It can seem crazy when Canadian stocks go gangbusters. It doesn’t seem possible that years, even months from now we could all but forget about them. But that seems to be the case for these three stocks. After climbing to unseemly heights, each of these Canadian stocks has just… disappeared from headlines.
So let’s take a look at what’s happening and see where these three stocks are now that they’ve gone from the spotlight.
Remember Facedrive (TSXV:FD)? It seemed to have it all. Facedrive stock invested in Electric Vehicles for its ride-sharing, food delivery service. It provided contact tracing, contactless delivery, even involved itself in e-commerce! Facedrive seemed like one of the Canadian stocks you couldn’t lose investing in.
Facedrive stock climbed to insane heights, up over 2,800% at its highest point. But since then, Facedrive stock has lost almost everything it gained. The company may have been a $5 billion one, but it had little revenue to show for it. In the first nine months of 2020, it earned under $750,000 and lost $14.4 million. Ouch.
Since the beginning of the year, shares are now down by about 35%. And revenue has improved, recently reporting $4.25 million in revenue, up from $287,000 the year before. But still, this is a volatile stock that needs an overhaul, and it looks like Motley Fool investors and others have caught on.
While Facedrive stock was plummeting, Goodfood Market (TSX:FOOD) has stabilized. While this is good news for those hoping they wouldn’t lose money, it’s not so great if you were hoping to continue seeing the massive gains. However, don’t give up yet on Canadian stocks like Goodfood stock.
There is a lot of room to grow for Goodfood stock. The company currently boasts a market capitalization of $684 million as of writing. But compared to its peers that’s small potatoes, each around $1 billion at least. The company continues to expand its revenue, most recently to $107.8 million, up 24% for the last quarter.
The pandemic may be coming to an end, but Goodfood stock has managed to hold onto its subscription rates. As it continues to offer more products, services, and open even more distribution centres, it looks like this company is in it for the long haul. So Motley Fool investors should consider doing so as well. Shares are up 40%, but going through a pullback in the last few months offering a strong jumping-in opportunity.
Ah, cryptocurrency. It was doing so well, wasn’t it? Then investors caught on and realized that this was just an arbitrary number assigned to Bitcoin and other currencies. What came up soon came down, and that included those companies on the outskirts like HIVE Blockchain Technologies (TSXV:HIVE).
Now I’m not saying cryptocurrency is over. While I plan on waiting until it’s tied to economies rather than assigned worth, it can’t be denied that it is indeed the future. But right now, HIVE stock and others have been valued far too high.
Shares in the company climbed by almost 2,000% between July 2020 and February 2021. Since those heights, those earnings have all but been lost. While shares are up 690% in the last year, they’re still down by 60% since all-time highs.
This is one of the Canadian stocks where it’s really up to Motley Fool investors to make a decision for themselves. If you believe cryptocurrency is the future, investing in a miner like HIVE stock could be a great option. When Blockchain and others rebound, so will HIVE stock with it!
If you’re not so sure and just want a growth stock, then maybe stay away for now. Cryptocurrency remains a volatile investment, and that includes HIVE along with it.