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Top Tech Stocks To Watch In The Stock Market This Week
As investors look forward to another week of high-profile earnings, tech stocks could be in focus. Seasoned and new investors alike would be looking for reasonably priced names in the stock market today. After all, despite posting blowout quarters, some of the top tech stocks have taken a breather. When you couple this with the world’s ever-growing reliance on tech, some might argue that we could be looking at exciting investment opportunities this week.
Tech giants such as Nuance Communications (NASDAQ: NUAN) and Palantir Technologies (NYSE: PLTR) will be reporting earnings later this week. Sure, both companies focus on different end markets, but businesses and consumers rely heavily on their tech, nonetheless. Given their current positions in their respective industries, both companies’ shares could be on investors’ radars this week. As it stands, NUAN stock and PLTR stock are up by over 100% in the past year.
Aside from the current earnings season, tech companies related to cryptocurrencies also appear to be on the rise. Be it Ethereum surpassing the $4,000 mark for the first time or Dogecoin’s massive swings over the weekend, investors appear to be more receptive towards these digital assets than where we were one year ago. By and large, there appears to be no shortage of exciting news in the world of tech today. Having said all that, here are four tech stocks to watch on the stock market now.
Best Tech Stocks To Watch Right Now
Coinbase Global Inc.
Coinbase is a tech company that operates a cryptocurrency exchange platform. The company boasts approximately 56 million verified users, 7,000 institutions, and 115,000 ecosystem partners in over 100 countries. In essence, the company is building a crypto economy that is efficient and a more transparent financial system enabled by crypto. Fresh off its IPO last month, could strong cryptocurrency growth translate to big gains for Coinbase?
Coinbase is reporting its earnings on May 14 after the closing bell. Last month, the company announced its estimated first-quarter financials and also provided its outlook for the full year of 2021. Firstly, Coinbase expects a trading volume of $335 billion for the quarter. Total revenue for the quarter is approximately $1.8 billion.
Secondly, it expects a top-line income of $800 million. Being a major cryptocurrency exchange, the fortunes of Coinbase will likely move closely with the prices of major cryptocurrencies. Besides, if more investors decide to trade cryptocurrencies, Coinbase would also see more business. Given all of this, will you be watching COIN stock ahead of its earnings this week?
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Salesforce is a cloud-based software company headquartered in San Francisco, California. Basically, the company provides customer relationship management (CRM) service and also provides a complementary suite of enterprise applications focused on customer service, analytics, and application development. Recently, the company announced that it has been ranked as the #1 CRM provider by International Data Corporation (IDC) in its latest Worldwide Semiannual Software Tracker for the eighth consecutive year. The company is slated to report its earnings on May 27, with $0.42 of net income expected on $5.89 billion of revenue.
It is no surprise as Salesforce continues to grow its overall market share position. In the last year, it had increased its revenue more than any other CRM vendor. IDC data also shows that Salesforce is the market share leader for sales applications, customer service applications, model-driven application platforms, and marketing applications.
Last month, the company also introduced Digital 360 for Industries. The platform helps companies deliver better experiences faster with industry apps and developer tools. It can be deployed for consumer, health care, and financial services segments among others. With that in mind, will you add CRM stock to your portfolio?
Riot Blockchain Inc.
Riot is a bitcoin mining company. It supports the rapidly expanding industrial-scale mining of the Bitcoin blockchain in the U.S. The company focuses on expanding its operations by increasing its bitcoin mining hash rate while decreasing its costs of production. Riot has invested heavily in its mining equipment and facility to improve its efficiency. More impressively, the company has already hit GAAP profitability and will continue to increase revenues at an impressive pace should the momentum continue.
Last month, the company provided a production update for March 2021. Riot produced a total of 187 BTC in March, an 80% increase year-over-year. For the entire first quarter, the company produced an impressive 491 BTC, which is a 75% increase year-over-year.
Earlier in the same month, it also announced a large-scale contract for the purchase of 42,000 S19j Antminers from Bitmain Technologies. The company expects to receive them by the end of 2022. This would represent a 93% increase over the company’s previously estimated committed hash rate capacity by October 2021. All things considered, will you watch RIOT stock amid the strong market appetite towards crypto?
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Penn National Gaming Inc.
Last but not least, we will be looking at Penn National Gaming (PENN). For the uninitiated, PENN is a juggernaut in the online sports betting industry now. According to PENN’s estimates, it boasts the largest and most diversified regional gaming footprint in the U.S. In terms of scale, the company operates out of 41 properties across 19 states. Sure, PENN stock may not conventionally be thought of as a tech stock.
However, PENN’s operations are becoming increasingly reliant on the digital medium as online gaming trends continue to gain momentum. Despite shedding more than 30% of its value since March, PENN stock is still up 350% over the past year.
Recently, news broke of PENN acquiring real money gaming company, HitPoint Studios. Subsequently, the acquisition would go towards supporting PENN’s newly launched Penn Game Studios (PGS). What is PGS, might you ask? In short, PGS is an in-house content development team, focusing on creating “exclusive iCasino content” for consumers. It seems that PENN has no plans on losing its current lead in the digital gaming industry now. At the same time, the company has also been expanding its brick-and-mortar operations. We can see this as PENN is opening up applications for jobs at its upcoming Hollywood Casino York. With the company firing on all cylinders now, will you be adding PENN stock to your watchlist?