As Tech Stocks Continue To Rally, Are These 2 Top Tech Stocks A Buy For Your Portfolio in 2020?
Tech stocks have been very fascinating to watch as the market progresses in 2020. There are many tech stocks that were unknown to investors that are now in the limelight. Top tech stocks that are related to digital based companies have been on the rise more than ever. Digitalizing everything has been going on a lot in our society for the last few decades. At this point things are advancing more and more every year that goes by.
This means that there are lots of new tech stocks to watch every year. This pandemic has extended the growth of digital services by a lot. People are not going outside very much so they are using all types of digital services. This could include video games, e-commerce, educational services, and more. Some people are relying on these things during the times of the pandemic.
Since things are always evolving in the tech sector, it can be hard to know which tech stocks to watch. It is important to conduct proper research when looking to invest in tech stocks. Not all tech stocks have risen in the market, but still many have been able to. For example, Apple has reached new heights in its stock price. With that information being said, let us have a look at two tech stocks that have been trending in the market.
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Top Tech Stocks To Watch In 2020: Nintendo
The first tech stock to keep your eye on is Nintendo Co. Ltd. (NTDOY Stock Report). This video game and electronics company has become world renown. Founded in 1889, the company has grown to become one of the most valuable Japanese companies. Nintendo is famed for creating consoles such as the Wii, Game Boy, Super Nintendo, and most recently the Nintendo Switch. Some of the games in its catalog include Super Mario Bros, Donkey Kong, The Legend of Zelda, Super Smash Bros, and Pokémon. One of Nintendo’s largest subsidiaries is The Pokémon Company.
Nintendo’s revenue in 2020 is nearly $12.4 billion USD. On August 6th financial reports were released from Nintendo. Its new title “Animal Crossing: New Horizons” has sold 22.4 million copies since its launch in March. Nintendo’s operating profit for April to June was $1.37 billion USD. Analysts had predicted that number would be roughly $672 million. The massive increase in its sales for the Nintendo Switch and its new game have been very apparent in Nintendo’s stock price as well.
When the pandemic began, NTDOY stock was at $45 a share on average. Of course, NTDOY stock price saw a dip due to the market crashing in March. But since then, NTDOY stock has been able to rise up in the market. On July 31st NTDOY stock price reached $54 a share on average. But as of August 6th, NTDOY stock is at $61.80 a share on average due to the recent reports that were released from Nintendo. That is why NTDOY stock is a potential tech stock to buy.
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Top Tech Stocks To Watch In 2020: Wix.com
The next tech stock to watch is Wix.com Ltd. (WIX Stock Report) due to its recent movement in the market. Wix.com is software company that is based in Israel. Wix allows people to create websites by using drag and drop tools in attempt to make things easier. People can add things to their site like e-commerce, marketing, forums, and much more by using Wix’s apps. In 2019, Wix brought in $1 billion in revenue.
Wix released second quarter results recently that were initially confused. In Q2 Wix increased its registered users by 64%. Wix also increased its revenue by 27% year-to-year, placing it at $236.1 million USD. Currently July’s results are showing that growth will continue strong in 2020. This report was initially misunderstood making shares of WIX stock fall from $308 a share to $273 a share on average. But once things were clarified shares of WIX stock rose back up to the $308 a share price.
Bottom Line
It is evident that many tech stocks have the ability to rise in the current market. The digital service related tech stocks have been on the rise for a while. This pandemic just boosted them even further up. That is why NTDOY stock and WIX stock are two potential tech stocks to buy at the start of August.
