May 4, 2021
6 min read
This story originally appeared on StockMarket.
Top tech stocks to consider buying in the stock market
Still, despite hot earnings numbers over the past few weeks, tech stocks continue to gain attention. Because of this, technology stocks remain the most active promotions in the stock market today. Of course, some investors may be eyeing cyclical stocks right now, as they are the top priority for reopening. This could be the case as the high-tech composite Nasdaq still lags behind the broader market in terms of year-to-date growth. However, given the importance of technology in our world today, tech investors may be looking for an interesting buying opportunity.
Remarkably, when it comes to the tech industry, growth and constant innovation are key. In this case, investors looking for long-term profits may want to consider taking a look at the top tech stocks right now. For example, CNBC’s Jim Kramer recently mentioned that he sees “real growth”In FAANG promotions as well as Microsoft (NASDAQ: MSFT). Even after generating related revenues, tech giants like Apple (NASDAQ: AAPL) and Amazon (NASDAQ: AMZN) continue to work hard. Just this week, it was reported that Apple is working on a foldable iPhone. At the same time, Amazon reported that it has 120 million monthly users of its ad-supported streaming video.
Elsewhere, even social networking site Twitter (NYSE: TWTR) has just released a new live audio feature for its platform. It’s safe to say that the tech world doesn’t seem to slow down anytime soon. Should you invest in one of these four well-known tech names in the stock market now?
Top tech stocks to buy [Or Sell] This week
PayPal Holdings Inc.
PayPal is a technology platform and digital payments company that enables mobile and digital payments on behalf of consumers and merchants. Its blended payment solutions include PayPal, Venmo and Hyperwallet products and services. The digital payment platform empowers the company with 325 million active account holders to connect and transact in the digital world we live in today. PYPL shares have more than doubled over the past year. The company is to release financial results for the first quarter tomorrow after the market close.
Last month, the company announced the launch of Cryptocurrency on Venmo, a new way for Venmo’s over 70 million customers to buy, store and sell cryptocurrency directly in the Venmo app. Clients can view cryptocurrency trends and can choose from four types of cryptocurrencies: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Its easy-to-use platform simplifies the process of buying and selling cryptocurrencies and can contribute to the widespread adoption of Venmo in the long term. This happens in a year when cryptocurrency prices have reached unprecedented heights. With this in mind, would you consider buying PYPL stock?
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Marathon Digital Holdings
Marathon is a technology company that aims to build the largest mining operations in North America with the lowest energy costs. Basically, it is a digital asset technology company that specializes in the blockchain ecosystem and digital asset creation. Its growth strategy includes improving bitcoin production by increasing hashing speed. It does this by deploying more powerful miners. In addition, he continues to mitigate the risks of his business by becoming more resilient to the potential decline in the price of bitcoin. MARA shares are currently trading at $ 33.82 as of 9:40 am ET and are up more than 200% since the beginning of the year. The company yesterday provided an update on Bitcoin mining and mining for April 2021.
First, it produced 162.1 bitcoins in April, bringing the total bitcoin supply to about 5292 at a fair market value of roughly $ 306.2 million. Secondly, since the beginning of the year, Bitmain has received about 13,032 S-19 Pro ASIC miners.
“April was an incredibly productive month as we connected 5,288 new miners to the network and increased the hashrate of our active mining park by about 82% in just 30 days.– said Fred Thiel, CEO of Marathon. “As a result, by the end of April, we were producing almost 7 bitcoins per day, compared to 3.2 bitcoins per day at the end of March. New miners continue to be delivered and installed daily, and as they go online, these performance numbers will continue to improve as our business grows into one of the largest enterprise bitcoin mining operations in North America.“With all this in mind, would you consider buying MARA shares?
Snowflake is a cloud data platform provider. In addition, the company’s platform allows customers to consolidate data into a single source. This will help you gain critical business insights and create data-driven applications. Snowflake is often credited with reviving the data warehouse industry by creating and enhancing the cloud data platform. SNOW shares are currently trading at $ 217.24 at 9:50 am ET.
In March, the company released financial results for its fourth quarter and full year for fiscal 2021. Impressively, the company reported revenue for the quarter of $ 190.5 million, up 117% from a year earlier. Snowflake also reported that its net income retention rate increased by 168%. The company said it currently has 4,139 customers, up 73% from a year earlier. With such impressive financial performance, would you consider adding SNOW stock to your portfolio?
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After that, we have Upwork Inc. In short, the California-based company operates a freelance platform. Through this platform, Upwork brings together businesses and highly skilled freelancers for projects of various sizes. First, Upwork is now one of the largest platforms for recruiting and hosting telecommuters around the world. As more businesses move digital, telecommuting is more relevant than ever. Because of this, I could see investors eyeing Upwork as it has to report earnings after today’s close. Namely, UPWK shares are currently up nearly 400% over the past year.
While investors are awaiting Upwork’s latest earnings figures, how well is it doing? Well, back in February, the company reported solid numbers across the board. Compared to the same period last year, the company showed significant growth in quarterly revenue by 32% and market revenue by 34%. On the business side, CEO Hayden Brown is also optimistic. In an interview with Fox Business last month, Brown mentioned that organizations will continue to rely on Upwork’s services. She cited the massive relocation of staff back to physical offices as a key factor.
Subsequently, organizations that have a sudden need for employees can connect to the global talent platform Upwork. If so, do you think UPWK is a buy right now?