Are These The Top Tech Stocks To Buy This Week?
With the current momentum in the broader stock market, investors could be considering tech stocks among other growth areas now. For starters, companies across the board continue to see stellar growth this earnings season. According to global market data analysis firm Refinitiv, overall earnings across the S&P 500 are expected to rise 76% year-over-year. Notably, this would mark its fastest growth since 2009. With the economy having gone into full swing for the past quarter, this would make sense. Now, tech stocks, in particular, could be well-positioned to leverage the current market conditions.
For the most part, the industry does not seem to be slowing down anytime soon as well. Evidently, some of the biggest names in tech known as FAANG stocks reported solid earnings over the past few weeks. To highlight, Amazon (NASDAQ: AMZN) saw significant growth across its wide portfolio. Accordingly, it posted sizable year-over-year jumps of 87% in ad revenue and 37% in cloud revenue. Elsewhere, Microsoft (NASDAQ: MSFT) is reportedly looking to invest in Oyo, one of India’s most valuable startups. Backing the leading budget hotel chain operator in the region would be a unique play by Microsoft. Nonetheless, the company appears keen to broaden its investments and current portfolio.
Overall, these are but two instances of the constant growth in the tech industry now. Most would argue that the stock market today is home to plenty more upcoming tech stocks worth knowing. Should all this have you interested to invest in some yourself, here are four to watch this week.
Best Tech Stocks To Buy [Or Sell] Today
- Lam Research Corporation (NASDAQ: LRCX)
- Virgin Galactic Holdings Inc. (NYSE: SPCE)
- Roblox Corporation (NYSE: RBLX)
- ContextLogic Inc. (NASDAQ: WISH)
Lam Research Corporation
Lam Research is a tech company that focuses on its innovative wafer fabrication equipment and services. Its products allow chipmakers to build smaller, faster, and better-performing electronic devices. It combines its superior systems engineering capabilities with its unwavering commitment to customer success. In fact, nearly every advanced chip is built with the company’s technology. LRCX stock currently trades at $641.80 as of Monday’s closing bell and is up by over 68% in the past year. On July 28, 2021, the company reported its June 2021 quarter financials.
Firstly, the company posted revenue of $4.15 billion for the quarter, increasing by over 45% year-over-year. Secondly, the company also saw its earnings per share increase by over 70% year-over-year at diluted earnings per share of $7.98. Lam Research says that strong semiconductor demand and rising device complexity are driving higher levels of wafer fabrication equipment investment. It also says that its edge in technology and collaboration with customers positions the company to extend its leadership across all its market segments. The company also ended the quarter with $6 billion in cash and cash equivalents. Given this piece of news, will you consider adding LRCX stock to your watchlist?
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Virgin Galactic Holdings Inc.
Moving on, we have Virgin Galactic, a spaceflight company with headquarters in California and operations in New Mexico. The company runs a commercial spaceflight business, with regular paid passenger service flights scheduled to begin in 2022. SPCE stock closed Monday’s trading session up 6.30% at $31.87 a share. The company will be reporting its second-quarter 2021 financials on August 5, 2021, after the market closes.
On July 11, 2021, company founder Richard Branson and three other employees rode on a flight as passengers, marking the first time a spaceflight company founder has traveled on his own ship into outer space. This successful flight is a landmark achievement for the company and a historic moment for the new commercial space industry. The team behind this successful flight will also open the door for greater access to space for an industry that is still in its infancy. All things considered, will you buy SPCE stock ahead of it popularizing commercial spaceflight?
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Roblox Corporation
Roblox is a tech company that focuses on video game development. Its tech platform enables billions of users to play, learn and communicate. Furthermore, it empowers its global community of developers who in turn produce its own immersive multiplayer experiences using Roblox Studio. In essence, the company is one of the top online entertainment platforms for audiences under the age of 18. Shares of RBLX stock closed Monday’s trading session at $78.31 apiece.
Last month, the company announced a strategic partnership that will bring more Sony Music (NYSE: SONY) recording artists to the Roblox metaverse. Both companies will work together to develop innovative music experiences for the Roblox community. It will also offer a range of new commercial opportunities for Sony Music artists to reach new audiences and generate new revenue streams around virtual entertainment. The agreement builds on an existing relationship between the two companies that included previous collaborations with big names such as Lil Nas X’s hit virtual performance on Roblox in November 2020. With that being said, will you consider RBLX stock a top tech stock to add to your radar this month?
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ContextLogic Inc.
Another emerging name in the tech space to consider now would be ContextLogic or Wish for short. In brief, the company operates via its proprietary e-commerce platform, Wish. Through a combination of tech and data science, Wish helps to facilitate transactions and interactions between buyers and sellers. The Wish platform provides consumers with an “innovative discovery-based mobile shopping experience”. Accordingly, this would appeal to homebound consumers throughout the current pandemic. In terms of scale, Wish serves millions of consumers from over 100 countries across the globe. The company accomplishes this via its network of over half a million merchants.
Now, WISH stock ended Monday’s trading day up a modest 4.37% at $10.41 a share. Could it be worth investing in now? If anything, the company’s latest earnings figures could provide a clearer understanding on this end. Back in May, the company raked in total revenue of $772 million for the quarter. This marks a solid 75% year-over-year surge. Moreover, Wish also saw its core marketplace revenue per active buyer surge by 76% over the same time. Not to mention, the company’s logistics revenue reportedly quadrupled year-over-year. With Wish set to report its second-quarter fiscal next week, would you consider WISH stock a top cheap tech stock to watch now?
