Are These The Best Trending Tech Stocks To Buy Right Now?
Tech stocks have been performing extremely well throughout 2020. So well to the point that they are now worth more than the entire European stock market. Things for some tech stocks did slow down back in October but now are picking up once again in November. You’ve seen how large companies like Apple (AAPL Stock Report) and Tesla (TSLA Stock Report) have reached new heights in the market during 2020. But what does that mean for other tech stocks?
Rather than looking at the biggest of the bunch, we are going to look at some average tech stock gainers. It is clear in 2020 that top tech stocks are the highest of performers this year. So let’s look at three tech stocks that have been trending in the market.
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Top Tech Stocks To Watch In November: Square Inc.
The first tech stock to watch on this list is Square Inc. (SQ Stock Report). Square is a mobile payment company that has been publicly traded since 2015. Square is a mobile payment service that allows businesses to accept payment from customers and more. It offers a point of sale, money transfers, and many more useful services as well. Well, why is the company trending right now? Let’s look at the recent news and advancements that have come with 2020 for the company.
In the third quarter of 2020, total net revenue was $3.03 billion, up 140% year over year, and excluding bitcoin revenue, total net revenue was $1.40 billion, up
25% year over year
On November 5th, the company reported its Q3 2020 earnings. In the third quarter of 2020, Square reported total net revenue of $3.03 billion, up 140% year-over-year. The company also achieved a gross profit of $794 million, a 59% increase year-over-year. Their Cash App reported strong growth, with gross profit up 212% year-over-year, to $385 million.
The company stated, “Our results in the third quarter highlight our ability to reach new customers as we
drove strong acquisition across both Seller and Cash App. While the macroeconomic
environment remains uncertain, we continue to believe that our Seller and Cash App
ecosystems are well-positioned to benefit from the acceleration of secular shifts,
such as omnichannel commerce, contactless payments, and digital wallets for
consumers. We intend to invest in the business to drive attractive returns.“
In 2020, SQ stock price is up triple-digits which is very good for investors of the company. In just November, SQ stock has jumped another 14.40%. That is why it is on this list of tech stocks to watch. Now we will see what future advancements this company can make when it releases third-quarter results.
Top Tech Stocks To Watch In November: Snowflake Inc.
Next up on this list of tech stocks to watch Snowflake Inc. (SNOW Stock Report). Snowflake is a tech company that provides cloud-based data as a platform in the United States and internationally. Its platform lets customers consolidate data into a single source of truth to drive meaningful business insights. It also helps build data-driven applications and share data. It is used by a lot of organizations in many different industries. So let’s look at what has been going on recently with Snowflake Inc, and why this company is trending today.
On November 2nd the company announced they will be reporting their third-quarter 2020 earnings on after the close on Wednesday, December 2nd, 2020.
On September 18th, Snowflake announced the closing of its initial public offering of 32,200,000 shares of Class A common stock. In its brief time on the market, SNOW stock has gone from $240 a share to all-time highs of $319. As of November 13th SNOW stock closed at $234 a share. As a cloud-based company in 2020, Snowflake has benefitted a lot. Cloud services are being used more than ever this year, meaning great things for all cloud and digital service-based companies. It seems as if it was the perfect time for Snowflake to IPO because of this. That is why this company has made this list of tech stocks to watch.
Top Tech Stocks To Watch In November: Pinterest
The last tech stock to watch on this list is Pinterest (PINS Stock Report). The image sharing and social media company has been trending as a top tech stock to watch in the stock market in 2020. The San Francisco-based company has been able to have massive success as more people were forced to stay at home under lockdown orders this year due to the coronavirus pandemic.
The company has notched in a 214% increase in share price year-to-date and is currently worth $62.32 per share as of November 13th. This is obvious as more people are using Pinterest than ever before. As more people remain home, they would have more time to focus on their hobbies and interests. From learning new musical instruments to mastering new skills, Pinterest has the resources to empower creators to share their ideas with people who are ready to take action. The social media giant’s global monthly active users (MAUs) increased by 37% to 442 million, Pinterest also saw its third-quarter revenue growth of 58% year-over-year to $443 million.
This robust growth for Pinterest’s third-quarter is also attributed to the rebound in advertising demand. Pinterest is also reporting positive returns from its investments in advertiser products and global expansion. As the COVID-19 pandemic remains in play with no end in sight, Pinterest in its financial outlook has reported that its fourth-quarter revenue is anticipated to grow an estimated 60% year-over-year. Can PINS stock keep this momentum going in 2020 and beyond?