Are These Top Consumer Tech Stocks Worth Investing In Now?

As investors digest the disappointing payroll figures from August, consumer tech stocks continue to shine. If anything, this section of the stock market has and continues to thrive amidst the current pandemic. Accordingly, consumers and businesses alike turn to the industry for solutions amidst these trying times. To put things into perspective, the U.S. Labor Department revealed that the U.S. economy added back 235,000 jobs in August. This is a far cry from consensus estimates of about 733,000.

Now, how does all this relate to consumer tech stocks might you ask? Well, for one thing, some would argue that this is yet another sign of the red-hot economy cooling off. Namely, as the overall economic recovery effort loses momentum, pandemic winners like consumer tech stocks could make a comeback. This would include the likes of fintech stocks, video streaming stocks, and even some of the biggest tech names in the industry. As with most tech-related fields, constant innovation and improvement is the name of the game for these companies.

Take Google (NASDAQ: GOOGL) for example. The company made waves across the consumer tech world last month, announcing plans to use its proprietary processor chips in its smartphones. Today, Google also revealed that it would be doing the same for its Chromebook laptops. This move would see Google lower its reliance on third-party manufacturers while creating a better-integrated tech ecosystem for consumers. Meanwhile, Microsoft (NASDAQ: MSFT) is reportedly looking to beef up its cybersecurity offerings with an investment of over $20 billion. With the industry consistently striving to provide top-tier experiences for consumers, consumer tech stocks remain ever relevant. With all that said, here are three viable names to consider in the stock market today.

Best Consumer Tech Stocks To Buy [Or Sell] This Month

FuboTV Inc.

Fubo is a consumer tech company that specializes in live sports streaming. In fact, it offers a wide variety of premium content, interactivity, and integrated wagering. The company leverages its proprietary data and technology platform that is optimized for live TV and sports viewership. Its subsidiary, Fubo Gaming, is dedicated to delivering hyper-personalized sports entertainment and wagering experience. Considering the current wave of consumer interest in digital betting services now, investors could be keeping a close eye on the company’s shares. With that being said, FUBO stock is up by over 200% in the past year alone.

On Thursday, the company announced that Fubo Gaming has received a license to offer mobile event wagering from the Arizona Department of Gaming. In detail, Fubo was granted a Management Services Provider Certification from the department. This marks the company’s second state license, following a recent approval in Iowa, and represents another milestone in moving toward the launch of its mobile sportsbook, Fubo Sportsbook, which remains on track to go live in the fourth quarter of 2021.

With its integrated Fubo Sportsbook, Fubo can provide a seamless user experience that allows fans to wager while they watch their favorite sports. With that being said, will you consider FUBO stock a top consumer stock to buy today?

consumer tech stocks (FUBO stock)
Source: TD Ameritrade TOS

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Robinhood Markets Inc.

Moving on, we have Robinhood, a financial services company with headquarters in California. The company is a registered broker-dealer and also provides brokerage clearing services. Its platform also allows cryptocurrency trading. Robinhood specializes in enabling commission-free trading, fractional shares, and IPO Access, all of which allow more people to participate in the markets. The company has also reached meme stock status as retail investors have started to rally behind the stock.

Recently, the company was reported to be working on a new feature that lets users receive their paychecks via direct deposit up to two days early, stepping up competition with companies like PayPal Holdings (NASDAQ: PYPL). The company also recently reported its second-quarter financials in August.

Diving in, total net revenues increased by a whopping 131% to $565 million. Its transaction-based revenues contributed to a chunk of this revenue, at $451 million for the quarter. The company notes that it continues to enjoy record levels of crypto engagement. In efforts to encourage investing, the company has also expanded its educational content, by launching its first set of educational modules. It will allow customers to take quick in-app courses on the basics of investing. All things considered, will you buy HOOD stock right now?

HOOD stock
Source: TD Ameritrade TOS

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Visa Inc.

Following that, we have Visa, a leading global payments technology company that connects millions of consumers around the globe. It enables individuals, businesses, and economies to thrive and its advanced global processing network, VisaNet, provides secure and reliable payments around the world. Impressively, it is capable of handling more than 65,000 transaction messages in a second.

On August 8, 2021, the company released the July reading of the U.S. Spending Momentum Index (SMI), which had reached 112.5 points, up by 0.8 points from the June reading. The Visa SMI is an economic indicator of the health of consumer spending and a reading above 100 suggests that consumer spending continues to expand on a year-over-year basis.

Our first read on third-quarter consumer spending is signaling another solid start to the quarter,” said Wayne Best, Visa’s Chief Economist. “The elevated readings from the discretionary spending SMI imply consumers’ confidence in economic conditions is adding momentum to spending in categories that were especially hard-hit by the pandemic. This is a very positive sign for the recovery—as long as it keeps up.” For these reasons, should you be on the lookout for V stock right now?

V stock chart
Source: TD Ameritrade TOS

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