Are These 2 Top Tech Stocks On Your August Watchlist?
Tech stocks have been some of the best performing in the market recently. That is because many forms of technology are being used at home much more. The e-commerce industry is booming because of the pandemic. Digital services of all sorts are on the rise more than usual. Home use products are being used much more than they normally would.
This recent rise in top tech stocks has made early investors some profit. Many investors bought tech stocks during the peak of the market crash in March. Several tech stocks have reached new heights in the market that they have never seen before. There are always new advancements being made in the tech sector. This has created opportunity for multiple new tech stocks to enter the market at a high level.
Since technology is always advancing there is always new and interesting tech stocks to watch. The market is in a very volatile spot but that doesn’t mean that there aren’t a lot of tech stocks that could be good. Some are on the road to recovery and some have reached record highs. So let us have a look at some tech stocks that have been rising in the market.
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Top Trending Stocks To Buy [Or Sell] In August 2020: iRobot Corporation
The first tech stock to watch is iRobot Corporation (IRBT Stock Report) which has been rising in the market. iRobot is a tech company that creates robots for consumers. Its most popular product is the Roomba vacuum cleaner. The company, iRobot, brought in $1.214 billion in 2019 alone. Founded in 1990, it has become quite a large tech company since. Because iRobot’s primary product is a home cleaner, it is being used much more because of the pandemic. iRobot has seen an increase in sales since the virus took over.
IRBT stock was at $51 a share on average pre pandemic. Then the market crashed and IRBT stock price fell to $33 a share at one point. Since then, IRBT stock has been on the rise up. As of August 7th, IRBT stock is at $71.33 a share on average. This means that IRBT stock price has been able to make a full recovery. IRBT stock has actually reached its new 52 week high recently at about $85 a share as well.
If iRobot Corporation can continue to increase its sales and release positive reports it will be great for the company. An increase in sales can also cause IRBT stock price to rise. That is why IRBT stock is on this list of tech stocks to watch. It is unsure what will happen with IRBT stock price at the moment but it has the potential to have momentum in the market.
Top Trending Stocks To Buy [Or Sell] In August 2020: Datadog Inc.
The second tech stock to watch is Datadog Inc. (DDOG Stock Report) because of its recent market history. Datadog operates as a monitoring service for many cloud based apps. Datadog watches servers, services, databases and much more. The company was founded in 2010 and has since recruited more than 1000 employees. Datadog supports services like Amazon Web Services, Microsoft Azure, Google Cloud, and more. In Datadog’s Q2 earnings it broke even. Despite it breaking even, DDOG stock still fell because of this.
Shares of DDOG stock were at $47 a share before the pandemic started. Things for DDOG stock price went as low as $28 at one point. Since then, DDOG stock saw a sharp increase in its share prices. On July 10th DDOG stock price went as high as $95 a share. After earnings were reported, DDOG stock fell from $89 a share on August 6th to $75 a share on August 7th. Does this low point mean DDOG stock price could rise from here? That is unsure, but DDOG stock is still way above its $47 a share price from the start of 2020.
These tech stocks are either on the rise or at a low point in which they can rise in the future. This is the case for many tech stocks in the market at the moment. That is the very reason that IRBT stock and DDOG stock are two potential tech stocks to buy. If these tech stocks release positive reports they have the possibility to rise in the coming months.