4 Canadian Tech Stocks to Buy Under $30

These TSX tech stocks are priced under $30 and offer solid growth potential.

Wireless technology

Image source: Getty Images

With the recent selling in tech stocks, now is the time to accumulate the shares of a few high-quality companies to outperform the broader market averages. While several TSX tech stocks are offering excellent value, we’ll focus on those priced under $30. 

BlackBerry

Let’s begin with BlackBerry (TSX:BB)(NYSE:BB), which has corrected quite a lot, despite solid financial and operating performance. Notably, supply-chain concerns, inflation, higher interest rates, Russia/Ukraine conflict, and tough comparisons led to selling in BlackBerry stock. However, it continues to deliver strong revenues in IoT and cybersecurity business, which is encouraging and supports my bullish view

The continued billings momentum and ongoing digital shift suggest that its cybersecurity business could deliver solid growth in 2022. Further, its market leadership in IoT and ongoing automation and electrification in the auto sector bode well for growth. 

Overall, BlackBerry’s growing addressable market, strong recurring software product revenue, customer growth, and strength in the base business provide a strong base for growth. Moreover, the correction in its stock price offers a good buying opportunity. 

Dye & Durham  

Like BlackBerry, Dye & Durham (TSX:DND) stock also witnessed a fair amount of correction in the recent past. However, this selloff in DND stock creates a solid buying opportunity for long-term investors. It continues to achieve stellar sales and is delivering robust adjusted EBITDA growth on the back of acquisitions.

During the most recent quarter, its revenue and adjusted EBITDA increased by 225% and 267%. Further, this cloud-based software and tech solutions provider remain on track to deliver stellar sales and adjusted EBITDA growth in the coming quarters benefitting from its recent acquisitions, strong customer base, and high retention rate. Further, product expansion and its robust balance sheet bode well for growth. 

Absolute Software

Next up is Absolute Software (TSX:ABST)(NASDAQ:ABST) which has consistently delivered strong growth over the past several quarters. Despite its strong performance, Absolute Software stock has lost considerable value amid the recent selloff. Further, investors fear that economic reopening could slow down its growth. 

Nevertheless, Absolute Software continues to deliver strong growth, reflecting continued strength in its enterprise and government segment. Its strong annual recurring revenue, benefits from acquisitions, digital transformation, and expansion of product suite will likely drive its financials and stock price. Moreover, customer acquisitions, higher retention rate, geographic expansion, and growing addressable market augur well for growth. 

Payfare  

The final stock on this list is Payfare (TSX:PAY), which provides digital banking and instant payment solutions to gig workers. Payfare is growing fast and expanding its user base. For instance, its active user increased by 834% year over year in Q4. Moreover, it expanded on a quarter-over-quarter basis as well. 

Payfare expects to accelerate its growth and is targeting $90-$100 million in revenues in 2022. Further, the expansion of margin-enhancing and financial products and improvement in costs will likely cushion its profitability. Also, its growing scale, partnerships with leading marketplaces, and entry into high-growth verticals will likely support its financial and stock price.

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 Sneha Nahata has no position in any of the stocks mentioned. The Motley Fool recommends Absolute Software Corporation.

More on Tech Stocks

Businessman holding AI cloud
Tech Stocks

Could Investing $20,000 in Nvidia Make You a Millionaire?

Nvidia stock has made investors millionaires in the last 10 years. Is it too late to invest to become a…

Read more »

Business man on stock market financial trade indicator background.
Tech Stocks

1 Growth Stock Down 50 Percent to Buy Right Now

There are plenty of growth stocks in the market worth considering, but Shopify (TSX:SHOP) looks like one of the best…

Read more »

Woman has an idea
Tech Stocks

Prediction: 1 Stock That Could Trounce the Market 

The TSX has been favouring tech stocks, but not this one. However, it has the potential to trounce the market…

Read more »

clock time
Tech Stocks

Long-Term Investing: 3 Top Canadian Stocks You Can Buy for Under $20 a Share

These three under-$20 stocks offer excellent buying opportunities for long-term investors.

Read more »

Businessman holding AI cloud
Tech Stocks

AI Will Transform Everything: Investors, Be Early Adopters and Buy These 3 Stocks

Investors looking to invest in companies doing big things in AI should consider these three stocks for their portfolios.

Read more »

stock research, analyze data
Tech Stocks

Forget Shopify: These Unstoppable Stocks Are Better Buys Today 

Should you consider buying Shopify stock while rivals consider a buyout or should you go for stocks with a stronger…

Read more »

A colourful firework display
Tech Stocks

2 Potentially Explosive Stocks to Buy in March

These two growth stocks are destined for many more years of market-crushing returns.

Read more »

edit CRA taxes
Tech Stocks

TFSA Millionaires Are Learning They Can Still Be Taxed

If you day trade stocks like Shopify (TSX:SHOP) in a TFSA, you may be taxed.

Read more »