remains low. The company could be the next explosive stock in the market, and arguably already is. With shares at $14, those shares could easily double in the next year. In fact, if the stock continues to expand as it plans, and even turns a profit, it could jump 1,000% again to $140 per share.
So, say you were to invest $10,000 in Facedrive at today’s price. That could boost that original price all the way to $100,000 in just a year’s time. It’s not a far-fetched idea. If you had invested that same amount in Facedrive during its initial public offering (IPO) back in 2018, today that $10,000 would be worth $147,364 as of writing.
I always recommend you do your own research before investing in anything. However, adding Facedrive stock to your watch list is a great opportunity to take advantage of this explosive company.
Facedrive stock might sound great, and so does this stock.
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Fool contributor Amy Legate-Wolfe has no position in any of the stocks mentioned.