Tech stocks are a type of stock that represents ownership in a company whose main business is related to technology. This can include companies that produce software, computer hardware, semiconductors, and other high-tech products and services. Notably, some of the more well-known tech companies in the stock market today are companies such as NVIDIA Corporation (NASDAQ: NVDA), PayPal Holdings Inc. (NASDAQ: PYPL), and Snap Inc. (NYSE: SNAP) among others.
Furthermore, tech stocks are often considered to be a risky investment, as they can be highly volatile and susceptible to sudden changes in the market. However, many investors believe that the potential rewards of investing in tech stocks outweigh the risks. For example, the tech sector is often one of the first to rebound after an economic downturn. As a result, savvy investors who are willing to take on some risk may find that tech stocks offer a promising investment opportunity. If this has you keen on investing in cheap tech stocks right now, here are two to watch in the stock market this week.
Tech Stocks To Buy [Or Avoid] In 2022
1. SoFi Technologies Inc. (SOFI Stock)
Starting us off let’s check out SoFi Technologies Inc. (SOFI). In short, SoFi Technologies Inc. is a financial technology company. The company offers a range of products and services designed to help its members achieve financial success. SoFi aims to help its members reach their full potential by providing them with the tools and resources they need to make smart choices with their money. Most notably, the company has built a strong reputation for its innovative products and services, which include student loan refinancing, personal loans, and mortgage loans.
SOFI Recent Stock News
At the beginning of last month, SOFI reported a loss of $0.12 per share, along with revenue of $389.3 million for the quarter. For context, analysts’ consensus estimates for Q2 2022 was a loss of $0.12 per share on revenue of $349.4 million. Additionally, the company reported a revenue increase of 50.1% during the same period, in 2021.What’s more, SoFi said it now estimates full year 2022 revenue of $1.508 billion to $1.513 billion. Previously, the company announced a revenue outlook for full-year 2022 of $1.505 billion to $1.510 billion.
Anthony Noto, CEO of SoFi Technologies, Inc commented about the quarter, “We delivered another quarter of great results with robust growth in members, products, and cross-buy. We generated record adjusted net revenue, which was up 50% year-over-year, and our eighth consecutive quarter of positive adjusted EBITDA, which doubled sequentially. While the political, fiscal, and economic landscapes continue to shift around us, we have maintained strong and consistent momentum in our business. We built our products and services to provide durable growth and profitability, and that is what we are delivering.”
SOFI Stock Chart
Year-to-date shares of SOFI stock have been beaten down by 63.71% as of Wednesday’s close at $5.69 per share. With this in mind, will you be watching SoFi stock this week?
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2. Salesforce Inc. (CRM Stock)
Next, we have Salesforce Inc. (CRM). For starters, Salesforce is an American cloud-based software company. Salesforce’s flagship product is Salesforce CRM, a customer relationship management tool that helps businesses track and manage customer data. The company also offers a range of other products, including Salesforce Marketing Cloud and Salesforce Commerce Cloud.
CRM Recent Stock News
In August, Salesforce announced a beat for its second quarter 2023 financial results. Though, the company revised its 2023 full-year outlook. Diving in, the company reported Q3 2023 earnings per share of $1.19, along with revenue of $7.72 billion. Additionally, CRM was able to notch in revenue growth of 21.8% during the same period, the previous year.
Separate from that, Salesforce revised its full-year 2023 non-GAAP earnings per share to a range of $4.71 to $4.73 per share. Also, the company said it now has revenue estimates in the range of $30.90 billion to $31.0 billion for the full-year fiscal 2023.
CRM Stock Chart
Moving along, shares of Salesforce stock have fallen 42.21% so far in 2022. Meanwhile, CRM stock closed out Wednesday’s trading day down another 1.45% at $147.63 per share. Considering this, could it be a good time to add CRM stock to your long-term portfolio at these price levels?