2 Canadian Tech Stocks That Could Make You Richer in August

WELL Health Technologies stock and BlackBerry stock could provide investors with significant wealth growth, and you should have them on your radar in August.

The global health crisis had a far-reaching impact on economies worldwide, changing almost every aspect of how we live our lives. One of the effects that the pandemic had on the world was an acceleration of the digital migration of business processes.

While the pandemic devastated several businesses across the board, it managed to create the perfect conditions for several tech companies to realize their growth potential much faster than anticipated. The changing global landscape even resulted in creating long-term growth potential for many companies in the industry.

Many tech stocks provided investors with stellar returns during 2020, and the favourable industry conditions continue to provide investors with the opportunity to realize even greater returns. It might seem impossible to find undervalued stocks that can provide you with significant returns in a market that continues to trade at all-time highs. However, there are a few tech companies that still have the potential to make you a much wealthier investor.

I will discuss two such stocks that you could consider adding to your portfolio this month to leverage the growth potential that the underlying companies offer.

WELL Health Technologies

WELL Health Technologies (TSX: WELL) is one of the top Canadian stocks to add to your investment portfolio today. The telehealth industry saw a massive boom, as the pandemic forced people to stay at home. The Canadian company provides tech-based solutions that allow healthcare professionals and patients to have their consultations virtually to reduce the risks involved with in-person visits.

The company’s revenues surged last year, and it continued its strong run in 2021. The quarter that ended in March 2021 saw the company’s revenues surge by 150% from the previous quarter, and its software and services segment grew by over 340%. WELL Health Technologies has also acquired several companies since April to raise its revenue generation capacity. The tech stock looks like an ideal asset to add to your portfolio if you’re targeting substantial growth.

BlackBerry

BlackBerry (TSX: BB)(NYSE: BB) might not be a favourite stock for many investors considering its reputation for having become a popular meme stock. The Redditor-fueled rallies for several meme stocks without tangible fundamentals to back the growth of the assets made them quite unpopular among investors.

Despite the near-term volatility that BlackBerry stock might face due to being a meme stock, I think that the tech stock could be worth adding to your portfolio.

If you disregard its Reddit-fueled rallies and look at the business itself, multiple growth drivers could make it a viable asset for your portfolio. The rising trend for remote work in the professional landscape and education has increased the demand for better cybersecurity solutions. BlackBerry is no longer the pioneering smartphone manufacturer it was. Instead, it offers cybersecurity solutions that can cater to the rising demand.

Additionally, BlackBerry has established a substantial presence in the automotive industry through its QNX platform. Trading for $12.86 per share at writing, BB could be an excellent addition to your portfolio.

Foolish takeaway

While not all experts might agree, it is possible that we are already in the next bull market. Many sectors have experienced a strong bull run due to the increasing hopes of a recovery. The revitalized investor confidence as the global situation improves might only provide further growth in all the sectors in the economy.

Considering the favourable industry conditions and an overall recovery on the horizon, tech stocks like WELL Health Technologies and BlackBerry could be ideal to have on your radar, if not in your portfolio already.

Fool contributor Adam Othman has no position in any of the stocks mentioned. The Motley Fool recommends BlackBerry.

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