These 5 ASX tech stocks are up over 600pc in 2020
Link copied to
ASX tech in 2020 has been a rollercoaster ride, but ultimately it’s been another year of growth, particularly for the top stocks.
The tech sector has had a reputation for growth as it hosts a significant proportion of the last decade’s biggest multi-baggers on both the ASX and Wall Street.
The most obvious examples were the ASX’s WAAAX stocks (Wisetech (ASX:WTC), Afterpay (ASX:APT), Appen (ASX:APX), Altium (ASX:ALU) and Xero (ASX:XRO)) and America’s FAANG (Facebook, Amazon, Apple, Netflix and Google) stocks.
12 months ago, few could have predicted the global pandemic that has eventuated, let alone the broader impact on the ASX tech sector.
While many stocks crashed in March, several recovered and 2020 has in fact been a breakout year for a number of stocks.
According to IRESS, 33 tech stocks have gained 100 per cent or more and five have gained 600 per cent or more.
The biggest ASX tech winner in 12 months is wealth management platform Douugh (ASX:DOU).
In silver spot is Harvest Technology (ASX:HTG) which is up over 800 per cent.
These days it owns technology that allow for the secure transfer of data, including high-definition video and audio, from offshore or remote locations via satellite at much lower bandwidths than previously possible.
It told shareholders in its most recent annual report it is aiming to be an internationally recognised satellite services provider by the end of 2022.
Rounding out the Top 5 ASX tech winners in 2020 are a handful of stocks at the forefront of micro-sectors that are becoming industries in their own right and are having breakout years in 2020.
In third place is the ASX’s only pure play virtual reality stock – Vection (ASX:VR1).
Fourth is semiconductor and AI stock Brainchip Holdings (ASX:BRN) which is working on a semiconductor technology that can function at the “edge” without relying on an independent memory processor.
Much of its growth in 2020 came in September when it announced a tie up with VORAGO, a US tech business, to develop products suitable for space exploration.
In fifth spot lies cybersecurity stock Tesserent (ASX:TNT). The entire cybersecurity sector has had an incredible year due to increased demand for cybersecurity services generally.
Tesserent has been particularly successful, hitting $100 million in annualised gross revenue back in September and has made several acquisitions that have diversified its offering.