Are These The Best Tech Stocks To Watch This Week?
Tech stocks have been the engines for stock market growth recently. The rapid adoption of communications technology, smartphones, and cloud computing is just the latest in a long line of technological advances that have swept through history. The coronavirus pandemic has compounded the growth for the coming decade. That is, technology bears a far greater influence on societal functioning than it ever had. For this reason, top tech stocks are once again leaving everything in the dust.
No one knows exactly where the market is heading next, but identifying leading tech players could be quite rewarding. We saw tech-centric Nasdaq Composite galloping to new highs. We know this could be a concern for investors considering the unemployment rate at highs not seen since the Great Depression. This shows the continued dissociation between the stock market and the real economy. Some investors believe there are reasons to believe that the current rally may fizzle and yield to another crash.
Even if it doesn’t, history tells us stock market crashes are inevitable occurrences in the investing cycle. That said, when the next one does occur, buying amid stock dips could also push your long-term returns even higher. A recent surge of interests has grown around tech stocks especially during the pandemic. When you have names like Apple (AAPL Stock Report) and Shopify (SHOP Stock Report), it is hard not to pay attention to what’s happening in the tech space. Given the fact that tech stocks are gaining momentum, is this still the time to buy tech stocks that are currently benefiting from the work-from-home measures?
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Best Tech Stocks To Buy Right Now [Or Sell]: Fastly
If you have been a reader at StockMarket.com, you would have come across Fastly (FSLY Stock Report) stock when we first discussed it. Also, you might have noticed that the stock had doubled since. Among investors, Fastly stock is still one of the top stocks to buy now. If you are here for the first time, you may be wondering why Fastly stock had a great rally recently. Well, as the name implies, the company’s business has something to do with speed. Fastly help businesses speed up their internet traffic through content delivery networks (CDN).
If you have heard someone making it big by buying tech stocks, you are not alone. Maybe your aunt bought some Microsoft (MSFT Stock Report) in the ’80s and she’s a millionaire now. Or better still, your parents bought some Apple stock way back and have saved enough for you and your grandchildren. Now Fastly stock has almost tripled since it got listed last year. Will it be the best tech stock to buy with the potential to be a ten-bagger stock in the future? That’s not impossible if you ask me, considering it is only a fraction of the size of Akamai Technologies (AKAM Stock Report). I would be lying if I say FSLY stock has peaked.
Best Tech Stocks To Buy Right Now [Or Sell]: Nokia
Second, on the list, Nokia (NOK Stock Report) is back on investors’ radar after a rough patch. The loss of its contract with China Mobile, a dividend cut, and a price falloff related to the coronavirus pandemic have all weighed on Nokia. That said, shares of Nokia are still on the positive territory year to date. The stock traded 13% higher compared to where it was at the beginning of the year.
As the market recovers and with 5G rollout beginning to take shape, investors are looking for the best 5G stocks to invest. And Nokia is one of them. From dominating the cellular phone market in the past to becoming a leading 5G telecom equipment provider, is this the chance for NOK stock to regain its fame during its glorious days?
[Read More] 2 Trending Tech Stocks To Watch Before July 2020
Best Tech Stocks To Buy Right Now [Or Sell]: Zoom Video Communications
Zoom Video Communications (ZM Stock Report), is no doubt one of the best performing tech stocks in 2020. Shares of Zoom have gone up more than 200% year to date. No one saw it coming. The first-quarter earnings report far exceeded even its management expectations. The revenue of $328.2 million during the first quarter seems promising. But we should also look at the massive costs associated with advertising that has been eating a large chunk of cash away from its balance sheet.
Many analysts believe that ZM stock is at some outlandish valuations. This suggests that many believe the bubble may explode, and not in a good way. Of course, analysts can be wrong. Many were wrong when ZM stock was trading around $100 per share, saying it was overvalued. Well, now that we are above the $250 mark, I wouldn’t blame you if you are cashing out right now. In fact, it is perfectly reasonable to do so. But here’s the thing when investing in one of the top tech stocks in the market. You will never know when they have peaked. However, we can’t deny the fact that Zoom has been the rock star among the work-from-home stocks. Now that it seems it may have gotten ahead of itself, if those analysts are right, do you think the bubble may be about to pop soon?