2 TSX Tech Stocks That Could Be Millionaire-Makers

The time is right for Canadians to scoop up the right tech stocks trading on the stock market right now to set themselves up for substantial long-term gains.

| More on:
5G chip

Image source: Getty Images

Investing in technology became a major trend for Canadian stock market investors in recent years as pandemic-led changes to the business landscape led to a boom in the tech sector. Investors who managed to invest in the right TSX tech stocks at an ideal time have seen stellar shareholder returns make them far wealthier.

Many Canadians who still want to invest in tech stocks might still be interested in the top tech firms that have reached expensive territories. However, the top names might no longer provide them with shareholder returns similar to early investors. Fortunately, the TSX boasts more potential millionaire-makers that you could consider adding to your investment portfolio.

Today, I will discuss two entities in the Canadian tech space that could provide you with phenomenal long-term returns due to favourable tailwinds in the industry.


Nuvei (TSX:NVEI) stock has taken its investors on a roller coaster ride this year. The Canadian tech stock reached new all-time highs in September as it crossed the $175 mark but has since depreciated considerably. Nuvei stock is trading for $126.08 per share at writing as many e-commerce industries enter slightly troubling territory due to the reopening economy.

Despite the setback in recent months, the company reported better-than-expected earnings. Many analysts have since increased their target prices for the stock. Combined with the company posting several strong acquisitions that have brought in more revenue growth for it, Nuvei stock could be well-positioned to provide stellar long-term returns to its investors.


Kinaxis (TSX:KXS) stock recently hit new all-time highs, and it continues to soar on the TSX. The Canadian tech stock is trading for $229.10 per share at writing, up by 26.22% year to date. Many investors might think that they have missed the chance to board the ship, but it is possible that it has yet to fully take flight.

The company’s recent earnings report saw Kinaxis report a 14% year-over-year revenue increase in its software-as-a-service segment, and its adjusted EBITDA reached 19% growth in the same period.

Analyst consensus regarding the stock is still a resounding “yes” for investors wondering whether it could be worth buying at its new all-time high levels. Some analysts believe that the tech stock boasts the potential to outperform the broader tech industry in the coming years.

Despite being in an expensive territory, Kinaxis boasts the potential to grow into its share price and deliver even greater returns in the coming years. It could be worth adding to your portfolio today.

Foolish takeaway

Nuvei stock recently reached all-time highs, and its shares have been down in recent months while Kinaxis stock continues to soar to new all-time highs at writing. Nuvei’s management believes that the company can achieve more favourable performances in the coming quarters, and Kinaxis is in overvalued territory, but it continues to perform well.

It could be the right time to pick up shares of these two tech stocks to add the potential for significant long-term capital appreciation to your portfolio if you are bullish on the Canadian tech sector.

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 Adam Othman has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Nuvei Corporation. The Motley Fool recommends KINAXIS INC.

More on Investing

Silver coins fall into a piggy bank.
Tech Stocks

How to Turn a $500 TFSA or RRSP Into $50,000

Are you looking to convert a $500 TFSA into $50,000? A little discipline and patience can help you achieve it.…

Read more »

Pot stocks are a riskier investment
Cannabis Stocks

5 Things to Know About Cannabis Stocks Before 2023

Cannabis stocks like Canopy Growth (TSX:WEED) are struggling, but there are positives to draw on as well.

Read more »

Stocks for Beginners

3 Best-in-Class Stocks to Build Long-Term Wealth

Looking for stocks that might create generational wealth over the long term? Here's a top growth, value, and income stock…

Read more »

TFSA and coins
Dividend Stocks

TFSA Couples: How to Invest for $777 of Passive Income Each Month

The TFSA or Tax-Free Savings Account can be used to buy and hold a portfolio of blue chip dividend stocks…

Read more »

A close up image of Canadian $20 Dollar bills
Dividend Stocks

Investing in the Stock Market Could Turn Your $1,000 Into $100,000: Here’s How

The stock market can convert a $1,000 regular investment into $100,000 without making too risky bets. Here’s a simple strategy…

Read more »

Bank Stocks

3 Top Stocks to Buy Now in a Once-in-a-Decade Opportunity

Given their discounted stock prices, these three quality stocks offer a once-in-a-decade buying opportunity.

Read more »

Various Canadian dollars in gray pants pocket
Stocks for Beginners

Here’s an Absolutely Brilliant Way to Earn Passive Income

Here’s a simple and unique way to earn passive income that does not involve working more, buying a property, or…

Read more »

Make a choice, path to success, sign
Stocks for Beginners

Canadian Investors: 2 Once-in-a-Generation Buying Opportunities

You can grab these two once-in-a-generation buying opportunities in Canada right now to get super rich in the long term.

Read more »