Best Tech Stocks To Watch Right Now Amid The Dip
Tech stocks continue their bumpy ride for the sixth week. Rising Treasury yields have brought renewed pressure to equities with lofty valuations. Given how President Biden’s $1.9 trillion coronavirus relief plan was approved in the Senate over the weekend, it could face a vote in the House as early as Tuesday. Could stimulus checks in people’s bank accounts propel growth in the U.S. stock market? Or would that increase the odds of inflation, putting further pressure on stocks?
The resilience top tech stocks have shown over the last year is no fluke. As demand for tech products and services rose, so did the valuation of the sector. Tech is likely to stay as we have gotten accustomed to these tech products and services. Tech companies like Apple (NASDAQ: AAPL) and Shopify (NYSE: SHOP) are still up by over 100% in the last year. Could the current circumstances of the tech sector be an opportunity for investors to buy on the dip? All things considered, here is a list of top tech stocks to consider buying in March.
Top Tech Stocks To Buy [Or Sell] Now
- Net Element Inc. (NASDAQ: NETE)
- McAfee Corp (NASDAQ: MCFE)
- Zendesk Inc. (NYSE: ZEN)
- ContextLogic Inc. (NASDAQ: WISH)
Net Element Inc.
Net Element is a global transaction processing technology and solutions company. Its operating segments are North America Transaction Solutions and International Transaction Solutions. Also, the company offers a broad range of payment acceptance and transaction processing services that enable merchants of all sizes to accept and process over 100 different payment options in more than 120 currencies.
It also provides merchants with integrated payment technologies, information solutions, and analytical tools. NETE stock jumped over 25% during the morning session on Monday. The stock closed at $10.28 a share. Investors seem to be responding to news of Mullen Technologies which previously announced a definitive agreement to merge with Net Element. Mullen Technologies is an emerging electric vehicle (EV) manufacturer.
Mullen Technologies today announced a strategic partnership with NexTech Batteries as an EV battery supplier and a key partner for battery development and technologies. It is planning to produce over 100,000 vehicles over 5 years using NexTech’s lithium-sulfur pouch format batteries, which are 60% lighter than today’s EVs. In the company’s third-quarter fiscal last November, Net Element reported a total transaction volume of $956.2 million. Given all the news surrounding Net Element and Mullen Technologies, will you consider buying NETE stock?
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McAfee Corp
Next up, we have tech company McAfee, which focuses on cybersecurity. In detail, the company’s operating segments include Consumer and Enterprise. Firstly, its Enterprise segment includes computer solutions for small and medium-sized businesses, enterprises, and government.
Secondly, its Customer segment includes security solutions for consumers. MCFE stock closed Monday’s trading session up 12.65% at $23.87. This came after the company announced today that it will be selling its Enterprise Business to Symphony Technology Group for $4 billion.
The transaction will allow McAfee to singularly focus on its consumer business and accelerate its strategy to be a leader in personal security for consumers. This will make McAfee a pure-play consumer cybersecurity company and also reduce its debt by approximately $1 billion. Given how the company protects over 600 million devices and discovers over 375 threats per minute, McAfee is certainly a leader in the business. Given all of this, will you consider buying MCFE stock?
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Zendesk Inc.
Zendesk is a tech company that focuses on software development. In essence, the company’s products are built to work together to help organizations understand and manage customer relationships. Furthermore, its products share a common interface and are developed to support a shared services infrastructure and common customer data platform. Zendesk’s products are developed using agile software techniques and are designed to incorporate and innovate on customer feedback. ZEN stock currently trades at $126.46.
Today, Jio Haptik Technologies, one of the world’s largest conversational AI Companies announced a strategic collaboration with Zendesk to help businesses transform its customer experience and combine AI-driven automation with human-powered empathy. Additionally, Haptik can act as the frontline of customer service to automate answering routine queries and improve first-response time for businesses that use Zendesk.
Swapan Rajdev, CTO of Haptik had this to say, “Working with Zendesk, Inc. gives us the opportunity to power thousands of organizations around the world with AI-driven connected experiences. Haptik brings a full-stack conversational AI solution including advanced NLU capabilities & ready-to-use industry-specific Smart Skills trained on 3Bn+ interactions.” Will this be enough for you to buy ZEN stock?
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ContextLogic Inc.
ContextLogic or Wish is one of the largest and fastest-growing global e-commerce platforms. It connects more than 100 million monthly active users (MAU) in over 100 countries to over 500,000 merchants around the world. It combines technology and data science capabilities and an innovative discovery-based mobile shopping experience. This also creates a personalized and entertaining shopping experience. WISH went into Monday’s close down 10.30% at $15.94 in anticipation of its fourth-quarter financial results.
The company’s platform is unique as it is based on a personalized and visual browsing experience comparable to how one browses a physical retail store. Wish claims that no two user feeds are the same. Therefore, its platform will enable a discovery-based and entertaining shopping experience. Its User-Generated Content (UGC) serves as a source of trust and quality for its unbranded products, with over 85 million ratings and 10.5 million images.
The company also recognizes that value-conscious consumers have been left behind by the e-commerce boom and will cater to this crowd especially. The company also has data science at scale, which is a unique advantage and is core to its business. Through its vast data repository of 100 million MAUs and 640 million items shipped, it is able to organize and personalize content for its users. Ahead of its fourth-quarter results, will you consider buying WISH stock?
