4 Top Tech Stocks For Your List Tomorrow
Tech stocks are still some of the top performers on the stock market today. In fact, some might say that this is because the coronavirus pandemic continues to ravage the world. To elaborate, some of the best tech stocks in 2020 are companies that supported consumers and businesses during the pandemic. We saw the likes of Zoom (NASDAQ: ZM) and The Trade Desk (NASDAQ: TTD) soar to new heights thanks to this. But now, as vaccine rollouts and nationwide inoculation plans set in, investors might be wondering if the tech industry can maintain its momentum.
Well, the good thing about the tech sector is that it is constantly innovating and improving upon itself. Yesterday, news broke that IBM (NYSE: IBM) improved its quantum computing capabilities by a hundred-fold. IBM said, “Computations that take months now will take mere hours.” Adding to that, some of the largest names in tech continue to grow at break-neck speeds. We saw this amidst the current big tech earnings season. By all means, there will always be another limit to overcome along with new challenges to face. Even as the economy begins to recover, people will still come to rely on tech. Correspondingly, investors will likely continue flocking to the sector. Given these points, do you have these top tech stocks on your watchlist?
Top Tech Stocks To Buy [Or Sell] Now
- 3D Systems (NYSE: DDD)
- Align Technology Inc. (NASDAQ: ALGN)
- CPS Technologies Corporation (NASDAQ: CPSH)
- Snap-on Inc. (NYSE: SNA)
3D Systems is a top tech stock in focus right now. As the name suggests, the company manufactures and sells 3D printers, materials, and offers related services. 3D printing technology has evolved to facilitate work across numerous growing industries, such as biotech and robotics manufacturing. As a leading additive manufacturing solutions provider, 3D Systems could be looking at long-term growth. Likewise, DDD stock has been making waves on the stock market with gains of over 300% year-to-date. Just yesterday, it jumped by over 12% on account of its latest announcement.
In detail, 3D Systems revealed plans to expand its facilities in Rock Hill, Carolina. The company is looking to add 100,000 square feet to its existing headquarters campus. By extension, this will see it expanding its core manufacturing capabilities, customer relations center, and material development laboratories. If that wasn’t enough, it also announced plans to significantly expand its bioprinting solutions last week. Through its regenerative medicine subsidiary, the company will continue to refine existing organ manufacturing technology. With expansion upon expansion, 3D Systems appears to be firing on all cylinders. If anything, this would extend its lead as the pioneer 3D printing company in the industry. Could this make DDD stock a top tech stock to watch right now? I’ll let you decide.
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Align Technology Inc.
Following that, we have orthodontics tech company Align. It is a manufacturer of 3D digital scanners and clear dental aligners. Mainly, the company’s Invisalign products help with restorative treatment, allowing clients to align their teeth. Align’s offering of a less-invasive alternative to braces does cater to clients with less serious orthodontic concerns. In fact, ALGN stock shot up by over 14% at today’s opening bell on account of its recent earnings report.
In its recent quarter fiscal reported at market close yesterday, Align posted stellar figures. The company saw a record total revenue of $834.5 million for the quarter, marking a year-over-year increase of 28.4%. To investors’ delight, it also reported a 70% year-over-year surge in earnings per share. Align also achieved a major milestone as it catered to its 2 millionth Invisalign patient in the Europe, Middle East, and Africa (EMEA) markets. The company cites strong year-over-year growth across regions as a key factor to its success this quarter. Furthermore, Align also revealed that it would be expanding its iTero scanning and imaging portfolio to serve a broader range of the dental market. For one thing, Align shows no signs of slowing down even amidst the current pandemic. With all this in mind, will you be adding ALGN stock to your watchlist?
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CPS Technologies Corporation
CPS is a leading producer of high-performance energy management components. Impressively, its products are used in a plethora of industries. This ranges from electric vehicles and 5G infrastructure to wind turbines and even defense electronics. More importantly, CPSH stock skyrocketed by over 130% during intraday trading yesterday on news regarding its latest contract.
Early on February 3, CPS announced that it received a purchase order from the U.S. Navy. The company will be supplying the navy with its HybridTech Armor panels. To elaborate, CPS’s armor products are designed to provide ballistic protection for crew-manned weapon stations. The $28.7 million contract is a massive win for the upcoming tech company. To put things into perspective, the total payout from this contract is over five times the quarterly revenue CPS saw for the quarter ended in September. On top of that, the company also gains recognition having been contracted by the U.S. Navy. CEO Grant Bennett said, “This purchase order is the culmination of many years of R&D, testing, prototyping, and design to apply the beneficial properties of metal-matrix composites to armor at scale,” Given all of this, could CPSH stock continue to flourish this year? You tell me.
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Another tech company in the limelight now would be Snap-on. The company manufactures and markets high-end tools and equipment for professional use across critical industries. To point out, the company’s products are employed in the fields of construction, agriculture, and power generation, to name a few. Thanks to this, it has mostly weathered the pandemic quite well. SNA stock surged by 9% as trading kicked off today. As of 4:00 pm. ET its priced at $188.86 a share. This is likely, in part, due to the company posting its fourth-quarter earnings earlier today.
Overall, Snap-on saw another encouraging quarter. It reported total revenue of $1.07 billion for the quarter which translates to a 12.5% year-over-year increase. Despite its core Repair Systems & Information service being hit by the pandemic, Snap-on seems to persevere. Notably, the company has been making efforts to streamline and adapt its business to the current conditions. Back in December, it launched a new diagnostic website to provide round-the-clock support for customers learning to use its diagnostic products. Since then, it has continuously bolstered user-experience on the site. In its latest update just last week, the company added comprehensive vehicle repair solutions to its website as well. By and large, Snap-on continues to show its resourcefulness and resilience. Could this set up SNA stock for big gains moving forward? Time will tell.