Are These The Best Tech Stocks To Buy This Week?

Tech stocks have certainly thrived in the market. These stocks have brought returns that surpassed the broader market in the last few years. If anything, the industry has shown unrivaled resilience and has shown no signs of stopping. The Nasdaq Composite, which is a tech-heavy index, has closed on yet another record high just last Friday. Investors and companies alike are well aware of the tech industry’s current momentum. In fact, Tesla (NASDAQ: TSLA) just revealed a $1.5 billion investment into Bitcoin earlier today, pushing the cryptocurrency past the $44,000 mark to a record high. Admittedly, Bitcoin has become a safe haven for investors fearing the diminishing value of fiat currency. This is yet another example of tech paving the way for change.

For one thing, this new frontier in financial technology has been making headlines for the past few months. Top players in the fintech industry such as PayPal (NASDAQ: PYPL) are already accommodating cryptocurrency transactions. Even tech giant Amazon (NASDAQ: AMZN) has a stake in the blockchain technology behind cryptocurrency. Namely, this is via its Amazon Managed Blockchain solutions which allow customers to create and manage their own blockchain networks. In the larger scheme of things, more people and companies will likely continue to adopt tech. If you’re looking to bank in on that, here is a list of top tech stocks to consider adding to your portfolio.

Top Tech Stocks To Buy [Or Sell] Now

Riot Blockchain

First on this list of tech stocks is Riot Blockchain. The company focuses on bitcoin mining, supporting the bitcoin blockchain by participating in Bitcoin’s consensus system through proof-of-work mining, racing to find the next block, and building upon the chain. It aims to be one of the largest producers of Bitcoin in North America. Riot has invested in projects with a decentralized market, combining real-world applications with a large addressable market. Today,  RIOT stock jumped by over 40% as of Monday’s close at $32.79 on the news of Tesla investing $1.5 billion in Bitcoin.

top cryptocurrency stocks (RIOT stock)

The company today also announced the appointment of Jason Les as CEO of the company. He has significant experience in both mining and as an engineer studying protocol development. As CEO, he will also be the driving force behind the company’s strategic focus on Bitcoin mining. In the company’s third-quarter fiscal posted in November, it reported a 21% increase in mining revenue at $6.7 million for the nine months that ended September 30, 2020.

Its cryptocurrency mining revenue margin increased by 38% for the same period as well. The company also increased its liquidity to $39.1 million in cash and cryptocurrencies for the quarter. With so much happening to the blockchain industry, will you consider buying RIOT stock?

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MicroStrategy Incorporated

MicroStrategy is a company that provides business intelligence, cloud-based services, and mobile software. The company is one the largest independent publicly-traded business intelligence company, with a leading enterprise analytics platform.  It provides modern analytics on an open, comprehensive enterprise platform that is used by many of the most admired brands in the Fortune Global 500. MSTR stock has more than doubled year-to-date.

top tech stocks (MSTR stock)

Late last month, it reported a total revenue of $480.7 million and a non-GAAP operating income of $68.2 million. MicroStrategy also posted that its current subscription billings increased by 41% year-over-year at $15.5 million. The company also acquired 70,469 bitcoins at an aggregate price of $1.125 billion or an average price of $15,964 per bitcoin. The company’s share price has been on an incredible run since last August when it announced that it would use Bitcoin as its primary treasury reserve asset.

Seeing how Bitcoin is now worth over $44,000, the company believes that the world’s most widely adopted cryptocurrency is a dependable store of value and an attractive investment asset with more long-term appreciation potential. Given all of this, will you consider buying MSTR stock?

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Teradata Corporation

Teradata is a provider of database and analytics-related software, products, and services. The company delivers real-time, intelligent answers and leverages 100% of relevant data, regardless of scale or volume of query. It has three main business segments: business analytics, cloud products, and consulting. The company’s shares are up by over 30% after announcing its fourth-quarter fiscal on Thursday.

best tech stocks to buy (TDC stock)

In its latest financials, the company reported that its annual recurring revenue (ARR) increased by 11% compared to a year earlier, at $1.58 billion. The company’s public cloud ARR increased by 165% year-over-year at $106 million. Its fourth-quarter recurring revenue of $383 million has exceeded the company’s guidance range. Teradata also ended the quarter with a diluted earnings per share of $0.38 and ended the quarter with $45 million in cash.

CEO of Teradata, Steve McMillan had this to say, “I am proud of the extraordinary resilience of our teams in 2020 and look forward to an even-stronger 2021. Companies must take advantage of all the data that is available to them to succeed, and we are steadfast in providing the enterprise scale and flexibility our customers need with our multi-cloud data platform. We are accelerating our cloud roadmap and bringing cloud-native integrations at a record pace, and we anticipate driving annual growth of at least 100% in cloud ARR, as well as year-over-year growth in total company revenue, profitability, and free cash flow for Teradata in 2021.” With such exciting developments, will you consider buying TDC stock?

[Read More] Making A List Of Tech Stocks To Watch This Week? 4 To Watch

Marathon Patent Group Inc.

Marathon is a digital asset technology company that mines cryptocurrencies, with a focus on blockchain ecosystem and the generation of digital assets. It currently operates a proprietary Data Center in Hardin MT with a maximum power capacity of 105 Megawatts. The company also owns 2,060 advanced ASIC Bitcoin Miners at a co-hosted facility in North Dakota. The company’s share price has gained by over 140% year-to-date.

tech stocks (MARA stock)

In the company’s latest quarter posted in November, it reported that its total revenue increased by 160% year-over-year at $835,184. Marathon also ended the quarter with $27.1 million in cash.

Marathon’s Chief Financial Officer, Sim Salzman, commented, “We are pleased to announce sizable year-over-year revenue growth of 160% and 89% respectively in the three and nine-month periods. During the quarter, the Company was able to enter into favorable purchase agreements with Bitmain that allowed for the material improvement in its current and future financial position. We look forward to continuing our aggressive growth trajectory while taking advantage of recently executed long term agreements with fixed pricing regardless of increased bitcoin pricing.” All things considered, will you buy MARA stock?

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