North America has wrestled with a supply chain crisis in the final leg of 2021 that has threatened to seriously disrupt retail operations going into the holiday season. The emergence of the Omicron COVID-19 variant now threatens to stir further disruptions. Investors should look to one TSX technology stock that is perfectly positioned to provide solutions to this present-day problem.
Kinaxis (TSX:KXS) is an Ottawa-based company that debuted on the TSX back in 2014. The company provides cloud-based subscription software for supply chain operations in Canada and around the world. Shares of this tech stock have climbed 6.5% in 2021 as of early afternoon trading on November 30. However, the stock is down 5.2% week over week.
The company released its third-quarter 2021 earnings on November 4. It achieved a record number of customer wins in the quarter. In previous years, Kinaxis has won contracts with top automobile companies like Ford (NYSE:F), Toyota Motors (NYSE:TM), and Volvo (NYSE:UL)and top companies like Unilever. The company posted SaaS revenue growth of 14% to $44.7 million in the third quarter of 2021.
Total revenue jumped 17% year-over-year to $64.4 million.
Supply chain solutions software has seen demand surge since the start of the pandemic. Kinaxis has grown into a global leader in this space. The stock last had an RSI of 40 as it is trending towards technically oversold territory. I’m looking to snatch up this tech stock ahead of the holiday shopping season.
