The Big Tech Selloff Is Over: 3 Stocks to Buy Before it’s Too Late

The rise of technology and sales are some of the worst threats that investors have faced in the past few years in the world of investing. The pandemic led to many digital offers skyrocketing before falling, as inflation and interest rates rose and restrictions eased.

Yet today, after crashing to unbelievable lows, tech stocks are holding on. In fact, some of the best and most popular names are gaining momentum again. So, let’s take a look at three of these tech stocks that investors should consider, while the selloff is about to end, before it’s too late.

Shopify stock

Shopify (TSX:SHOP) was one of the first tech stocks to come back in the last few months. In fact, over the past year, shares of Shopify stock are up about 86% at the time of writing. The reason comes from cash-saving moves in tech stocks.

Shopify stock is taking big cuts to save quickly, including big layoffs. However, it also sold its logistics business to Flexport for a stake in the company. Additionally, it is now refocusing its efforts on previously lucrative revenue streams. That’s the e-commerce industry, where the company’s bread and butter lies.

All this news sent shares climbing back from 52-week lows. However, with parts for about $87 at the time of writing, it still is DISTANCE away from an all-time high of $228 (adjusted for the stock split). Although there haven’t been many insider purchases in the last year or so, analysts are back on board with the stock. And with earnings around, this may be the best time to buy before the boom.

Lightspeed stock

Another one of those tech stocks that fell into oblivion is Lightspeed Commerce (TSX:LSPD), but this happened even before the pandemic. Lightspeed stock saw shares fall after a short-seller report said gross transaction volume (GTV) was all “smoke and mirrors.” And that its claims did not bring the promised income.

Since then, Lightspeed stock has proven otherwise. Its acquisitions have brought in a lot of revenue, and more are likely on the way. Still like Shopify stock, the company has had some layoffs and is now focusing back on its original pursuit: the point-of-sale system.

In this case, there is more opportunity to be had. Shares of Lightspeed stock are still down 4% over the past year, though have risen about 27% in the past three months following the recent news. It also trades at a valuable 3.73 times sales, although it is still working on its return to earnings. With management believing it will be achieved in 2024, and analysts agree, now is a good time to get the tech stock in progress.

hard stock

What these last two tech stocks have in common is that they are both newer than one company WEAK (TSX: GSY). Goeasy stock has been winning the market for a long time but the routes are very different. The company started as a lender for home appliances and furniture. Now, it has expanded, also creating lending options to the fintech industry.

The goeasy stock fell on the news that the government will lower the maximum allowable interest rate to 35%. However, the company has no problem with this and applauds the decision. Since then, there has been an increase in the stock. Plus, it continues to post record-setting results!

Shares of goeasy stock are cheap across the board, trading at 12.6 times earnings, 1.95 times sales, and 7.04 times enterprise value versus earnings before interest and taxes. Yet shares are still down from all-time highs. It has increased by 15% in the last year and 35% in the last three months. But there is still a discount from the 52 week high of 16%. So, this stock is a buy before another rebound.