The stock market might be near all-time highs, but it’s not champagne and caviar for every company or their shareholders. Many stocks are deep in the red this year despite the gains seen across the indices. This is especially true of technology stocks. While familiar mega-cap names such as Meta Platforms (NASDAQ:META) are trending higher, a lot of smaller tech stocks are struggling in this market.

Some tech stocks are floundering due to self-inflicted wounds and poor financial results. However, issues ranging from high interest rates and geopolitical conflicts to poor analyst ratings and negative investors sentiment are also weighing on share prices and hurting stocks. The good news for investors is that many technology stocks are now available at bargain basement prices, presenting opportunities to go bottom fishing.

So, let’s delve into this tech sector fire sale of three must-buy stocks at multi-year lows.

Paramount Global (PARA)

It looks like there might finally be a deal that will see privately held production company Skydance Media acquire streaming giant Paramount Global (NASDAQ:PARA). Media reports murmur that Skydance Media is expected to pay $1.75 billion for National Amusements, the parent company of Paramount Global, and then merge the two entertainment concerns. That news sent PARA stock up 7%.

While Paramount stock has gotten a boost, its share price is still down 20% year-to-date (YTD). The long-term losses for Paramount Global’s stock are even greater. The company’s share price today is trading 78% lower than five years ago. Management is trying to right the ship beyond the potential deal with Skydance Media. They are exploring streaming joint ventures with other media companies. And, they may be eliminating $500 million in costs and divesting noncore assets. Also, paying down $15 billion in long-term debt is a top priority.

While not without risk, PARA stock could be a good purchase for bargain hunters. This holds particularly true as the company remains in play as an acquisition target.

Shopify (SHOP)

E-commerce company Shopify (NYSE:SHOP) is another potential buy. Its stock is down 11% this year and 62% below the all-time high from November 2021 of the pandemic rally peak. More recently, SHOP stock fell nearly 20% after the company reported a surprise loss for its fiscal first quarter. Shopify announced a loss of 21 cents per share. This was far worse than the 9 cent profit that analysts expected.

The financial loss in fiscal Q1 was blamed on the sale of Shopify’s logistics business and related fees that the company incurred on the sale. Looking ahead, Shopify said that for fiscal Q2, revenue will grow at a high-teens percentage rate year-over-year (YOY). Analysts had forecast a Q2 sales increase of 19%. In late June, Shopify also announced it is teaming up with discount retailer Target (NYSE:TGT) on a third-party online marketplace.

Companies that work with Shopify can now apply to join “Target Plus,” the retailer’s third-party marketplace. The arrangement with Target gives Shopify’s customers a larger consumer base to draw on. For Target, the deal adds new and diverse products and brands to its online marketplace. Financial terms of the arrangement are not yet disclosed.

BlackBerry (BB)

Investors really looking to bottom fish a hard luck technology stock should consider BlackBerry (NYSE:BB). The former smartphone maker turned IoT company has seen its share price drop 53% in the last 12 months. This was due to a string of poor earnings reports.

BB stock is 98% lower than its all-time high reached in 2008 when it was still making handheld devices. At less than $2.50 per share, BlackBerry now trades as a penny stock. Most recently, BlackBerry reported its net loss in this year’s Q1 grew by nearly 300% as sales continue to deteriorate. Revenue declined 61% from a year earlier. BlackBerry is preparing to divide its cybersecurity and IoT divisions to cut costs.

While not for investors with weak stomachs, BB stock could rise if management can get the company’s house in order. Additionally, BlackBerry has become a popular meme stock. So, its share price is prone to popping whenever that basket of securities rises.

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Read More: Penny Stocks — How to Profit Without Getting Scammed

On the date of publication, Joel Baglole did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.