Are These The Best Tech Stocks For Your November 2021 Watchlist?
Tech stocks continue to dominate the headlines in the stock market this week. For the most part, this would be thanks to the ever-evolving and improving nature of the industry. To begin with, the Bitcoin bulls continue to power forward as the cryptocurrency surged towards a record high of over $68,000 earlier today. This could show the growing sentiment around blockchain tech and its related offerings in the world now. Aside from the crypto space, more conventional names in tech continue to make eye-catching moves as well.
Notably, one of the latest collaborations in the industry today would be between Luminar (NASDAQ: LAZR) and Nvidia (NASDAQ: NVDA). For starters, Luminar is a leading name in the development of Light Detection and Ranging (lidar) tech. The likes of which are usually employed by self-driving cars and even in some of the latest electric vehicles (EVs). Through the current partnership, Nvidia is looking to leverage Luminar’s lidar tech in its autonomous vehicles. Safe to say, investors seem to see this as a major win for Luminar, given the scale of the deal. Accordingly, LAZR stock now trades at $21.40 a share as of 10:18 a.m. ET, holding gains of over 20% since today’s opening bell. By and large, there are plenty of notable developments to consider among tech stocks in the stock market today. On that note, here are four more to know now.
Top Tech Stocks To Watch This Week
- Palantir Technologies Inc. (NYSE: PLTR)
- Evgo Inc. (NASDAQ: EVGO)
- Coinbase Global Inc. (NASDAQ: COIN)
- Alphabet Inc. (NASDAQ: GOOGL)
Palantir Technologies Inc.
To begin with, we have Palantir Technologies. The company builds software that helps organizations and governments effectively integrate their data, decisions, and operations. Its three main platforms are Foundry, Gotham, and Apollo that are operating systems for the modern enterprise, global decision making, and continuous delivery respectively. Notably, its Foundry platform allows for the world’s most important institutions to build safer cars, secure global supply chains, and accelerate cancer research among others. PLTR stock currently trades at $24.44 as of 10:18 a.m. ET.
Today, the company reported a strong third-quarter financial. Diving in, total revenue grew by 36% year-over-year to $392 million. Palantir saw its U.S. commercial revenue more than double year-over-year. This comes as its commercial customer count grew by 46% quarter-over-quarter. The company also raised its full-year outlook and expects a revenue growth of 40% to $1.527 billion. It also raised its outlook for adjusted cash flow to in excess of $400 million, up from in excess of $300 million. For these reasons, should you consider adding PLTR stock to your portfolio?
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EVgo is one of the largest public fast-charging networks for EVs and is also the first to be powered by 100% renewable energy. It has over 800 fast-charging locations that serve over 65 metropolitan areas across 34 states. In fact, the company claims that more than 130 million people in the U.S. live within a 10-mile drive of an EVgo fast charger. EVGO stock currently trades at $16.00 as of 10:18 a.m. ET and is up by over 18% on today’s opening bell. Investors are likely responding to a piece of news that the company released today.
Namely, it announced an expansion to its EV charging program for rideshare drivers on Uber’s (NYSE: UBER) platform. Uber has nearly one million rideshare vehicles on the road and the electrification of rideshare will provide a significant opportunity to add high-utilization drivers to EVgo’s network. There will also be new discounts and benefits for all drivers using Uber, building on this expanded initiative upon the existing program’s success. This partnership will no doubt help both companies further accelerate the adoption of zero-emission transportation at scale. With this exciting piece of news, would you keep a close eye on EVGO stock right now?
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Coinbase Global Inc.
Following that, we have Coinbase Global. It is a tech company that operates a cryptocurrency exchange platform. In brief, it offers a trusted and easy-to-use platform for accessing the broader crypto-economy and has over 68 million verified users. It also boasts a quarterly traded volume of $462 billion and its exchange is available in over 100 countries. COIN stock currently trades at $353.72 as of 10:18 a.m. ET and is up by over 37% in the past month alone. This comes after Bitcoin hit a new all-time high on Tuesday, rallying above $68,000 at one point.
Today, it also announced that it will be bringing full standalone functionality to the Coinbase Wallet extension. By having full standalone functionality, users will be able to browse decentralized apps, access thousands of cryptocurrencies, trade on decentralized exchanges, and collect NFTs from their browsers without needing to confirm transactions on their smartphones. This could increase Coinbase’s user base given how its ease-of-use is very appealing for people to trade crypto. For these reasons, should investors be watching COIN stock?
Last but not least, we will be taking a look at Alphabet. For one thing, most would be familiar with the company’s flagship subsidiary Google. This would be the case from its leading ad tech services to its YouTube social media platform and cloud computing services. When it comes to tech, few can boast a portfolio as impressive and vast as Google. Now, GOOGL stock currently trades at $2,957.17 as of 10:18 a.m. ET. This would be after gaining by over 70% year-to-date.
Even with its current tech empire, Alphabet continues to make aggressive plays, expanding its reach. As of last week, the company is planning to set up a new drug discovery firm, Isomorphic Labs (IL). According to Alphabet, IL will employ artificial intelligence to “reimagine the entire drug discovery process from the ground up”. To highlight, this would align with Google’s recent health care-related partnerships with consumer health firms. Overall, Alphabet seems keen to employ its cutting-edge AI tech in the health care industry. Because of this, some would argue that GOOGL stock could have more room to run moving forward. Would you agree?