Are These Top Communication Stocks A Good Buy For Your Portfolio?
Plenty of communication stocks have been able to take advantage of the pandemic affecting the economy. A lot of top communication stocks to watch have had to transition and adapt to offer online services since the coronavirus pandemic. Since the world has been locked up at home people are using online services much more than we normally would. These digital services have been anything from online shopping to radio to software. This has caused many communication stocks to increase in value that may have not otherwise.
Things like video games and television are also being used more during this time. Those sectors are communication stocks as well. This is because of video games and television being watched much more throughout 2020. As of a result, we’ve seen top video game stocks like Activision Blizzard (ATVI Stock Report) and Zynga (ZNGA Stock Report) perform well for investors this year. While not all communication stocks are performing well, there are still many contenders to look at. It has been very interesting the way communication stocks have been doing this year. Now let’s look at 3 communication stocks that have been trending throughout 2020, and as we enter the last few months of the year.
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Top Communication Stocks To Watch In October: HUYA Inc.
First on this list of communication stocks to watch is HUYA Inc. (HUYA Stock Report). HUYA is a Chinese video game live streaming platform available in China. Its services allow streamers and viewers to interact in an easy way. People can stream video games on different platforms such as console, computer, and mobile. Additionally, it operates Nimo TV which is a game streaming platform it offers in Southeast Asia and Latin America. HUYA also runs its own marketing campaigns as well. Let’s look at some recent news for the Chinese communication company now. In August the company reported its second-quarter 2020 results. Net revenue for HUYA increased by 34.2% to $361.8 million.
The CEO of the company, Mr. Rongjie Dong stated, “I’m glad to deliver a strong second quarter. Revenues for the period exceeded our expectations, further illustrating our growth potential.” “Since Tencent became our largest shareholder, our cooperation has deepened in many aspects. For example, Huya’s live streaming content is now available in an increasing number of Tencent’s games and products, tapping into an expanded pool of viewers.”
The price of HUYA stock was at $20 a share on average back in February before the pandemic took over the world. There was a dip of HUYA stock price in March that brought it down to around $12 a share on average. Since then, HUYA stock has gone up to $24.60 a share on average as of October 7th. In 2020, HUYA stock price has gone up 20%. That is why it is on this list of communication stocks to watch.
Top Communication Stocks To Watch In October: Zoom Video Communications Inc.
Next up on this list is Zoom Video Communications Inc. (ZM Stock Report). This is a video communications software that has become very popular throughout 2020. Zoom is being used for personal, business, and school purposes all around the world. People have needed to stay connected during the pandemic and Zoom provided the perfect platform for people to do so. This is what has caused Zoom to increase its market share so drastically in 2020. Let’s look at some recent news and financials from this communication company.
At the very end of August, Zoom put out its financial results that were rather positive. The day of release, ZM stock price went from $325 a share on average to $462 a share on average. As of October 7th, ZM stock price has gone up to $480 a share on average. Investors who bought in before these financial results came out saw good profit gains depending on the investment.
When the pandemic came to a global start, ZM stock price was at $100 a share on average. That is until everyone was locked down to avoid catching the virus. Since then, ZM stock has been on a constant uphill climb. Zoom’s momentum in 2020 has been impressive, hence why it has made its way on to this list of communication stocks to watch.
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Top Communication Stocks To Watch In October: Vonage Holdings Corp.
Last but not least on this list of communication stocks is Vonage Holdings Corp. (VG Stock Report). Vonage is a communications company that primarily provides cloud solutions. The company operates on a business and consumer level. Its phone and internet features provide a plethora of businesses and residential clients. The company used to be popular for its landline phones but has adapted and become more of a cloud-focused company. Let’s dive into why this company is on this list, and some recent news.
In the second-quarter results released from Vonage, its revenue went up to $311 million from $298 million the previous year. The CEO of the company, Rory Read stated, “Business segment service revenues grew 18% year over year, driven by increasing demand for our Vonage Communications Platform. API Platform revenues grew 32%, with 163% year-over-year growth in high-value API services, an area where we will continue to invest to support future growth.”
In 2020, VG stock price has gone from $7.41 a share on average to $10.21 a share on average as of October 7th. This impressive performance for the company and its ability to bounce back is why it has made it onto this list of communication stocks to watch.
