The COVID-19 pandemic has thrown Canada and much of the world into a historical crisis. In the early spring, it looked like domestic and global markets may succumb to the turmoil. However, aggressive monetary support and bold new social programs managed to avert catastrophe. Because of this, there were fantastic money-making opportunities on the TSX in 2020. Today, I want to look at three tech stocks that have the potential to make fortunes in 2021. Let’s dive in.
BlackBerry: Why this tech stock may be ready to erupt
BlackBerry (TSX:BB)(NYSE:BB) is the first tech stock I want to look at. Its shares surged to start the month of December after it was revealed that it would collaborate with Amazon in the automotive software space. Its shares have surged 62% month over month as of close on December 10.
The Waterloo-based company used to be a powerhouse in the fledgling smartphone space, but it was laid low by its iOS and Android competitors. In response, BlackBerry has transformed into a software-focused company. It has a promising footprint in the automotive software space with its QNX software imbedded in hundreds of millions of cars worldwide. BlackBerry’s cybersecurity capabilities also put it in elite company in this promising sector.
Shares of this tech stock were still in technically overbought territory at the time of this writing. It is set to release its next earnings report on December 17. Investors should look for entry points as BlackBerry is poised to erupt over the course of this decade.
This TSX newcomer is well worth your attention
Nuvei (TSX:NVEI) debuted on the S&P/TSX Composite Index back in September. This company provides payment technology solutions to merchants and partners all around the world. Shares of this tech stock have climbed 24% month over month as of close on December 10. Investors have a great opportunity to get in on this promising tech stock very early.
The company released its third-quarter 2020 results on November 11. Total volume at Nuvei increased 62% year over year to $11.5 billion. Meanwhile, adjusted EBITDA rose 59% to $41 million. The company is positioning itself to play an exciting role, as legalized sports betting sweeps across the United States. Moreover, it has expanded its support for cryptocurrency exchanges at just the right time.
This tech stock boasts attractive growth potential and a rock-solid balance sheet. Mobile payment tech solutions are set for big growth in the years to come. Nuvei is a great tech stock to stash after its recent IPO.
One more tech stock to snag before 2021
Kinaxis (TSX:KXS) is the last tech stock I want to zero in on today. During the March market pullback, Kinaxis was one of the few stocks that managed to thrive in the face of volatility. The company provides supply chain and operations planning software solutions to a global and expanding client base. It has already won huge clients like Ford, Unilever, and Toyota Motors.
Shares of Kinaxis have climbed 74% so far this year. The COVID-19 pandemic has disrupted global supply chains. This year has demonstrated how crucial it will be for companies to modernize and boost efficiency in their supply chains. Kinaxis has emerged as a global leader in this regard. This is a tech stock that all Canadians should be targeting for the long haul.
