2 Top Tech Stocks Making Big Moves This Week; Will The Rally Continue?
Tech stocks have been outperforming the broader market recently. Since March, the Nasdaq Composite has increased more than 60% in a short span of five months. Today, the technology industry is the best starting place for investors seeking explosive returns. Unless you have been living under a rock, you would have noticed that the overall technology industry has proven to be resilient amid the extreme challenges created by the coronavirus pandemic. But there’s no guarantee that this recent rally will continue.
For investors looking for stocks to buy that can deliver sustainable growth, there’s no better starting place than the tech sector. No doubt, top tech stocks have powered the market’s recovery this year. The fact that tech companies have helped most people carry out their daily tasks to ensure continuous economic activities shows the massive potential of the technology industry. This also demonstrates the highly scalable nature of many tech products and services. And we can expect that the industry will continue to see big growth opportunities in the many years to come.
It is unclear what will happen on the market in the near future. But investing in high-quality tech stocks sure is one of your best bets to build wealth over the long term. Despite Nasdaq continuing to power higher, there will come a time when it takes a breather. And when that happens, having a list of top tech stocks to buy will come in handy. That said, are these the best tech stocks to buy and hold for the long-term?
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Top Tech Stocks To Buy Now [Or Sell]: Overstock.com
First on our list shares of Overstock.com (OSTK Stock Report) skyrocketed 22% to $113.59 after Piper Sandler analyst Peter Keith initiated coverage of the e-commerce firm with an Overweight rating and $140 price target. He cited “seismic forces at work that have dramatically improved the sales and profitability outlook” for OSTK stock. “These forces include a well-timed refocus of the business on its e-commerce home furnishings business, combined with a structural shift in e-commerce home furnishing sales as a result of COVID.”
If you are a long-term investor, you would know e-commerce is not Overstock.com’s only business. As you may or may not know, the company has a blockchain arm known as tZERO. This essentially allows crypto enthusiasts to trade cryptocurrency in their platform. Some even speculate its recent rise has something to do with the rising bitcoin prices too.
But as good as speculation can be, it stays as a rumor at best. Would the e-commerce segment from Overstock.com be profitable enough to live up to its hype in the long run? Only time will tell.
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Top Tech Stocks To Buy Now [Or Sell]: Rackspace Technologies Inc.
Rackspace Technologies (RXT Stock Report) is one of the hottest cloud stocks in the market this week. Shares of RXT increased by double-digit percentages on Monday. They are expected to continue their rally today, judging from their pre-market trading. This came after the undisputed cloud leader Amazon (AMZN Stock Report) is reportedly looking to buy a minority stake in the company.
There is of course a good reason for Amazon to own a stake in Rackspace. Rackspace’s core business is the leasing of server space. That means it is a regular business partner of cloud computing companies including Amazon Web Services (AWS).
At the same time, it also partners with Alphabet (GOOGL Stock Report) and Microsoft (MSFT Stock Report). RXT stock hasn’t been a popular choice since its IPO earlier this month. But will it finally gain more attention after the rumored acquisition?
