For those who believe that Canada’s greatest contribution to the technology landscape is somewhere between the maple syrup press and the Timbit, prepare to be amazed. Two Canadian tech stocks brought out announcements today that rocked the market. Some much more so than others; MDA (TSE:MDA) jumped nearly 4% in Monday afternoon’s trading, while Hive Blockchain (TSE:HIVE) plummeted nearly 7%.
MDA landed its surge thanks to plans to break into the TSX Composite Index in the next couple of weeks. MDA serves as a supplier to the worldwide space industry and is the maker of the Canadarm robotic arm system commonly seen coming out of the cargo bays of space shuttles. They’ve been part of the space industry since the 1980s, making them a huge part of the world’s journeys into space.
Meanwhile, HIVE Digital managed to land the top slot in the TSX Venture 50 in technology. That list features a range of companies covering sectors from clean energy to mining operations, so its position at the top of the list makes it clear that it’s a force to be reckoned with, especially as Bitcoin (BTC-USD) is poised to become ever more valuable with the upcoming halving.
A Rising Prominence in Tech
Canada has made more than its share of moves to advance in the technology space. These two are just part of a wider initiative that’s been going on for years. In fact, just months ago, a report from CoStar revealed that, in terms of tech job growth, Canada was actually the leader in North America. While the United States had the higher raw growth numbers—610,000 jobs to Canada’s 150,000—the percentage growth rate was higher for Canada, which came in at 15.7% against the United States’ 11.4%.
Which Canadian Tech Stock Is a Better Buy Right Now?
Turning to Wall Street, HIVE stock is the leader here by a pretty wide margin. While only a Moderate Buy, the C$8.37 average stock price target gives it a 71.37% upside potential. Meanwhile, MDA stock is the laggard of the two. Considered a Strong Buy by analysts, its C$16 price target allows it only a 6.31% upside potential.
