RY 163.02 -0.3667% SHOP 148.23 1.8693% TD 85.86 0.0466% ENB 63.075 0.6462% BN 77.5 0.0258% TRI 244.8 -0.0204% CNQ 44.03 0.0454% CP 106.23 -0.1504% CNR 139.83 -0.0429% BMO 139.84 -0.491% BNS 68.76 -0.4488% CSU 4644.6099 -0.2384% CM 81.39 0.0492% MFC 43.95 0.5951% ATD 70.64 -0.1414% NGT 68.98 0.2762% TRP 70.17 1.4017% SU 53.73 0.0745% WCN 271.07 -0.7251% L 188.93 -0.5789%
Technology Stocks
Top TSX Growth Stock Down 84.47% - Buy Now?
Lightspeed Commerce (TSX: LSPD), a Canadian tech stock, has experienced significant fluctuations since its debut on the TSX in March 2019. Initially going public at $18.90 per share, the stock soared to nearly $160 per share in September 2021, only to decline by over 84% to $24.66 per share as of the latest trading date.
The e-commerce sector, including Lightspeed, witnessed a surge in share prices during the pandemic. However, a short-seller report triggered a 30% drop in Lightspeed's stock, followed by a broader tech sector meltdown. In response to the downturn, the company's founder transitioned to an executive role, with J.P. Chauvet assuming the CEO position.
Despite the challenges, Lightspeed Commerce has embarked on several acquisitions and expansion initiatives, restructuring itself for streamlined operations. The company aims to unify merchants using its Lightspeed Payments platform, targeting at least 50% adoption by 2026.
Financially, Lightspeed reported a 25% year-over-year growth in total revenue during the second quarter, signaling improved performance. While the company remains unprofitable, it has reduced its net loss by 47%. With a 26% YoY increase in software-adjusted revenue per user, Lightspeed is eyeing profitability in 2024.
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