Canadians: 4 Tech Stocks That Could ELECTRIFY Your Portfolio in 2022

Top tech stocks like Nuvei Corporation (TSX:NVEI)(NASDAQ:NVEI) and others are perfect for a Canadian portfolio this decade.

Image source: Getty Images.

The S&P/TSX Capped Information Technology Index fell marginally on April 14. Canada’s technology space punched above its weight over the course of the COVID-19 pandemic. However, a choppy market and a slew of short-seller attacks has made it more difficult for tech-loving Canadians in late 2021 and early 2022. Regardless, there are still many tech stocks worth getting excited about this spring. Today, I want to zero in on four of my personal favourites.

Here’s why this exciting tech stock can still return to form in 2022

Nuvei (TSX:NVEI)(NASDAQ:NVEI) is the first tech stock I want to focus on. This Montreal-based company provides payment technology solutions to merchants and partners in North America and around the world. The developed world has continued to creep towards a cashless society. Investors should look to target the payment-processing solutions market going forward.

This tech stock was on a huge roll coming into the fall of 2021. However, it found itself the target of a short report from Spruce Point Management that called its growth trajectory and management into serious question. Its stock took a major hit. Fortunately, Nuvei was able to quiet some of its doubters when it delivered strong fourth-quarter and full-year 2021 results on March 8, 2022.

ALERT: Now is the perfect time to snatch up crypto stocks

The cryptocurrency space has also found itself in a slump since the final months of 2021. Some experts and analysts projected that rate tightening could have a negative impact on this space. Despite its rocky start to 2022, crypto has shown that it is here to stay. Instead of betting on individual coins, Canadians should look to target top crypto miners.

Hut 8 Mining (TSX:HUT)(NASDAQ:HUT) is a Toronto-based cryptocurrency mining company. Shares of this tech stock have plunged 45% in 2022 as of close on April 14. In 2021, the company delivered record revenue of $173 million. Meanwhile, it reported that it held a Bitcoin balance of 5,518 as at December 31, 2021. Its shares last had an RSI of 35, putting Hut 8 just outside technically oversold territory.

The supply chain crisis should spur you to snag this top tech stock

Back in November 2021, I’d looked at some of the top Canadian tech stocks to hold for the rest of this decade. The ongoing supply chain crisis has highlighted the need for many companies to modernize and dramatically improve their processes. Fortunately, Kinaxis (TSX:KXS) has emerged as a major player in this space. The Ottawa-based company provides cloud-based subscription software for supply chain and operations planning.

Shares of this tech stock have plunged 14% so far this year. In 2021, the company delivered total revenue growth of 12% to $250 million. Meanwhile, gross profit jumped 6% to $163 million. This tech stock is still trading in attractive value territory relative to its industry peers.

One more under-the-radar tech stock to buy today

Evertz Technologies (TSX:ET) is another tech stock that is ignored too often. This Burlington-based company is engaged in the design, manufacture, and distribution of audio and video infrastructure solutions for the telecommunications sector in North America and worldwide. Shares of this tech stock have jumped 11% in the year-to-date period.

The company unveiled its third-quarter fiscal 2022 results on March 8. Quarterly revenue jumped 30% year over year to $120 million. Meanwhile, net earnings jumped 108% to $21.6 million. Shares of this tech stock possess a favourable P/E ratio of 18. Better yet, it last paid out a quarterly dividend of $0.18 per share. That represents a very solid 4.8% yield.

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 Ambrose O'Callaghan owns KINAXIS INC and Nuvei Corporation. The Motley Fool owns and recommends Bitcoin and Nuvei Corporation. The Motley Fool recommends KINAXIS INC.

More on Investing

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Tuesday, May 28

Besides Scotiabank’s earnings, the important U.S. consumer confidence numbers will remain on TSX investors’ radar today.

Read more »

money cash dividends
Dividend Stocks

The 2 Stocks Every Dividend Investor Should Own for Reliable Cash

Dividend stocks offering consistent and reliable returns can be a crucial asset in any portfolio, especially for income-producing dividend portfolios.

Read more »

grow dividends
Dividend Stocks

2 Dividend Stocks to Double Up on Right Now

These top TSX dividend-growth stocks now offer yields above 7%.

Read more »

Dollar symbol and Canadian flag on keyboard
Dividend Stocks

TFSA: 2 Canadian Stocks to Buy and Hold for Tax-Free Gains

Building a large, tax-free nest egg in your TFSA with growth stocks can give you more control over your tax…

Read more »

Group of people network together with connected devices
Tech Stocks

This Is the Best Overlooked AI Stock on the TSX Today

This AI stock has been a top growing in the last while, but remains overlooked despite its strong portfolio and…

Read more »

Women's fashion boutique Aritzia is a top stock to buy in September 2022.
Dividend Stocks

May Boycotts: Is Loblaw Stock in Trouble?

Even extreme fluctuations in consumer purchasing patterns may not impact a stock as aggressively as demoralizing actions like boycotts.

Read more »

Dice engraved with the words buy and sell
Stocks for Beginners

TD Stock: Buy, Sell, or Hold?

TD stock (TSX:TD) is under immense scrutiny during its money laundering probe, but this could also mean it is a…

Read more »

Different industries to invest in
Tech Stocks

Why This AI Stock Surged 363% in Just 1 Year

This AI stock has surged this year by almost 400%! And yet this could only be the beginning for this…

Read more »