Do You Have These 3 Tech Stocks On Your Watchlist Today?
The stock market and tech stocks, in particular, have been in a slump since the start of the year. Across the board, many of the top names in the industry showed signs of weakness. Sentiment aside, these companies are still constantly making moves to improve the world with technology. For instance, Microsoft (NASDAQ: MSFT) and American Airlines (NASDAQ: AAL) recently partnered to use technology to create a more connected experience for customers and the airlines’ team members.
American Airlines will leverage Microsoft Azure for its airline applications and key workloads. This would significantly accelerate the company’s digital transformation. Elsewhere, the semiconductor industry has also been showing plenty of promise. Yesterday, Analog Devices (NASDAQ: ADI) delivered its fifth consecutive quarter of record revenue. Again, this reflects the unprecedented demand for its technology. Also, it shows the company’s ability to increase output in a challenging supply backdrop.
Nevertheless, talks of buying these household names on the cheap have been surfacing. Now, is this a risky move? Well, no one knows for sure when the stock market will bottom. With that said, there are still numerous tech companies that are thriving. So, here are 3 of the top tech stocks worth noting in the stock market today.
Tech Stocks To Watch Right Now
- DLocal Limited (NASDAQ: DLO)
- Magnachip Semiconductor Corp (NYSE: MX)
- Aspen Technology, Inc. (NASDAQ: AZPN)
First, let us look at the Uruguay-based tech company, dLocal. Essentially, the company focuses on enabling merchants to connect with emerging market users. It does so by offering a payment platform for emerging markets. Besides that, the company’s cloud-based platform powers both cross-border and local-to-local transactions in approximately 29 countries. DLO stock has been picking up steam lately, climbing more than 35% within the past week.
This can largely be attributed to its recent first-quarter earnings report that showed signs of encouragement. Its revenue came in at $87.5 million, up 117% year-over-year. Meanwhile, the company reported a total payment volume of $2.1 billion for the quarter, representing an increase of 127% compared to the prior year’s quarter. Despite a quarter that was plagued with a challenging global macro environment, the company was able to deliver record first-quarter results. This could be a testament to its ability to sustain long-term growth momentum as more new merchants adopt its platform.
Not to mention, dLocal also announced a new offering earlier this month. The dLocal Go will be an online platform for entrepreneurs, startups, and small-to-medium-sized business owners to process payments. For the longest time, small businesses are at risk of missing sales when they launch internationally. Most international launches would only accept credit card payments and not every consumer may have that type of access. So, the dLocal Go solves this issue by offering a self-service platform to launch in minutes the processing of local payments in emerging markets. Given these exciting developments, would you consider jumping on the DLO stock bandwagon?
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Another tech stock that has been flying under the radar is Magnachip. For those unaware, this is a semiconductor company that designs and manufactures analog and mixed-signal semiconductor solutions. It caters to various industries such as communications, Internet of Things applications, consumer, industrial, and even automotive. Investors following the company closely would’ve noticed that MX stock has been gaining traction in the stock market lately. In fact, it has risen more than 25% over the past month.
Now, there wasn’t any blockbuster announcement from the company that attracted the attention of investors. That said, rumors were suggesting that the company had been approached with a buyout offer from South Korean tech company LX Group and private equity firm Carlyle Group (NASDAQ: CG). What’s intriguing is that there are reports that the acquisition price could be around $25 a share. Therefore, speculators were quick to jump the gun on MX stock despite a lack of confirmation from the company. Of course, one should be aware of the risks of relying on rumors which may or may not materialize.
Putting that aside, there are other reasons for optimism pertaining to Magnachip lately. The company said earlier this month that it surpassed 730 million units in cumulative shipments of organic light-emitting diode display driver integrated circuits for its first quarter. To say the least, this is an impressive achievement given the ongoing foundry capacity shortage. According to the company’s press release, Magnachip claims that it will further solidify its technological and market leadership position that will empower technological transformation. With that in mind, would you consider adding MX stock to your watchlist?
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To sum up the list, we will be looking at the software provider, Aspen Technology. For the uninitiated, the company offers asset optimization software for asset design, operations, and maintenance in complex industrial environments. It is no secret that the tech sector has been struggling over the past year. However, AZPN stock is edging higher even when the biggest names in the industry are under pressure. In fact, the company stock is currently trading near its all-time high and has climbed more than 25% over the past year.
For starters, Aspen recently reported its fiscal third-quarter earnings late in April. The company’s total revenue was $187.8 million, compared to $162.7 million in the prior year’s quarter. Meanwhile, its net income came in at $75.1 million, or earnings per share of $1.12. Overall, it was a strong financial quarter driven by a notable improvement in customer spending and continued execution by the company. Moving forward, the company’s CEO, Antonio Pietri, believes that the company will have the “ability to return to consistent double-digit growth over time.”
Furthermore, Aspen does not appear to be resting on its laurels. On Monday, the company finally announced the completion of its transaction with Emerson Electric (NYSE: EMR). The transaction includes the addition of Emerson’s OSI Inc and Geological Simulation Software businesses. These additions will place Aspen in a favorable position to help its customers meet the increasing demand for resources profitably and sustainably. With the company seemingly firing on all cylinders, would you be paying more attention to AZPN stock?
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