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Canadian Tech Stock Powers Higher on Revenue Guidance

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CounterPath Corporation (TSX:PATH), a Canadian tech stock, surged after saying COVID-19 has resulted in strong demand for its products and services

Sean Mason | April 23, 2020 | SmallCapPower

COVID-19 has resulted in a revenue boost for a Canadian tech stock, sending its shares higher Thursday. Here’s some small stocks making big moves on Thursday, April 23, 2020 (as of 4 pm EST):

CounterPath Corporation (TSX:PATH), a Canadian tech stock, soared 29% to $3.87 on Thursday after announcing that the COVID-19 global public health emergency has resulted in strong demand for CounterPath products and services, which enables many businesses to continue to communicate remotely, so far during the fourth quarter ending April 30, 2020. The Company added that it expects Q4 revenue in the range of $3.6 million to $4.0 million, resulting in growth of 26% to 40% compared to the fourth quarter of Fiscal 2019.

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As well, shares of Questor Technology Inc. (TSXV:QST) slid 24% to $1.37 as the manufacturer of waste gas incineration systems said COVID-19, combined with the oil price war, will have a significant effect on its 2020 business results, adding that its largest customer in North Dakota has served notice that it intends to return all equipment under rent over the month of April.

Neptune Wellness Solutions Inc. (TSX:NEPT), meanwhile, reported that it has ramped up production of hand sanitizers to more than one million units weekly. Neptune Wellness stock popped 24% to $3.32 following the announcement.

Finally, Nano One Materials Corp. (TSXV:NNO) shares gained 13% to $1.17 after the developer of technology for the production of lithium ion battery cathode materials used in electric vehicles, energy storage and consumer electronics announced that its patented cathode tested positively in solid state batteries with auto companies.

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Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.

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