Do You Have These Top Tech Stocks On Your April 2021 Watchlist?
The broader market appears to be on the uptrend so far this week. While bank stocks seem to be leading in gains on stellar earnings figures, tech stocks remain in demand. Evidently, the tech-heavy Nasdaq Composite has mostly recovered from the recent tech selloffs. In fact, it seems to be edging closer towards its record high seen in February. With all this in mind, I can understand why investors are still looking for the top tech stocks now. After all, tech continues to significantly influence the world around us more each day. This is mostly thanks to overall digital acceleration and adoption of new tech ramping up throughout the current pandemic.
Take tech giants Microsoft (NASDAQ: MSFT) and Taiwan Semiconductor Manufacturing Company (NYSE: TSM) for example. Like it or not, the duo continues to shape the tech world today. On one hand, Microsoft recently announced that it would be acquiring speech recognition firm Nuance Communications (NASDAQ: NUAN) for $16 billion. According to Microsoft, Nuance’s tech will be part of its health-care cloud products. Elsewhere, TSM’s recent plans to invest $100 billion towards boosting its manufacturing capacity show the ever-increasing reliance on semiconductor tech today. Even now, tech companies continue to innovate and expand their offerings. Could one of these four top tech stocks be worth watching because of that?
Best Tech Stocks To Watch This Week
- QuantumScape Corporation (NYSE: QS)
- CrowdStrike Holdings Inc. (NASDAQ: CRWD)
- NVIDIA Corporation (NASDAQ: NVDA)
- Nano-X Imaging Limited (NASDAQ: NNOX)
QuantumScape is a tech company that researches solid-state lithium metal batteries for electric cars. The company could be on the verge of revolutionizing energy storage to enable a sustainable future. It is also a very hot pick-and-shovel play on the electric vehicle (EV) market right now. Investors have been paying close attention to this tech stock right now as it has been up by over 300% in the last year. That partly came after the company announced very positive results for its battery technology in December last year. QS stock currently closed Wednesday’s trading session at $40.85 a share.
Among the advantages, this battery has over conventional lithium batteries are a significant increase in energy density and also a 0% to 80% fast charge in less than 15 minutes. These factors could provide a more efficient battery that could replace current EV batteries.
Late last month, the company announced that it has successfully met the technical milestone that was a condition to close for the investment of an additional $100 million by Volkswagen (OTCMKTS: VWAGY). This would be sufficient funding for QuantumScape to bring its solid-state lithium-metal battery technology into industrialized mass production. Given all of this, will you consider adding QS stock to your watchlist?
CrowdStrike Holdings Inc.
CrowdStrike is a cybersecurity technology company that is based in California. In essence, the company provides cloud workload and endpoint security. It also provides threat intelligence and cyberattack response services. Today, it offers 16 cloud modules on its Falcon platform via a Software-as-a-Service model that spans multiple large security markets. CRWD stock currently trades at $208.20 as of 4:00 p.m. ET on Wednesday and has enjoyed gains of over 230% in the last year.
Last month, the company had reported its fourth quarter and fiscal year 2021 financial results, much to investors’ delight. In it, CrowdStrike posted total revenue of $264.9 million for the quarter, a 74% increase. Its annual recurring revenue (ARR) increased by 75% year-over-year and grew to $1.05 billion.
Impressively, the company also ended January 2021 with $1.92 billion in cash and cash equivalents. It also added 1,480 net new subscription customers in the quarter, representing an 82% growth year-over-year. Last year, the company also integrated CrowdStrike Falcon’s threat intelligence feeds with Amazon’s (NASDAQ: AMZN) AWS Network Firewall. All things considered, is CRWD stock worth watching?
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Nvidia is a leading tech company in the graphic processing unit (GPU) market. Its invention of the GPU in 1999 has sparked the growth of the PC gaming market and has redefined modern computer graphics, high-performance computing, and artificial intelligence. The company’s pioneering work in accelerated computing and AI is reshaping trillion-dollar industries. This would include transportation, healthcare, and manufacturing. NVDA stock currently trades at $611.08 as of Wednesday’s closing bell and has more than doubled in the last year. On Monday, the company announced at its annual Investor Day that its first-quarter revenue for fiscal 2022 is tracking above its previously provided outlook.
Furthermore, it has outperformed in each of its market platforms. “While our fiscal 2022 first quarter is not yet complete, Q1 total revenue is tracking above the $5.30 billion outlook provided during our fiscal year-end earnings call. We are experiencing broad-based strength, with all our market platforms driving upside to our initial outlook,” said Colette Kress, executive vice president, and chief financial officer of NVIDIA.
The company also reports that its Data Center segment has good visibility and it expects another strong year. Nvidia also expects an increased consumption of its AI platform through cloud service providers. This is a given as industries are increasingly using AI to improve their products and services. With so many exciting developments surrounding Nvidia, will you consider adding NVDA stock to your portfolio?
Nano-X Imaging Limited
Last but not least, we have imaging tech company Nano-X. In brief, the Israel-based company is currently working on developing a commercial-grade digital x-ray. The likes of which will, ideally, be put to use in real-world medical imaging scenarios. According to Nano-X, its novel tech could significantly reduce the costs of medical imaging systems today. Given its unique position in the medical and tech industries, NNOX stock could be a go-to for investors looking to bet on innovations in healthcare tech. As it stands, NNOX stock closed Wednesday’s trading session at $36.04.
Earlier this month, the company received a notable FDA regulatory update on its flagship x-ray. In detail, Nano-X’s ARC digital x-ray obtained a 510(k) clearance. What this means is that the company’s tech can be marketed as safe and effective. No doubt, this marks a great development for Nano-X’s U.S. regulatory pathway. According to CEO Ran Poliakine, the company is still on track to commence system shipments by Q4 2021.
According to Nano-X’s estimates, this could possibly extend preventative imaging and screening services to “roughly two-thirds of the world’s population”. Should this hold true, would you consider adding NNOX stock to your portfolio?