Do You Have These Tech Stocks On Your Watchlist For The Remainder Of 2020?
Tech stocks can refer to many different types of companies. This can include digital services, app development, e-commerce sites, and more. As technology is always evolving in our society, top tech stocks are always a very interesting sector to watch. Just think about how cell phones have advanced in the last 10 years. This means that new tech stocks show up on the market more frequently.
The ongoing economic crisis has caused tech stocks to rise that we’re unlikely to rise before. Companies that create digital safety measures for the virus outbreak have been rising in the market. In addition to this, many tech stocks have been on the rise as well. Digital services have been a growing market since many people are stuck at home in 2020. Online financial services have been growing as well. Food delivery apps have been another large gainer in 2020.
So this means that all types of tech stocks have the potential to rise in the stock market. That is why staying up to date on the best tech stocks to watch can help you a lot. Some tech stocks have high volatility while others grow over time. Let’s have a look at two trending tech stocks that are causing momentum in the market.
Read More
- Should You Invest In Logistics Stocks?
- Top 5 Things To Know In The Stock Market This Week
- Is Nikola The Next Tesla, Or Better?
Uber Purchases Postmates In Massive $2.65 Billion Deal
The first tech stock that is trending in the market is Uber Technologies Inc. (UBER Stock Report). Uber offers ride-sharing services, food delivery, and micro-mobility services via bikes and scooters. The company was founded in 2009 and now has a 67% market share for ride-sharing and a 24% market share for food delivery. The large corporation recently purchased food delivery giant Postmates on July 6th. Postmates offers a similar delivery service to Uber’s ‘Uber Eats’. By purchasing Postmates, Uber has one less massive competitor in the food delivery industry.
This acquisition by Uber caused an uptick of UBER stock. Before the deal was announced, UBER stock price was at $30 a share on average. Once the deal was made public, UBER stock opened at $31 on July 6th. As of 11:30am on the 6th, UBER stock price is at $32 a share. If more good reports come for Uber, it can be expected that UBER stock will rise up more. This 6% increase in UBER stock price could potentially just be the start of the rise.
The food delivery scene has been growing a lot recently. This is due to the technology in which food delivery can now be done by an app on your phone. Services like Uber Eats and Postmates have been leaders in this industry. This is a perfect example of a new technology causing certain tech stocks to jump.
Top Tech Stock To Buy [Or Sell] In 2020: Slack
The next tech stock to watch, Slack Technologies Inc.(WORK Stock Report) has made a fully recovery in its stock price. Slack is a business communication platform that was created in 2013. It allows businesses to create chat rooms organized by topic, groups, and direct messages. You can send find conversations and files just by searching for them. Slack is used by many businesses in the world. Since many businesses had to close its physical doors, Slack has provided a good solution for this problem. It allows people that are part of companies to easily communicate with each other. This is why Slack has grown to be a large application. As of April 2019, Slack had 10 million daily users, over 600,000 organizations, and customers in over 150 countries.
People being stuck at home has been great for WORK stock. Before the virus took the world by storm, WORK stock price was at around $27 a share on average. Once the economy crashed, WORK stock fell as low as 37% a share. Since then, WORK stock price has managed to recover. In fact, WORK stock is higher than it once was at $31.55 a share on average as of July 6th. In May WORK stock price reached its 52 week high briefly at over $35 a share. From the point of its fall, WORK stock has risen by over 82%.
Bottom Line
Tech stocks are always evolving and changing with technology itself. That is why many new tech companies show up in the market frequently. You never know which tech stock could be the next big gainer. UBER stock and WORK stock are potential tech stocks to buy due to their recent momentum in the market. There are many great tech stocks to watch but these two have proven success in recent times.
