Check Out These 3 Trending Tech Stocks In The Stock Market Now
It’s no surprise that tech stocks have had a rough year in the stock market so far. However, investors may still be searching for tech stocks to place on their watchlist. With the Federal Reserve’s most recent 75 basis point hike, some of the largest tech firms are arguably trading at attractive price levels. To highlight, tech stocks such as Meta Platforms Inc. (NASDAQ: META) and Nvidia (NASDAQ: NVDA) are currently down by 20% year-to-date. In turn, this could present an opportunity to investors looking to invest long-term into these mega-tech names.
Tech stocks are among the most volatile on the market, often experiencing sharp swings in value. This can make them both a risky and lucrative investment, and many investors tread carefully when it comes to tech stocks. However, there are also those who believe that tech stocks are a sound investment, particularly in the long term.
After all, the tech sector is one of the most innovative and rapidly-growing industries in the world, making it an attractive option for many investors. Whether or not to invest in tech stocks is ultimately a decision that each investor must make for themselves. But there’s no denying that tech stocks can be a high-risk, high-reward proposition. With that, here are three to watch in the stock market today.
Tech Stocks To Buy [Or Avoid] Right Now
- Microsoft Corporation (NASDAQ: MSFT)
- Lemonade Inc. (NYSE: LMND)
- Roblox Corporation (NYSE: RBLX)
Microsoft Corporation (MSFT Stock)
To start off this list, let’s turn our attention to Microsoft (MSFT). As a whole, most would be familiar with this tech giant and its broad offerings. From Microsoft’s wide selection of productivity and enterprise software solutions to its home computing offerings, this is obvious. With countless organizations depending on Microsoft’s services, some investors may debate that MSFT stock is trading at a discount right now. As the broader stock market attempts to rebound, investors across the board are keeping tabs on MSFT stock.
In. July, Microsoft (MSFT) announced its fourth quarter 2022 earnings. In detail, the tech company reported earnings per share of $2.23 on revenue of $51.9 billion. For context, the wall street consensus earnings estimate was $2.28 per share on revenue of $52.9 billion. Meaning, that Microsoft missed slightly on earnings and revenue estimates. Since the report, shares of MSFT stock are up 11% closing Monday, trading session at $280.32 per share.
“We see real opportunity to help every customer in every industry use digital technology to overcome today’s challenges and emerge stronger,” said Satya Nadella, chairman and chief executive officer of Microsoft. “No company is better positioned than Microsoft to help organizations deliver on their digital imperative – so they can do more with less.” Considering this, is now the time to buy MSFT stock?
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Lemonade Inc. (LMND Stock)
Following that, let’s dive into Lemonade, Inc. (LMND). In short, Lemonade offers renters, homeowners, car, pet, and life insurance. In detail, their platform is powered by artificial intelligence and social impact, Lemonade’s full stack insurance carriers in the US and the EU replace brokers and bureaucracy with bots and machine learning, aiming for zero paperwork and instant everything. On Monday, Lemonde reported its second quarter 2022 financial results.
In the report, the insurtech posted a second-quarter loss of $1.10 per share on revenue of $50.0 million. Analysts estimated a loss of $1.36 per share on revenue of $49.9 million. Furthermore, revenue increased 77.3% on a year-over-year basis. The company said it expects third-quarter revenue of $63.0 million to $65.0 million and now projects full-year 2022 revenue of $236.0 million to $239.0 million.
Previously, The company reported guidance for 2022 revenue in a range of $205.0 million to $208.0 million. The current consensus revenue estimate is $59.57 million for the quarter ending, and revenue of $215.90 million for the year. Shares of LMND stock surged over 13% after hours on Monday to $28.55 per share. Now, does LMND deserve a spot on your watchlist?
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Roblox Corporation (RBLX Stock)
To round off this list, we have Roblox Corporation (RBLX). For the uninitiated, the company operates a human co-experience platform. Through its Roblox Platform, users can interact with one another to explore and develop, user-generated, and 3D experiences. Every day, millions of people leverage the platform along with their friends to enjoy immersive digital experiences.
Roblox stock has rallied in the last month by over 27%. Shares of RBLX stock closed Monday’s trading session at $48.90 per share. On Tuesday after the market closes, Roblox Corporation will report the company’s second quarter 2022 financial results, along with key metrics for July 2022.
The company will also host a conference call on Wednesday, August 10, 2022, at 5:30 AM PT / 8:30 AM ET to answer questions about its financial results. Will you be watching RBLX ahead of earnings?
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