Are These Top Consumer Tech Stocks Worth Adding To Your Portfolio Now?

While investors search the stock market for good stocks to invest in now, consumer tech stocks shine. For the most part, this would be thanks to the current happenings with the pandemic. To begin with, most seasoned investors would know that tech stocks, in general, thrived throughout 2020. With the pandemic raging on and consumers stuck at home, demand for tech services and products skyrocketed. After all, tech not only brings consumers a new level of convenience in most cases but also facilitates many contactless processes.

We could look at the likes of Square (NYSE: SQ) and Shopify (NYSE: SHOP), for instance. Both companies’ services allow consumers to make payments and shop online without being exposed to other people. Now, after considering all of this, the rising number of delta variant cases globally could create similar business environments across the board. This would be evident as hospitalizations and death rates continue to increase at alarming rates. In fact, a recent survey by CNBC found that nearly 6-in-10 small business owners are “shifting their business outlook” for the rest of 2021. As a result, I could see investors eyeing some of the top names in the consumer tech space now.

Adding to all that, the consumer tech industry remains hard at work regardless of the current pandemic conditions. Earlier this week, leading smartphone manufacturer Samsung (OTCMKTS: SSNLF) revealed its latest line of foldable devices. For consumers canceling their fall travel plans, this would be a viable way to redirect their discretionary dollars. By and large, consumer tech will likely continue to cater to the needs of consumers in our increasingly tech-reliant world. On that note, here are three consumer tech stocks to consider in the stock market today.

Best Consumer Tech Stocks To Buy [Or Avoid] In August 2021

Lyft Inc.

To begin with, we will be taking a look at Lyft. In essence, the company specializes in providing ride-hailing, vehicle-sharing, and food delivery services. All of this is currently available to consumers via its proprietary mobile app of the same name. Now, Lyft would be in a unique position, to say the least. On one hand, the company’s core ride-hailing business would be somewhat affected by rising coronavirus cases. On the other hand, this could see demand for its food delivery services rise. The real question now is, could LYFT stock be worth investing in at its current price point?

Well, for starters, the company’s shares are currently looking at gains of over 150% since its pandemic era low. Despite the current operating conditions, Lyft continues to perform on the financial front. In its second-quarter fiscal posted last week, the company raked in a total revenue of $765 million for the quarter. This marks a whopping year-over-year surge of 125%. In terms of active riders, the company added 3.6 million quarter-over-quarter. According to CFO Brian Roberts, Lyft drivers also saw record hourly earnings in the quarter. In particular, the company’s July sales figures remained strong despite rising coronavirus cases.

On top of all that, Lyft does not seem to be sitting idly by as well. Now, the company is currently working with Argo AI, a global autonomous vehicle (AV) tech firm, and Ford (NYSE: F). The trio are looking to introduce self-driving AVs on the Lyft network by the end of 2021. Overall, this would be a solid play by Lyft as it seeks to further refine its operations towards new norms. Given all of this, will you be investing in LYFT stock?

LYFT stock
Source: TD Ameritrade TOS

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Bumble Inc.

Another name to consider in the consumer tech trade now would be Bumble. In brief, the Texas-based company develops and maintains an online dating application. Through the Bumble app, users are connected with one another on the company’s network. By swiping either left or right, said users can pick whether they are interested in the other person or not. Should both parties be interested, conversation spaces are then opened up. Given the current context of the pandemic, Bumble’s services would serve consumers looking to engage in dating activities now.

With all of this in mind, I could see investors eyeing BMBL stock. Evidently, the company’s shares leaped by over 6% during intraday trading yesterday. This would be on account of its latest earnings release. In the report, Bumble posted a total revenue of $186 million for the quarter, a sizable 38% year-over-year increase. To highlight, its Bumble app revenue surged by 55% over the same time. All of this adds up to year-over-year gains of 478% in net income and 8,550% in earnings per share.

CEO Whitney Herd had this to say, “Our results are a reflection of the appeal of our mission, and the result of the investments we are making in our product offerings, our technology, our international expansion efforts, and our ongoing commitment to our members.” By and large, it seems that the market for the company’s offerings remains strong during the current pandemic. With Bumble kicking into high gear across the board now, would BMBL stock be a top buy for you?

BMBL stock
Source: TD Ameritrade TOS

[Read More] 4 Artificial Intelligence Stocks To Watch Right Now

Zoom Video Communications Inc.

Last but not least, we have the go-to pandemic tech company, Zoom. No doubt, 2020 was a banner year for the company. This would be the case as its suite of online chat offerings has and continues to serve consumers globally today. Through Zoom’s cloud-based peer-to-peer software platform, users can remain connected despite the ongoing global health crisis. With the potential arrival of another wave of coronavirus infections, ZM stock could be in the spotlight yet again.

If anything, Zoom continues to refine and optimize its current offerings now. Earlier this week, the company implemented a new Focus mode on its platform. In detail, Focus mode serves as a productivity feature for students. This would be a timely addition to the company’s platform as the new school year is fast approaching. Simply put, Focus mode makes it so that participants on the platform cannot see each other’s videos. Meanwhile, the host will still be able to do so and has full control of when to employ this feature.

All in all, Zoom appears to be well aware of the needs of its user base. By implementing this new feature, the company could further incentivize the use of its services. With Zoom set to report its second-quarter fiscal later this month, will you be keeping an eye on ZM stock?

ZM stock
Source: TD Ameritrade TOS

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