The Motley Fool

3 Top Tech Stocks to Buy Right Now

Image source: Getty Images

Patience pays off. It’s something that investors forget time and again. But history always repeats itself, and it’s why patience will always pay. When you invest, it can be hard to put on blinders and ignore the market dips. However, if you’re a long-term holder on the Motley Fool it really doesn’t matter even if there’s a crash unless you need the money right away.

If you can wait it out, there are plenty of stocks to buy right now that can make you rich. Especially among tech stocks. So let’s look at three patient investors who should continue to buy and hold for decades.

Only up from here

Since its initial public offering, Lightspeed POS (TSX:LSPD)(NYSE:LSPD) has been the one to beat. Even its competitors can’t claim the largest tech stock’s initial public offering (IPO) in TSX history. And since coming on the market, shares have only grown higher and higher, with only a brief downfall during the market crash.

The comes from the company’s “land and launch” approach. While Lightspeed stock started out with small and medium retail and restaurants, it’s since expanded into e-commerce. This proved highly beneficial during the pandemic, and the company continues to see extensive year-over-year revenue. But it hasn’t slowed down.

Lightspeed stock has been on a spending spree, making almost US$2.3 billion in acquisitions since January 2020. Now true, that means investors will have to wait for the company to turn a profit. However, this line of acquisitions is expected to lead Lightspeed stock to double revenue this year alone, according to management.

Shares are up 211% in the last year and are now past all-time highs; shares stand at 19% in the last month alone. As tech stocks like this continue to expand around the globe, Motley Fool investors might want to pick it up before it’s too late.

Take it easy

One of the easiest stocks to buy right now for Motley Fool investors is goeasy (TSX:GSY). Tech stocks in the loan sector are a solid investment that simply isn’t going anywhere. The company provides high-interest loans, while also selling furniture and home goods for rent-to-own services. This simple practice has led to astounding revenue, with the company posting record revenue quarter after quarter.

This has led to share prices that continue to climb, even among dwindling tech stocks. Shares are up a whopping 192% as of writing, yet it continues to trade with a price-to-earnings ratio (P/E) of 11.1 — a cheap stock if there ever was one. And while other tech stocks don’t offer a dividend yield, this one does at 1.64%. While that’s not high, it’s guaranteed income while you wait for this stock to continue rising in the future.

Speaking of rising

Now both of these stocks trade in the three-digit range as of writing. However, Mogo (TSX:MOGO)(NASDAQ:MOGO) is a steal trading at just $9 per share as of writing. This fin-tech company helps users get on the fast track to financial wellness. But it’s also invested in the cryptocurrency game, with a massive acquisition of shares in leading Canadian cryptocurrency platform Coinsquare.

As cryptocurrency use builds, investors will feel safe knowing they’ve invested in a company with subscription revenue, puttingMogo on the sure path to share stability. However, it could be on the track to greatness due to this investment in cryptocurrency.

Shares are already up a whopping 628% in the last year alone. So that cheap share price isn’t likely to last much longer, making it one of the top stocks to buy right now.

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 Amy Legate-Wolfe owns shares of Lightspeed POS Inc. The Motley Fool owns shares of and recommends Lightspeed POS Inc.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss an important event.

Iain Butler and the Stock Advisor Canada team only publish their new “buy alerts” twice a month, and only to an exclusively small group.

This is your chance to get in early on what could prove to be very special investment advice.

Enter your email address below to get started now, and join the other thousands of Canadians who have already signed up for their chance to get the market-beating advice from Stock Advisor Canada.