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Best Growth Stocks To Buy Now? 3 Consumer Tech Names To Check Out

Could these consumer tech firms be viable long-term plays in the stock market now?

best growth stocks to buy now

Are These The Best Growth Stocks To Buy For 2022?

While the broader stock market today continues to look for direction, investors may want to consider consumer tech stocks. For the most part, this would be due to the ever-growing demand for what the industry offers. This ranges from your typical smartphone to cutting-edge smart home technology. Like it or not, the world of consumer tech has and continues to evolve and thrive amidst the current volatility in consumer markets.

As of earlier today, the latest U.S. gross domestic product (GDP) figures are now out. The country’s GDP increased by an annualized rate of 2.3% during the July through September quarter. By and large, the upwards revision to the GDP likely came as personal consumption soared by 2%. However, this represents a notable dip from the previous quarter’s 6.7% GDP hike overall. Additionally, another key metric to note in the stock market now would be the core personal consumption expenditures index’s latest reading. It rose by 4.6% quarter-over-quarter, improving from the previous quarter’s 5.9%. In theory, the data suggests that consumers are getting better prices on goods and services while increasing their consumption overall.  

For instance, we could look at the likes of Groupon (NASDAQ: GRPN). Just yesterday, GRPN stock received a major positive update from Prescience Point. The firm currently argues that the fintech is “significantly undervalued”, suggesting a price range between $63 and $98 per share. Elsewhere, with even government bodies getting hacked in this technological age, consumers could be considering cybersecurity services as well. As a result, consumers and investors alike could be turning to leading names like CrowdStrike (NASDAQ: CRWD). As such, could one of these top consumer tech players be worth watching right now?

Best Growth Stocks To Buy [Or Sell] Now

Apple Inc.

First up, we have Apple, a multinational tech company that specializes in consumer electronics, software, and tech services. The company is one of the largest information technology companies in the world and also one of the most valuable. The company essentially revolutionized personal tech with the introduction of its premium Apple products like the iPhone, iMacs, and AirPods. AAPL stock is up by over 30% in the past year.

On Tuesday, rating agency Moody’s upgraded Apple’s long-term credit rating to “AAA”, with a stable outlook, citing the company’s exceptional liquidity and robust earnings. Through this upgrade, Apple now joins an elite club of companies that include Johnson & Johnson (NYSE: JNJ) and Microsoft (NASDAQ: MSFT) that have been given Moody’s highest rating. Moody’s analyst Raj Joshi says that ‘Apple’s very strong business profile’ reflects its substantial operating scale, a large installed base of products and users of its services, strong customer loyalty, and premium brand positioning.

Also, Morgan Stanley (NYSE: MS) analyst Katy Huberty wrote that iPhone production could surprise towards the upside this quarter as lead times are declining to more normalized levels. She also cites a handful of data points that the firm has seen over the past month to support her case. Additionally, Huberty notes that lead times for Apple’s high-end iPhone 13 models, the Pro and Pro Max are at 2 days as of December 21, down from 20 days a month ago. With that in mind, is AAPL stock a top consumer tech stock to buy right now?

Source: TD Ameritrade TOS

[Read More] 4 Semiconductor Stocks To Watch Right Now

Micron Technology Inc.

Following that, we have Micron Technology, a consumer tech company that produces computer memory and data storage. In fact, the company is an industry leader in innovative memory and storage solutions. With a relentless focus on its customers, technology leadership, and manufacturing excellence, it delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory products through its Micron and Crucial brands.

On Monday, the company reported strong first-quarter results for fiscal 2022. Diving in, revenue for the quarter was $7.69 billion for the quarter, up by 33.2% year-over-year. GAAP net income for the quarter was $2.31 billion, or $2.04 per diluted share. “Micron delivered solid fiscal first-quarter results led by strong product portfolio momentum,” said President and CEO Sanjay Mehrotra. “We are now shipping our industry-leading DRAM and NAND technologies across major end markets, and we delivered new solutions to data center, client, mobile, graphics, and automotive customers. As powerful secular trends including 5G, AI, and EV adoption fuel demand growth, our technology leadership and world-class execution position us to create significant shareholder value in fiscal 2022 and beyond.”

Earlier in the month, the company also announced plans for its new memory design center in Midtown Atlanta, expanding the company’s reach into the Southeast. The new state-of-the-art center will open its doors for business In January 2022. It will enable the company to increase its access to Atlanta’s rich pool of technical talent to further advance its memory design and engineering leadership. All things considered, is MU stock worth investing in?

Source: TD Ameritrade TOS

[Read More] Best Lithium Battery Stocks To Buy Now? 4 To Know

Qualcomm Inc.

Last but not least, we have Qualcomm, the world’s leading wireless technology innovator. It is also one of the key players in the development and expansion of 5G connectivity. The company claims that its foundational technologies enable the mobile ecosystem and are found in nearly every 4G and 5G smartphone. QCOM stock has gained over 33% in the past six months.

Even so, Qualcomm does not seem to be slowing its roll anytime soon. After having launched its cutting-edge Snapdragon 8 Gen 1 processor chip earlier this month, it is reportedly already working on the next iteration of the tech. Should this be the case, we could be looking at the release of the second generation of this high-end system-on-a-chip for flagship smartphones as early as next year.

Last month, the company also announced new growth targets and financial guidance through 2024. In particular, it will be expanding its chipset business to meet the growing opportunities for its technology. Furthermore, Qualcomm expects its addressable opportunity to grow from approximately $100 billion today, to $700 billion in the next decade. This comes as the world becomes increasingly connected through the devices that Qualcomm powers. One example would be its automotive revenues that Qualcomm expects to grow to approximately $3.5 billion in five years and approximately $8 billion in 10 years. With this piece of information, is QCOM stock a buy today?

Source: TD Ameritrade TOS

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By Adam Lawrence

Adam Lawrence is a serial entrepreneur and financial writer for StockMarket.com. He calls Miami, Florida his home but has a love for travel. He started his first digital marketing and website design business, in 2006 at the age of 23. He has worked with and consulted for hundreds of publicly traded companies. His vast knowledge of the public markets has allowed him to gain real-world experience in corporate communications. No matter what is going on in the stock market today, Adam is at the front of the line to track new trends and present them to readers.

As an active contributor to other financial sites like GuruFocus and Benzinga, Adam has gained prominence for reporting on several topics. These include biotech stocks, technology stocks, gold stocks, as well as marijuana stocks. These active stock market sectors have presented investors with some of the biggest opportunities in the stock market today. Adam's goal is to present readers with easily digestible content that is both informative and actionable.

Adam's years of experience in digital marketing have helped give him an edge above other financial writers. His ability to pick up on stock market trends before they hit Main Street is one of the things that has afforded him the opportunity to interact with and engage public companies. Reporting on current events is one thing but being able to dissect them and translate them for readers is of the utmost importance. In doing so, Adam has set a personal standard to deliver timely information that dives deeper than simple headlines and goes into the fine details of what's driving stock market trends. He also stays on top of the most current social media trends among top influencers.

With the emerging landscape surrounding new media, Adam takes an active approach to learn what drives interest in different social media and finds ways to tap into whatever is trending at that time then apply it to his approach to the stock market. In his free time, he enjoys being with his family and working on his house. He's also an avid car enthusiast.

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