Check Out These Tech Stocks In The Stock Market Today

It has been a disappointing start to the year for tech stocks in general, to say the least. The Nasdaq Composite is down more than 16%, and some of the top tech stocks are down even more. While such a bearish trend may spook some investors, it is an equally exciting time if you’re in it for the long term. Looking on the bright side, you are able to buy some of the great companies at a better price now than they were a few months ago.

Although tech stocks have been under severe pressure, we can’t deny that they offer solutions to the world’s myriad problems. After all, some of the beaten-down tech stocks still possess plenty of upsides. For instance, database software company MongoDB (NASDAQ: MDB ) has seen its shares falling more than 30% this year. That said, it rose over 18% on Wednesday after announcing better-than-expected fourth-quarter financial results. 

Elsewhere, fintech company Marqeta (NASDAQ: MQ) has also seen its share price falling over 30% this year. Nevertheless, the fundamentals of the company remain stable. We only have to look at its fourth-quarter financials. In brief, revenue for the quarter was $155.4 million, up 76% year-over-year. This is well above analysts’ estimate of $137.8 million. All in all, investors should keep a long-term perspective due the volatility of these high-growth tech stocks. With that in mind, here is a list of some of the top tech stocks in the stock market today. 

Tech Stocks To Buy [Or Sell] Right Now

Nio

Among the tech stocks making waves lately would include the likes of Nio. This is a China-based company that principally engages in the research, development, and manufacturing of premium smart electric vehicles (EV). The company’s EVs mainly include ES8, ES6, EC6, and ET7. Besides that, it also develops battery swapping technologies and autonomous driving technologies. NIO stock has fallen by nearly 40% this year alone. Could things be turning around soon? For starters, it’s worth noting that the company debuted on Hong Kong’s stock exchange yesterday, making the stock accessible to more investors. 

On top of that, Nio’s February delivery update also shows that the company’s growth is still on track as EV adoption continues to rise. The company delivered 6,131 vehicles for the month, representing an increase of 9.9% compared to the prior year. Out of which, 1,084 were ES8s, 3,309 ES6s, and 1738 EC6s. So, Nio has now delivered 15,783 vehicles thus far this year, an increase of 23.3% year-over-year. Given these considerations, could there be more room to run for NIO stock?

tech stocks (NIO stock)
Source: TD Ameritrade TOS

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Amazon

Following that, we have another tech giant that needs little introduction, Amazon. Essentially, the company started with e-commerce and is now one of the largest tech companies in the world. Today, it also manufactures and sells electronic devices such as Kindle, Fire tablet, Fire TV, Echo, Ring, and other devices. Not to mention, its Amazon Web Services (AWS) owns almost half of the world’s public cloud infrastructure market. That makes it one of the world’s largest cloud computing service providers. 

Amazon started the month of March by announcing the availability of its Luna cloud gaming service for all customers in the U.S. Some of the new Luna features include live broadcasting to Twitch and the Luna Phone Controller. Furthermore, the company announced on Wednesday that its board approved a 20-for-1 stock split. This would be the first split for the company stock since 1999. For the most part, the split would allow the company to reach more investors. As such, AMZN stock is climbing again Friday morning. Given these developments, would you consider adding AMZN stock to your portfolio?

AMZN stock chart
Source: TD Ameritrade TOS

[Read More] Top Stock Market News For Today March 11, 2022

Bumble

Bumble is a tech company that offers an online dating platform. Its platform enables people to connect and build equitable and healthy relationships on their own terms. The company now operates two applications, Bumble and Badoo. On one hand, the Bumble app is built with women being at the center. On another hand, the Badoo app is a web and mobile free-to-use dating platform. As you would expect, the company offers subscription plans that range from 7-day up to 90-day plans. This week, Bumble announced its fourth-quarter and full-year financial results. To say the least, investors had a positive response as BMBL stock skyrocketed by 41.9% on Wednesday’s trading session. 

Bumble posted quarterly revenue of $208.2 million, up 25.7% year-over-year. Out of which, the Bumble App’s revenue increased to $150.5 million, an increase of 42.2% year-over-year. Also, paying users increased by 29% to 1.6 million. Overall, the company was able to successfully execute all its core strategies in its first year as a public company. With that said, could BMBL stock be an interesting opportunity at its current valuation?

BMBL stock
Source: TD Ameritrade TOS

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Palantir

Lastly, we will be looking at the software company, Palantir. For those unaware, the company has built two software platforms, namely Palantir Gotham and Palantir Foundry. Its Gotham software is designed for analysts at defense and intelligence agencies. Hence, allowing users to identify patterns hidden deep within datasets. Meanwhile, the Foundry software creates a central operating system for an organization’s data. PLTR stock has been gaining traction among investors lately. This comes as Morgan Stanley’s analyst Keith Weiss raised his rating on the stock from underweight to equal weight. He has a price target of $16, representing an upside of nearly 40%.

Weiss believes that Palantir will stand to benefit from the current geological environment. The current Russian invasion should boost demand for its defense-focused data services moving forward. Furthermore, Palantir and Jacobs Engineering (NYSE: J) recently announced a global strategic collaboration targeting data and technology solutions for the infrastructure and national security markets. The focus of the partnership will be on the water sector. Water data analytics solution aggregates and analyzes plant data to manage and optimize water and wastewater treatment plant operations and maintenance. Given these bullish sentiments, would you consider jumping on the PLTR stock bandwagon?

PLTR stock
Source: TD Ameritrade TOS

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