Is BlackBerry the Best Tech Stock to Buy Now?

With BlackBerry starting to rally again recently, here’s what to consider when looking for the best tech stocks to buy now.

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BlackBerry (TSX:BB)(NYSE:BB) has been one of the most popular Canadian stocks for some time now. The high-potential Canadian tech stock offers a tonne of opportunities.

Not only is it already a well-respected company in the software security industry. But many investors and analysts alike believe that the best opportunities with BlackBerry stock are still ahead of the company.

Despite all this long-term potential, though, you may be wondering if BlackBerry stock is the best tech stock to buy now.

BlackBerry stock

There’s no denying BlackBerry’s growth potential, especially its short-term potential. However, the reason BlackBerry has so much short-term potential is that it’s been a highly speculative stock.

It’s a meme stock that gets speculated on by investors. And as we have already seen numerous times this year, just as fast as it rallies, it also falls.

So, while it could rally again at any time, you may want to stay away from BlackBerry, at least for now, while it’s still overvalued and highly speculative.

Plus, trying to buy it for short-term gains looks increasingly like it will pay off less and less.

Each time BlackBerry rallies, it fails to reach as high as its previous run. So, rather than sticking with BlackBerry stock for now while it’s highly speculative, there are several other top Canadian tech stocks to buy now.

A top crypto stock has more potential today

If you’re looking for tech stocks that have potential today, I’d strongly consider cryptocurrency and blockchain stocks, which offer some of the best growth potential on the market.

One of the best crypto stocks to consider today is HIVE Blockchain Technologies (TSXV:HIVE). HIVE is one of the top mining stocks in Canada and is capable of achieving some incredible growth.

You can expect the stock to be highly volatile, similar to BlackBerry when it’s on a massive rally. Except BlackBerry hasn’t really rallied for any fundamental reasons.

Meanwhile, every time HIVE rallies, it’s because the underlying cryptocurrencies it mines, mainly Ether and Bitcoin, are seeing massive rallies themselves.

HIVE has already shown the incredible growth potential it offers investors. Plus, the company only continues to build up its computing power and competitiveness in the space.

So, if you’re looking for a high-quality tech stock that you can buy and hold for years, I’d choose HIVE over BlackBerry stock.

WELL Health is a top tech stock to buy over BlackBerry

In addition to HIVE, if you want a stock with a bit less volatility, one of the best tech stocks to buy for the long term has to be WELL Health Technologies (TSX:WELL).

In just a few short years, WELL Health has grown to an incredible company, and it’s only going to continue to expand its business.

The healthcare tech stock has been growing rapidly through acquisition, and many investors are bullish on where this company is going.

The company has tonnes of health clinics now, an electronic medical record business that stores more than 15 million patient profiles, and plenty of digital health apps that complement each other.

This rapid expansion of its operations should continue for years, making it one of the best tech stocks you can buy now.

There’s no question that the Canadian healthcare industry can use some serious innovation and disruption. It is one of the most inefficient healthcare systems of any high-income nation.

So, if you’re looking for a top tech stock to buy now, I’d forget BlackBerry and seriously consider a stock like WELL Health.

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 WELL Health Technologies Corp. The Motley Fool recommends BlackBerry.

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