May
4, 2021
6 min read
This story originally appeared on StockMarket
Top Tech Stocks To Consider Buying In The Stock Market Now
Amidst all the hot earnings figures over the past few weeks, tech stocks continue to attract attention, nonetheless. Because of this, tech stocks are still among the most active stocks in the stock market today. Sure, some investors may be looking into cyclical stocks now seeing as they are prime reopening plays. This would be the case seeing as the tech-heavy Nasdaq composite is still lagging behind the broader market in terms of year-to-date gains. However, with the importance of tech in our world today, tech investors could be looking at an interesting buying opportunity now.
Notably, when it comes to the tech industry, growth and constant innovation is the name of the game. With this being the case, investors looking at long-term gains may want to consider looking at the best tech stocks now. For instance, CNBC’s Jim Cramer recently mentioned that he sees “real growth” in the FAANG stocks as well as Microsoft (NASDAQ: MSFT). Even after their respective earnings, tech giants such as Apple (NASDAQ: AAPL) and Amazon (NASDAQ: AMZN) remain hard at work. Just this week, it was reported that Apple is working on a foldable iPhone. At the same time, Amazon reported a monthly user count of 120 million on its ad-supported video streaming content.
Elsewhere, even social media company Twitter (NYSE: TWTR) just released a new live audio room feature to its platform. Safe to say, the world of tech does not seem to be slowing down anytime soon. Could one of these four notable tech names in the stock market be worth investing in now?
Top Tech Stocks To Buy [Or Sell] This Week
PayPal Holdings Inc.
PayPal is a tech platform and digital payments company that enables mobile and digital payments on behalf of consumers and merchants. Its combined payment solutions include PayPal, Venmo, and Hyperwallet products and services. Its digital payments platform gives the company’s 325 million active account holders the means to connect and transact in the digitalized world that we live in today. PYPL stock has more than doubled in the last year. The company will report its first-quarter financials tomorrow after the market closes.
Last month, the company announced the launch of crypto on Venmo, a new way for Venmo’s more than 70 million customers to buy, hold, and sell cryptocurrency directly within the Venmo app. Customers can view cryptocurrency trends and can choose from four types of cryptocurrency: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Its easy-to-use platform simplifies the process of buying and selling cryptocurrency and could increase widespread adoption for Venmo in the long run. This comes in a year where cryptocurrency prices have reached unprecedented highs. With that in mind, will you consider buying PYPL stock?
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Marathon Digital Holdings
Marathon is a tech company that aims to build the largest mining operations in North America at the lowest energy costs. In essence, it is a digital asset technology company that focuses on the blockchain ecosystem and the generation of digital assets. Its growth strategy includes improving Bitcoin production by increasing hash rate. It does this by deploying more powerful miners. Also, it continues to de-risk its business by becoming more resilient to potential declines in the price of Bitcoin. MARA stock currently trades $33.82 as of 9:40 a.m. ET and has been up by over 200% year-to-date. Yesterday, the company provided a Bitcoin production and mining operation update for April 2021.
Firstly, it produced 162.1 bitcoins in April, increasing total bitcoin holdings to approximately 5,292 with a fair market value of approximately $306.2 million. Secondly, it received approximately 13,032 S-19 Pro ASIC miners from Bitmain year-to-date.
“April was an incredibly productive month as we brought 5,288 new miners online and increased our active mining fleet’s hash rate by approximately 82% in just 30 days,” said Fred Thiel, Marathon’s CEO. “As a result, by the end of April, we were producing nearly 7 bitcoins per day, up from 3.2 bitcoins per day at the end of March. New miners continue to be delivered and installed on a daily basis, and as they come online, these production figures will continue to improve as our business scales into one of the largest enterprise Bitcoin mining operations in North America.” Given all of this, will you consider buying MARA stock?
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Snowflake Inc.
Snowflake is a cloud data platform provider. Also, the company’s platform enables customers to consolidate data into a single source. This would help provide crucial business insights and build data-driven applications. Snowflake is often credited with reviving the data warehouse industry by building and perfecting a cloud-based data platform. SNOW stock currently trades at $217.24 as of 9:50 a.m. ET.
In March, the company reported its fourth-quarter and full-year financials for fiscal 2021. Impressively, the company reported that revenue for the quarter was $190.5 million, an increase year-over-year of 117%. Snowflake also posted that its net revenue retention rate increased by 168%. The company said that it now has 4,139 total customers, a 73% year-over-year growth. With such impressive financials, will you consider adding SNOW stock to your portfolio?
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Upwork Inc.
Following that, we have Upwork Inc. In brief, the California-based company operates a freelancing platform. Through this platform, Upwork connects businesses and highly skilled freelancers for projects of varying sizes. For one thing, Upwork is among the largest platforms for hiring and placing remote workers globally right now. As more businesses shift operations to the digital space, remote working has become more relevant than ever right now. Because of this, I could see investors eyeing Upwork as it is set to report earnings after today’s closing bell. Namely, UPWK stock is currently sitting on gains of nearly 400% in the past year.
While investors anticipate Upwork’s latest earnings figures, just how well has it been doing? Well, back in February, the company reported solid figures across the board. It saw sizable year-over-year bumps of 32% in quarterly revenue and 34% in marketplace revenue. On the business front, CEO Hayden Brown remains optimistic as well. In an interview with Fox Business last month, Brown mentioned that organizations will continue to rely on Upwork’s services. She cited a massive shift of the workforce back towards physical offices as a key factor here.
Subsequently, organizations with a sudden need for workers can tap into Upwork’s global talent platform. Should this be the case, would you consider UPWK stock a buy right now?