Are These Social Media Stocks The Best Growth Stocks To Buy Now?

As the stock market has been exhibiting high volatility lately, investors may want to look for longer-term opportunities. With fears of rising inflation and interest rates, social media companies may opt to cut back on their spending. Thus, casting doubts around their earnings outlook. Having said that, there is a valid argument that these bearish sentiments around social media stocks could be the perfect buy-on-dip opportunity for those who are more patient. After all, many of the names in the industry are still highly profitable. 

Sentiments aside, the social media space is still growing at a healthy rate. Take Alphabet (NASDAQ: GOOGL) as an example, the company’s Youtube platform is now the world’s second most popular website in the world. The company recently celebrated its one-year anniversary for its Shorts feature. Safe to say, it has been a huge success. It now generates up to 30 billion views per day, up 400% from a year ago. Overall, one could say that social media will continue to remain relevant in the foreseeable future. So, here are five of the top social media stocks worth watching in the stock market today. 

Best Growth Stocks To Buy [Or Sell] Now

Pinterest

best social media stocks to buy now (PINS stock)

Firstly, we have the visual discovery engine company, Pinterest. Through its platform, people discover and personalize visual content known as Pins. Well, Pinterest has been the talk of the day. This is largely due to reports suggesting that activist investor Elliot Management has acquired a stake of more than 9% in the company. Thus, investors appear to be jumping on the bandwagon. PINS stock climbed by over 16% on Friday’s trading session.

In June, Pinterest announced the acquisition of THE YES. This is an AI-powered shopping platform for fashion that allows users to shop a personalized feed based on their active input on brand, style, and size. With this acquisition, Pinterest continues to build a destination for shopping that brings together the unique commercial intent of its audience and the ability to visually explore products. Hence, this will likely accelerate the company’s platform to be the home of taste-driven shopping. Given these exciting developments, would you consider investing in PINS stock?

[Read More] Cheap Stocks To Buy Now? 3 Defensive Stocks To Know

Twitter

best social media stocks to buy (TWTR stock)

Another social media stock that has been making the headlines is Twitter. For the uninitiated, the company operates as a platform for public self-expression and conversation in real-time. Additionally, the company provides promoted products that enable advertisers to promote brands, products, and services. For better or worse, the company has been in the limelight due to Elon Musk’s ongoing dispute over the potential acquisition of the company. 

Recently, analyst Barton Crockett of Rosenblatt Securities believes that the narrative around the company has flipped. He upgraded TWTR stock to a buy from neutral and raised his price target from $33 to $52. This new price target is close to the $54.20 per-share price that Elon Musk agreed to pay to buy Twitter. These positive sentiments are built on the belief that Twitter will come out on top at the end of the recent lawsuit. Mr. Barton added, “Unless Musk can show fraud, he seems to have limited outs.” With that in mind, should investors be paying more attention to TWTR stock?

Meta

META stock

Meta, formerly Facebook, Inc., builds technologies that help people find communities and grow businesses. The company’s products enable people to connect and share with friends and family. In detail, it operates through two segments, Family of Apps(FoA) and Reality Labs (RL). FoA includes Facebook, Instagram, Messenger, WhatsApp, and other services. Meanwhile, RL includes augmented and virtual reality-related consumer hardware, software, and content. With the metaverse at the center of it all, it would not be surprising that investors are keeping a close tab on META stock. 

Earlier this week, Instagram announced a new way for content creators to connect with their subscribers. This will include subscriber chats, new ways to share permanent, exclusive content, and an exclusive tab on their profile. Users can now create subscriber chats of up to 30 people and discuss things they’re passionate about. All in all, the value of subscription offerings can also potentially expand a user’s earning potential. Considering the company’s stature in the social media space, would you say that META stock is still a top social media stock to buy? 

Snap

top tech stocks to watch (SNAP stock)

Following that, we will be looking at Snap. The company identifies itself as a camera company as well as a social media company. Its flagship product is Snapchat, one of the biggest social media platforms around. Besides Snapchat, the company also develops and supplements Spectacles and Bitmoji. On one hand, Spectacles is an augmented reality (AR) device that works seamlessly with Snapchat, allowing for a more interactive experience. On the other hand, Bitmoji allows users to create their own personalized digital avatars which can be used on Snapchat and other messaging apps.

With over 300 million active users on the company’s platform daily, Snap has been finding ways to create new features for its community. Late in June, the company introduced Snapchat+, a collection of exclusive, experimental, and pre-release features on Snapchat. This new subscription will be available for $3.99/month. On top of that, it appears that Snap is also exploring plans to allow its users to showcase non-fungible tokens on its platform. According to people familiar with the situation, the company is preparing to test a feature that allows NFT artists to showcase their designs as augmented reality filters. All things considered, could SNAP stock be a viable long-term investment? 

[Read More] 3 Top Electric Vehicle Stocks To Watch Right Now

Spotify

best streaming stocks (SPOT stock)

Lastly, we have digital music-streaming service provider Spotify. Through its platform, users can discover new releases such as the latest singles and albums, playlists, and a variety of songs in different genres. Subscribers could either select Spotify Free, which only includes shuffle play. Or, they could opt for Spotify Premium which includes features such as unlimited skip, listening offline, and advertisement free. 

Last month, Spotify and Integral Ad Science (NASDAQ: IAS) announced a new partnership. The collaboration aims to build a third-party brand safety solution for podcast advertisers. Together, both companies will try to help the industry to understand the tools and resources necessary to effectively deliver brand safety in podcasting and digital audio writ large. As the podcast space continues to grow, Spotify aims to be at the forefront of its evolution. Keeping this in mind, would you consider adding SPOT stock to your portfolio?

If you enjoyed this article and you’re interested in learning how to trade so you can have the best chance to profit consistently then you need to checkout this YouTube channel. CLICK HERE RIGHT NOW!!


Sign up for our FREE Newsletter and get:

  • Stock Alerts And Ideas
  • Learn to Trade Stocks & Options
  • Free Access to The Fastest Growing Highest Rated Trading Chatroom
Privacy Policy

Midam Ventures, LLC | (305) 306-3854 | 1501 Venera Ave, Coral Gables, FL 33146 | news@stockmarket.com


Sign up for our FREE Newsletter and get:

  • Stock Alerts And Ideas
  • Learn to Trade Stocks & Options
  • Free Access to The Fastest Growing Highest Rated Trading Chatroom
Privacy Policy

Midam Ventures, LLC | (305) 306-3854 | 1501 Venera Ave, Coral Gables, FL 33146 | news@stockmarket.com

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
You May Also Like

Looking For The Best Stocks To Buy As The Third Coronavirus Wave Hits? 3 In Focus

With the resurgence of COVID-19 cases, these three stocks could be safe havens for investors.