Home Technology Top 3 Canadian Tech Stocks Listed on The New York Stock Exchange

Top 3 Canadian Tech Stocks Listed on The New York Stock Exchange

4 min read

The stock market has been in turmoil in recent months. The downturn can be located all the way back to March 2020, when global events caused the planet to be locked down. Admittedly the majority of companies have risen since those dark days, but more of the events that transpired in 2022 have caused yet another downturn on Wall Street. 

The New York Stock Exchange is one of the world’s oldest and most prominent stock exchanges, boasting a diverse selection of stocks from all around the world. With so many companies trading on the NYSE, there is sure to be a stock to suit every investor’s needs. The market hit record lows in October 2022 thanks to the ongoing cost of living crisis and ensuing inflation. 

The market has since recovered somewhat however, is still way down on pre-March 2020 levels. Now that represents a major problem if you already owned stocks prior to the catastrophic downturn, but if you are new to the investing game, the current market represents a fantastic buy-in opportunity. 

Many have likened the stock market to online betting, and there are similarities in that you can either make or lose money with both. If you prefer betting, you can explore the latest casino games, such as roulette, blackjack, and slots on a Canadian iGaming platform, Bodog. However, if you are solely interested in the stock market, there are websites, such as Plus500 and Robin Hood, which allow you to trade stocks from the comfort of your own home. Either way, it’s important to exercise responsible practices when circulating money online, safeguard your funds for cyberattacks, and make calculated decisions regarding your finances. 

When it comes to Canadian stocks, there is plenty out there that should appeal to you. Here are our three favorite Canadian stocks listed on the New York Stock Exchange. And please remember, this is not financial advice. 

Shopify (NYSE: SHOP)

Shopify is a great Canadian stock that has been performing well on the NYSE. This eCommerce giant has been growing rapidly as people turned to online shopping in their droves during the pandemic, and the stock reflects this. Shopify’s intuitive platform has been utilized by many small businesses to set up shop quickly and hassle-free, allowing them to compete with major players in the market. 

With long-term growth prospects, Shopify looks set to remain on top of the NYSE for years to come. The stock hit record highs in November 2021 when it soared to a price of US$169.06. Since then, however, it is down by over 77%, representing a great opportunity to pick up a bargain. 

The company endured a turbulent year throughout 2022 racking up losses of over USD$158m, but they showed signs of improvement during the third quarter, where they made a healthy profit. And further profits are to be expected once Q4’s earnings are released, with the company traditionally performing well throughout the festive period. 

Algonquin Power & Utilities (NYSE: AQN)

Algonquin Power & Utilities is another top Canadian stock trading on the NYSE. As one of Canada’s largest renewable energy companies, Algonquin saw its fortunes grow in 2020 despite the overall market downturn. With a steady dividend and high earnings yield, Algonquin is a great choice for long-term investors who don’t mind the potential volatility of the energy sector.

As we all know, renewable energy is the future, or at least it should be should we wish to have an inhabitable planet in a hundred years’ time. Solar power is seen as one of the best and most efficient renewable energy sources available to us. And don’t take my word for it, take Elon Musk’s. 

Tesla’s head honcho tweeted back in August: “We would be a dark iceball at near absolute zero if not for the Sun. And essentially the entire ecosystem is solar-powered. 

“Civilisation uses a tiny amount of energy by comparison. Not hard to generate from wind/solar,” he added.

If the South African multi-billionaire is bullish on Solar Power, so are we, and Canada’s own Algonquin is one of the market leaders in the sector. Over the last six months, the stock is down 50%, representing a great buy-in opportunity. As was the case with the aforementioned Shopify however, the financials from 2022 are less than impressive, but with assets totaling over $16bn, Algonquin should make a recovery throughout 2023. 

Brookfield Renewable Partners (NYSE: BEP)

Brookfield Renewable Partners is a great stock for investors who are looking for a more environmentally conscious option. This Canadian company owns and operates several renewable energy sources, making it one of the most sustainable options on the NYSE. With a robust growth record and a strong dividend, Brookfield Renewable Partners is a great pick for investors looking to make a responsible investment.

Brookfield also looks to be a less volatile stock than the aforementioned Algonquin. It is down just 8% over the last year and has rallied by 10% in the last month alone. The company raked in $480m in 2022, and further profits could follow in 2023. 

Last Updated: May 31, 2023

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