Most Canadian companies will be wrapping up their first quarter of this year on Wednesday, March 31. Investors have been actively trading, especially cannabis, crypto, and fintech stocks, in the last three months.
We explore three stocks from the above industries, which are listed on the Toronto Stock Exchange (TSX) and TSX Ventures, and could extend their performance in the upcoming quarter.
Hexo Corp)
Our first pick is a cannabis packaged goods producer and retailer. This pot stock has grown more than 53 per cent in the last three months, guided by robust sale numbers. It is currently trading at C$ 7.97 per common share*.
The stock registered its 52-week high of C$ 14 per piece on February 10, 2021, and currently stands at a 43 per cent margin relatively. Its year-to-date return has surged to 70.66 per cent, led by the green wave.
The pot share price has risen more than 30 per cent in one year, outperforming the S&P TSX Pharmaceuticals (Industry) Index, which has plunged by 30.30 per cent in the same period.
In the second fiscal quarter of 2021, the company posted net revenue of C$ 32.8 million, a surge of 94 per cent year-over-year (YoY).
HIVE Blockchain Technologies Ltd.
The blockchain firm has recorded 99 per cent returns in the last three months, guided by the crypto buying frenzy. Its current price is C$ 4.30, and the crypto miner’s market cap is C$ 1.557 billion.
It has skyrocketed by 2,224 per cent in the past one year, with a 30-day volume of over 7 million shares. It is also offering positive earnings per share of C$ 0.11. However, it is down 40.69 per cent against its all-time high of C$ 7.25 per common share (Set on February 19, 2021).
In the third quarter for FY21, the crypto asset firm garnered income of C$ 13.7 million from its digital currency mining operations, a massive increase of 174 per cent YoY.
Nuvei Corporation
The digital payment solution provider is known for its blockbuster initial public offering (IPO) last year. On Tuesday, the fintech firm announced that it is adding nearly 40 cryptocurrencies to its platforms. Its stock opened in the green at C$ 71.81 on the back of the above initiative.
Its current market cap is C$ 3.3 billion, with an interesting price-to-cashflow ratio of 61.00.
The stock has gained 69.024 per cent against its listing day low of C$ 42 per share.
It is up 6.5 per cent month-to-date (MTD).
Nuvei registered an impressive top line of US$ 375 million in 2020, a rise of 53 per cent against US$ 245.8 million in 2019.