Are These The Top Tech Stocks To Invest In Right Now?
With the broader stock market steadying from last week’s rally, consumer tech stocks could be worth watching now. Even with the Federal Reserve expected to accelerate the tapering of its easy-money policies this week, the industry remains a viable play for investors. After all, a key factor for a potential speed up in the Fed’s taper plans would be rising inflation. This is evident as just last week, November’s Consumer Price Index readings came in at a 6.8% increase, its fastest rate since 1982. Even so, the pricing power in the consumer tech industry remains as solid as ever amidst strong consumer markets.
As a result of all this, some of the top consumer tech stocks in the stock market today could be in focus. By and large, this includes well-established names such as Amazon (NASDAQ: AMZN) that consumers turn to regularly. Moreover, less obvious names like Harley Davidson (NYSE: HOG) are also looking to appeal to newer trends in consumer spending. This is apparent as the company seems to be keen on adopting electric vehicle (EV) tech. Namely, the company is merging its LiveWire electric motorcycle unit with a SPAC. Because of this, HOG stock is currently holding on to gains of over 9% since today’s opening bell as of 11:32 a.m. ET. As such, could one of these consumer tech stocks be top picks in the current market?
Top Consumer Tech Stocks For Your December 2021 Watchlist
- Apple Inc. (NASDAQ: AAPL)
- SigmaTron International Inc. (NASDAQ: SGMA)
- Lucid Group Inc. (NASDAQ: LCID)
- Alibaba Group Holding Ltd. (NYSE: BABA)
- Qualcomm Inc. (NASDAQ: QCOM)
Apple Inc.
Apple is a consumer tech company that sells a wide range of products and services. This would include its popular iPhone series and MacBook line of notebooks. In fact, its products and services are used by hundreds of millions of people all around the globe. Apple is also one of the largest information technology companies by revenue and also one of the most valuable companies in the world. AAPL stock currently trades at $175.74 as of Monday’s closing bell and is up by over 45% in the past year. Today, J.P. Morgan (NYSE: JPM) covered the company’s stock.
In essence, J.P. Morgan is boosting the company’s 2022 price target to $210, up from $180. This comes as the research firm calls it a top pick for 2022. Analyst Samik Chatterjee notes that shares have recently reversed the underperformance seen in the first half of the year as expectations around the iPhone 13 demand cycle have improved. Chatterjee also says that he sees most of the revenue and earnings upside from the iPhone 13 as still to come. One of the underlying keys to Apple’s 2022 growth will be the launch of the budget-friendly 5G iPhone SE model, which could be vital in luring Android users looking to upgrade to a 5G phone. Given this piece of news, is AAPL stock worth investing in today?
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SigmaTron International
SigmaTron is an Electronics Manufacturing Services (EMS) provider of printed circuit board assemblies and completely assembled electronic products. It serves a diverse end-user market through a network of seven manufacturing facilities located in 4 countries, the U.S., Mexico, China, and Vietnam. What’s more, the company also has a companywide International Procurement Office in Taiwan. In fact, it provides solutions to over 165 active customers who entrust thousands of EMS programs to the company each year. SGMA stock currently trades at $14.00 as of Monday’s closing bell and is up by over 80% in the past 5 trading sessions.
Last week, the company reported its earnings for the fiscal quarter that ended on October 31, 2021. Revenues increased by 44% year-over-year to $100.2 million. Net income for the quarter was $3.15 million compared to $626,858 the previous year. The company says that this quarter’s results are driven by a strong and growing demand from existing customers as well as several new customers that have been added over the last year. It also says that backlog order figures remain strong and that new opportunities are significant. The company also hopes to close the acquisition of Wagz by the end of calendar 2021. All things considered, is SGMA stock worth adding to your portfolio right now?
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Lucid Group Inc.
Next up, we have Lucid, an EV company that designs and manufactures luxury EVs. The company’s first car, Lucid Air, is a state-of-the-art luxury sedan with a California-inspired design. Coupled with race-proven battery technology and proprietary powertrains developed entirely in-house, Lucid Air was named the 2022 MotorTrend Car of the Year. LCID stock currently trades at $39.15 a piece as of the end of Monday’s trading session and is up by over 260% in the past year.
Today, the company announced that it has been added to the Nasdaq-100 Index, effective to the market opening on Monday, December 20, 2021. “We are proud to join the prestigious Nasdaq-100 Index, a recognition of our progress establishing Lucid in the EV market and our future growth strategy,” said Sherry House, CFO, Lucid Group. “Since our successful public listing on Nasdaq in July, and with customer deliveries of the Lucid Air beginning in October, our differentiated EV technology continues to drive a clear demand for, and confidence in, our products and company.” For this reason, is LCID stock worth watching?
Alibaba Group Holding Ltd.
Following that, we will be taking a look at Alibaba. Expanding beyond its initial e-commerce roots, the company is now a leading presence across entertainment, internet, and cloud computing tech in China. Sure, the company’s shares may have been on the decline this year due to regulatory pressures. However, given the company’s impressive operations, some may see this as an opportunity to buy on the dip.
As it stands, BABA stock currently trades at $122.24 a share as of Monday’s close. Despite all of this, Alibaba does not appear to be sitting idly by on the operational front just yet. As of today, the company’s Alibaba Cloud division is now working with Confluent (NASDAQ: CFLT), a data infrastructure firm. Together, both firms aim to bring the Confluent Data Streaming Service to mainland China firms. This essentially allows said clients to access a “modern data streaming platform to harness the flow of real-time data”. All in all, with Alibaba powering forward, would you consider BABA stock a top consumer tech stock to watch in the stock market today?
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Qualcomm Inc.
Qualcomm is a tech company that creates semiconductors, software, and services related to wireless technology for the masses. Also, the company is a driving force behind the development, launch, and expansion of 5G and owns patents critical to 5G mobile communications standards. QCOM stock currently trades at $183.32 as of Monday’s closing bell and is up by over 34% in the past 6 months.
Last month, the company announced that it will be expanding its chipset business to meet the growing opportunity for its technology. Qualcomm says that it has an addressable opportunity to grow from approximately $100 billion today to $700 billion in the next decade as more devices become intelligently connected. Qualcomm’s CDMA Technologies (QCT) revenues are expected to grow at mid-teens CAGR with a 30%+ operating margin by fiscal 2024. With that in mind, do you have QCOM stock on your watchlist?
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