4 Top Consumer Tech Stocks To Add To Your Watchlist Right Now
Consumer tech stocks have gotten off to a rough start this year. For instance, the tech-heavy Nasdaq Composite index is down more than 10% year to date. While buying these growth stocks in the stock market today could be a risky endeavor, the opportunists see sell-offs as a great opportunity to buy shares at discounts. And it seems that they are hard at work today seeing that major indexes are attempting a recovery.
Tech stocks in particular have been under pressure amid rising bond yields. There’s no question that tech stocks are suffering in the past few months. The good news is, this downturn won’t last forever. Due to the broad sell-off we’ve seen recently, one may be able to find bargains in the tech space. Of course, trying to time the market may not be easy. But buying companies with strong fundamentals could prove to be lucrative if you plan to hold them over the long term.
Speaking of quality companies, Microsoft (NASDAQ: MSFT) certainly fits the bill. The company was in the news lately with its announcement that it will acquire Activision Blizzard (NASDAQ: ATVI) for $68.7 billion. Such a mega deal will undoubtedly help Microsoft expand on their gaming front. What’s more, the software company also reported better-than-expected revenue and earnings for the quarter after the closing bell on Tuesday. With all that in mind, would you be looking at these consumer tech stocks in the stock market right now?
Best Consumer Tech Stock To Buy [Or Sell] Today
- Logitech International S.A (NASDAQ: LOGI)
- American Express Company (NYSE: AXP)
- eBay Inc. (NASDAQ: EBAY)
- Meta Platforms Inc. (NASDAQ: FB)
Logitech
Logitech makes computer peripherals such as mice, keyboards, webcams, and gamepads. The company sells its products through a network of distributors. Besides that, it sells through retailers under brand names including Logitech, ASTRO Gaming, Streamlabs, Ultimate Ears, and Jaybird. LOGI stock is rose up by over 6% in the pre-market trading and closed Wednesday up 2.42% at $79.66 a share. This comes following its fiscal Q3 earnings release yesterday.
Getting into it, sales were $1.63 billion, down 2% from the prior year. However, this performance nearly sustains last year’s record Q3 earning which grew 85%. The company also reported strong growth in their Pointing Devices, Keyboards & Combos, and Gaming categories. Furthermore, it also raised its annual outlook to between 2% and 5% sales growth, and between $850 and $900 million in non-GAAP operating income. The company’s previous outlook was flat sales growth and $800 to $850 million in non-GAAP operating income.
Overall, the results exceeded the company’s expectations. CEO Bracken Darrell said that the results may have been stronger without the ongoing supply chain challenges which caused the company to lose several points of growth. With Logitech going into 2022 with a positive outlook, would you be buying LOGI stock?
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American Express
Another company that also just released its quarterly earnings is American Express (Amex), a company many are likely familiar with. In essence, the company provides credit and charge card payment products and travel-related services globally. Amex’s simple yet efficient payment network operates through relationships with third-party banks and institutions. AXP stock has been doing very well, as it rose by over 49% in the past year.
Yesterday, the company reported results that exceeded its expectations. Company revenue increased by an impressive 30% year-over-year, from $9.3 billion to $12.2 billion. Additionally, net income for the quarter was $1.7 billion, increasing by 20% from the year before. Accordingly, diluted earnings per share increased to $2.18 from $1.76, up by 24%. Upon the earnings release, AXP stock increased by almost 9% during intraday trading.
Alongside this, Amex also expects to grow its revenue by 18% to 20% this year and announced an increase in dividend payout to shareholders. American Express CEO Stephen Squeri said, in addition to the all-time high levels of spending, the company benefited from having “customer retention and satisfaction above pre-pandemic levels.” Given the stellar quarterly results from Amex, should you be watching AXP stock?
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eBay
eBay is a global e-commerce company that provides an online auction and shopping website. For the most part, this helps people and businesses buy and sell a wide variety of goods and services worldwide. On top of that, its platform is accessible in more than 190 markets worldwide, connecting millions of buyers and sellers. Its platform is accessible through a computer or smartphone.
Just yesterday, eBay said it is expanding its services to include authenticating valuable trading cards. The service will now be available to authenticate cards worth at least $750 from collectible card games including sports and non-sports cards. It also plans to expand this to include graded, autograph, and patch cards by the middle of this year. All in all, this expansion will broaden eBay’s ability to guarantee the authenticity of high-value items.
In late November, the company acquired Sneaker Con, a sneaker authentication business. In short, Sneaker Con vets and verifies sneakers bought on eBay to avoid the buying and selling of counterfeit goods. This would improve user experience by bringing a higher level of trust and confidence to every transaction. All things considered, will you be adding EBAY stock to your watchlist ahead of its quarterly earnings on February 1?
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Meta Platforms
With the metaverse making headlines in recent months, one of the notable players would be Meta Platforms. As the name suggests, the Big Tech company is shifting its focus on building and expanding into the metaverse. That builds on its existing portfolio of social media platforms used by billions around the world. These include the likes Facebook, Instagram, and WhatsApp. It also owns Oculus, a virtual reality headset producer.
On Monday, the company said that its research team has built a new artificial intelligence (AI) supercomputer. The team thinks that this supercomputer will be the fastest in the world when it is completed in mid-2022. The supercomputer, named the AI Research SuperCluster, is the culmination of almost two years’ worth of work. Meta’s AI and infrastructure teams, as well researchers from Nvidia (NASDAQ: NVDA), Penguin Computing, and Pure Storage (NYSE: PSTG) were involved in the project.
According to the research team, the supercomputer is being used to train AI models in natural-language processing and computer vision for research. Notably, it aims to boost capabilities to train models with data sets as large as an exabyte, or roughly 36,000 years of high-quality video. Given Meta’s developments, is FB stock worth considering?
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