trending stocks

It’s fair to say that the overall stock market is expensive by the majority of valuation metrics as stock indexes continue to close in on near all-time highs. This is all happening while the broader economy continues to have a difficult time recovering from the COVID-19 pandemic. That’s why investors have been turning their attention to trending stocks within the stock market today. With big biotech company Pfizer (PFE Stock Report) receiving its U.S. FDA authorization for emergency use of its COVID-19 vaccine last week, are investors starting to see a light at the end of the tunnel?

One thing is obvious, and that is that top trending stocks have delivered big gains for investors this year. For example, EV stock giant Tesla (TSLA Stock Report), and top semiconductor stock Advanced Micro Devices (AMD Stock Report) have reported a 635.91% and 97.80% increase in stock price year-to-date, respectively. These are just two examples of the many trending stocks that have notched in big gains for investors this year. With that being said, let’s take a deeper dive into 3 top trending stocks to watch in the stock market right now.

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First up on the list is the e-commerce giant Shopify (SHOP Stock Report). Shopify is a multinational e-commerce company that is based out of Ontario, Canada. The all-inclusive commerce platform is responsible for powering more than 1 million businesses globally. The platform makes it simple for the everyday person to start, run, and build an online business. Impressively, Shopify has contributed to $319 billion in economic activity worldwide between 2016 to 2019. Year-to-date SHOP stock is up over 150% and it currently closed Tuesday’s trading session at $1,074.10 per share.

best tech stocks to buy (SHOP stock)

Shopify is currently the most valuable company in Canada, representing a valuation of $129 billion. In October, the company reported its third-quarter fiscal results, and they were strong. Shopify reported total revenue of $767.4 million, representing a 96% increase year-over-year. Shopify also posted an impressive gross merchandise volume (GMV) of $30.9 billion, a whopping 109% increase compared to a year earlier. It’s obvious that Shopify has been one of the fortunate companies that have been able to benefit from the lockdowns and stay at home measures due to the pandemic.

In December, the company announced that its Black Friday and Cyber Monday weekend resulted in record-breaking sales of $5.1 billion. This number is up 76% compared to 2019’s Black Friday/Cyber Monday weekend. Shopify’s President, Harley Finklestein stated, “The accelerated shift to digital commerce triggered by COVID-19 is continuing, as more consumers shop online and entrepreneurs step up to meet demand.” In my opinion, SHOP stock is positioned well whether we’re in a pandemic or not. With that being said, is now the best time to add SHOP stock to your portfolio?

Next up on the list of trending stocks to watch right now is Uber (UBER Stock Report). Uber, for those who are new, is mainly a transport company that offers a variety of ride-sharing services. Year-to-date UBER stock has seen a jump of $64.57% closing Tuesday’s trading session at $51.00 a share. Aside from the coronavirus pandemic, let’s take a look as to why UBER stock has been trending as of late. f

food delivery stocks (UBER Stocks)

Uber report it’s most recent fiscal results in November. Uber in fact reported a 17% year-over-year decline in total revenue. Losses from its ride-hailing segments were at about 50% year-over-year. It’s important to note, its delivery segments through UberEats reported a 135% increase in bookings year-over-year. This resulted into a 125% surge in delivery revenue in the same period. Because of the companies unique business model, Uber seems to be trying to make the best out of the current global economic state. Chief Executive Officer Dara Khosrowshahi mentioned “an increasing pace of innovation” as the reason of this success. Notably, the company also reported it has expanded its delivery offerings into areas such as prescriptions and grocieries.

Uber recently announced that is expanded its Uber Connect delivery service. Uber Connect is a delivery service that permits its users to send essential supplies and items to friends and family. As of last week, the services have grown to 2,400 cities across the U.S. This comes right before the holiday season where people will be looking for a way to celebrate responsibly from their homes. The question becomes, is the company’s innovation and growth enough for you to add UBER stock to your watchlist?

[Read More] Making A List Of The Best Software Stocks To Buy Now? 3 Names To Watch

Last on the list is big data company Palantir Technologies (PLTR Stock Report). Palantir is most known for its Gotham, Metropolis, and Foundry offerings. Gotham focuses on U.S. counterterrorism, and Metropolis is used by banks and financial service firms. Foundry is used by corporate clients such as Morgan Stanley (MS Stock Report) and Fiat Chrysler Automobiles (FCAU Stock Report). PLTR has been one of the top trending stocks to buy since its IPO earlier in the year. Since its IPO in October, PLTR stock price is up 180.31% closing Tuesday at $26.63 a share.

best tech stocks (PLTR stock)

In its recent quarter fiscal announced in November, the company reported a 51% increase in total revenue year-over-year. Palantir has strongly raised its full-year 2020 revenue guidance to over $1.07 billion which represents a 44% jump year-over-year. The company seems to be confident with its performance in the market so far. For good reason, Palantir has closed a number of deals with new and existing customers including a $300 million aerospace deal. The company’s share prices have nearly doubled in the last 30 days. Investors may be thinking, why is PLTR trending in the stock market right now? Let’s discuss.

In recent news, Palantir announced it has won a $44.4 million contract from the U.S. Food and Drug Administration (FDA). Notably, the three-year contract includes Palantir Technologies offering data and analytics services to the FDA’s Center for Drug Evaluation and Research (CDER) to help accelerate its review of potential new medicines. This is just one of the many current contracts in place that the company has with the U.S government. With all things being said, PLTR has made an impressive debut since its IPO, do you think that momentum can continue into 2021?

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