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2 Lesser-Known Canadian Tech Stocks to Buy Over BlackBerry

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Over the past few months, one of the most popular Canadian stocks has been BlackBerry (TSX:BB)(NYSE:BB). The Canadian tech stock has become wildly popular on the internet, leading to a major surge in the price back in January.

BlackBerry is a company that’s had its fair share of ups and downs over the years. Today, its business offers some potential over the long term. However, it’s gotten caught up in all the internet hype that started with GameStop. Because of this, BlackBerry, like GameStop, is still overvalued today.

BlackBerry’s software is well known to have a lot of potential down the line as 5G technology becomes more widespread. Not to mention, it has great technology for self-driving cars.

For now, though, most investors agree the stock is overvalued, which is why it’s struggled so much after its rapid rise in January.

No analysts have the stock rated a buy, with all either having the Canadian tech stock rated as a hold or a sell. Plus, its consensus target price of under $11 is below today’s trading price. So, unless something drastic happens in the short term, it likely won’t offer much upside anytime soon.

Instead of BlackBerry, though, there are several high-quality Canadian tech stocks to consider buying. Here are two lesser-known stocks to buy today.

A Canadian AdTech stock I’d buy over BlackBerry

There are several high-quality Canadian tech stocks to consider ahead of BlackBerry. This isn’t surprising, since tech stocks offer so much potential.

One of the best to buy today is AcuityAds Holdings (TSX:AT), a rapidly growing AdTech business. The AdTech industry is one of the fastest-growing industries today.

Marketers always want to get the best bang for their buck, and these companies offer the latest and best digital innovation to help companies reach their target audience.

So, an investment in AcuityAds is a great way to gain exposure to this growing industry. It already has its own artificial intelligence powering one of its platforms. This machine learning uses Big Data to help advertisers improve their results.

AcuityAds also has its own self-serve platform, which has been growing rapidly. That growth is the main reason why the stock surged nearly 10% to start the day on Tuesday.

Even with this growth today, the stock is well undervalued, especially when you consider its long-term potential. So, instead of BlackBerry, AcuityAds is a top Canadian tech stock I’d be looking at buying today.

A high-potential e-commerce stock

Another Canadian tech stock offering a tonne of long-term growth potential is WeCommerce Holdings (TSXV:WE).

WeCommerce is an intriguing stock, because it’s playing off Shopify’s incredible growth. If you believe in Shopify’s platform long term but want a smaller-cap stock to buy, WeCommerce is the perfect stock to consider. That’s why it’s a much better investment today than BlackBerry.

WeCommerce creates and investments in some of the best Shopify businesses. Companies selling apps or themes for merchants on Shopify are among the businesses that it owns. So as long as Shopify’s e-commerce market continues to grow, so too should WeCommerce.

The $600 million company is just a small-cap stock, so investors who buy today could see some serious growth over the next decade. That’s why today, in my view, WeCommerce is a much better buy than BlackBerry stock.

The Canadian tech stock is not only fairly valued, but it also has a much clearer path to growth, especially in the short term.

Looking for even more of the best growth stocks to buy now? Check out these five!

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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 Daniel Da Costa owns shares of AcuityAds Holdings Inc. David Gardner owns shares of GameStop. Tom Gardner owns shares of Shopify. The Motley Fool owns shares of and recommends AcuityAds Holdings Inc., Shopify, and Shopify. The Motley Fool recommends BlackBerry and BlackBerry.

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