4 Trending Tech Stocks To Consider Buying [Or Avoiding] This Month
Tech stocks are still getting a lot of attention recently, for good reason. Tech companies have been the darlings of the stock market for quite a while now. This is not surprising given how vast the tech sector is. From gadget making to software developers and online services, tech is very broad. Any company that sells a product or service that is based on technology belongs to the sector. Many top tech stocks to watch have thrived over the past year as the pandemic has shifted many consumer trends. Companies like Amazon (NASDAQ: AMZN) have enjoyed explosive growth as more people turn to its e-commerce platform and streaming services during the pandemic.
Companies like Microsoft (NASDAQ: MSFT) also saw a huge spike in their tech products and software. How will things fare out once we return to pre-pandemic times? One thing for sure is that things will no longer be the same. For instance, Salesforce (NYSE: CRM) said yesterday that the 9-to-5 workday is dead and it no longer expects employees to work an eight-hour shift to do their jobs successfully. This would indicate that the work-from-home culture will likely be here to stay even after the pandemic is over. This would certainly play well for the tech sector given how there will be sustained demand for its services in the months ahead. With that in mind, let us take a look at the top tech stocks that are trending in the stock market today.
Top Tech Stocks To Watch This Month
- Futu Holdings Limited (NASDAQ: FUTU)
- Riot Blockchain Inc. (NASDAQ: RIOT)
- Blink Charging Co. (NASDAQ: BLNK)
- UP Fintech Holding (NASDAQ: TIGR)
Futu is a tech company that offers a fully digitized brokerage and wealth management platform. The company’s services are used all over the world. It is also pursuing a massive opportunity to facilitate a once-in-a-generation shift in the wealth management industry and is building a digital gateway into broader financial services by primarily serving the emerging affluent Chinese population. Futu is backed by Tencent Holdings (OTCMKTS: TCEHY), another tech titan. FUTU stock has been up by over 40% since Tuesday. It has also seen impressive year-to-date growth of over 250%.
In the company’s latest quarter that was posted in November, it reported that the number of its paying clients increased by 136.5% year-over-year to 418,089. Futu’s total registered clients also increased by 79.7% to 1.17 million in that same period. The company also boasts a total revenue of $122.1 million, which is a 272.1% increase. In the quarter, the company’s wealth management business Money Plus had established partnerships with 9 reputable asset managers including Morgan Stanley (NYSE: MS). With Futu’s fundamentals and strong financials, will you consider buying FUTU stock?
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Riot Blockchain Inc.
Riot is a tech company that focuses on Bitcoin mining and participates in Bitcoin’s consensus system through proof-of-work mining. It aims to be one of the largest and lowest-cost producers of bitcoins in North America. The company has invested in projects which decentralize markets; combining real-world applications with an active development team. Currently, its Bitcoin mining operations are located at Coinmint LLP’s Massena, New York which houses its currently deployed hardware fleet. The fleet consists of 6,040 next-generation Bitmain Antminers. The company’s share price has been up by over 35% since the start of the week.
In the company’s third-quarter financials last November, it posted stellar financials. Riot enjoyed a 21% increase in mining revenue at $6.7 million for the nine months that ended on September 30, 2020. The company also ended the quarter with $39.1 million in cash and cryptocurrencies. On Monday, Riot announced the appointment of Jason Les as CEO. Mr. Les has been deeply involved with Bitcoin since 2013 and will be the driving force behind the company’s strategic focus on Bitcoin mining and its mission to become one of the most relevant and significant companies supporting the Bitcoin network and greater bitcoin ecosystem. The company’s strategic decision to focus on expanding its mining capabilities seems to be paying off given how Bitcoin is now worth over $40,000. Given all of this, will you consider RIOT stock as a top tech stock to buy?
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Blink Charging Co.
Blink Charging is a leader in electric vehicle (EV) charging equipment. The company has deployed over 23,000 charging stations, many of which are networked. It has strategic relationships and often long-term agreements with hundreds of Property Partners that include well-recognized companies. With industry-leading equipment and a robust network of public charging stations, it continues to develop the charging infrastructure required to meet the growing needs of EV drivers. BLNK stock has been up over 40% year-to-date.
In the company’s latest quarter fiscal, its revenue grew by 84% to $3.8 million. Blink has made significant progress with its owner/operator strategy, further increasing its customer base. The company’s chargers deployed during the quarter increased by 87% compared to a year earlier. With the adoption of electric vehicles accelerating at an unprecedented rate, it certainly presents an opportunity for companies like Blink. With that in mind, will you consider adding BLNK stock to your portfolio?
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UP Fintech Holding Limited
UP Fintech is a leading online brokerage firm that caters to customers all over the world. In detail, its proprietary mobile and online trading platform enable investors to trade in equities and other financial instruments on multiple exchanges. The company offers innovative products and services to its customers with a focus on its mobile application. TIGR stock has been up by over 200% year-to-date and currently trades at $29.45 as of Wednesday’s close.
In the company’s latest quarter financials posted in November, the company reported a revenue of $38 million, up by 148.2% year-over-year. Its net income was $4.9 million for the quarter as well. UP Fintech also ended the quarter with $10.9 billion in cash. Impressively, the company saw its total number of customers with deposits increased by 110.7% year-over-year to 214,700. During the quarter, the company also expanded its brokerage capabilities as it began to facilitate clients in Singapore and Australia. With such impressive financials, will you consider buying TIGR stock?