The best stocks to buy now? 4 technological actions to take into account

4 tech stocks to watch right now

Some would say that technological actions are among the best stocks to buy on the scholarship today. As many industries are still recovering from the initial onslaught of the coronavirus pandemic, the best technological stocks have reached new heights. Of course, that’s because technology has helped us all and continues to help us adapt to today’s standards. On the one hand, business spending on cloud computing and other elements of digital acceleration continues to skyrocket. It had to happen, one way or another. You could say that the pandemic has accelerated the process. Now companies are experimenting with the convenience and efficiency of this technology. In theory, this could lead to long-term retention, which is great news for businesses and investors alike.

To illustrate, let’s take a look at Amazon (NASDAQ: AMZN). At first glance, anyone would see Amazon as an ecommerce business, which it does, don’t get me wrong. However, it’s also the brains behind the market-leading cloud computing platform, Amazon Web Services (AWS). With AWS achieving total revenue of $ 12.7 billion for the quarter, the technology is clearly paying well. Apart from that, technology has kept us entertained as well, while making a lot of money. Roku (NASDAQ: ROKU) continues to grow at breakneck speed, recording a 73% year-over-year increase in quarterly revenue in October. With such versatility and diversity in the tech industry, you are sure to spot a tech stock that you love. Could any of these four be your best tech stock for 2021?

Best tech stocks to watch now

Baidu inc.

Right off the bat, we’ll take a look at the Chinese multinational tech company Baidu. In short, the company is focused on providing internet related services and artificial intelligence (AI) products. In fact, it is one of the largest AI and internet companies in the world. Baidu has been in the limelight for the past several months thanks to its adventure in the automotive space. In particular, he has worked hard on the manufacture of electric vehicles and autonomous vehicles (AV). This would explain why investors seem interested in BIDU stock which has risen 140% in the past six months. On the contrary, it seems Baidu has no intention of losing its current momentum.

Source: TD Ameritrade CGU

Earlier this week, the company deployed the world’s first ‘multimodal’ AV mobility platform as a service (MaaS). Thanks to the platform, citizens of Huangpu District in Guangzhou now have access to AV city transport services at their fingertips. Baidu worked with the local government to make this a reality. If you ask me, I see this as a win-win situation for both parties. On the one hand, the city is able to offer more modes of public transport to the general population. On the other hand, Baidu can fully extend its AV technology to more than 800,000 citizens in the district. With plans to deploy 100 vehicles and 1,000 stations, could BIDU’s stock be worth investing in now? I’ll let you decide.

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Match Group Inc.

Then we have Match Group. The company owns and operates the world’s largest portfolio of online dating services. For the most part, you could say that the pandemic has turned the dating scene upside down. From social distancing measures to blockades across the world, one would think dating has become nearly impossible. Well, thanks to Match Group, countless people have started to meet virtually. So much so that its flagship app Tinder generated total revenue of $ 1.4 billion throughout 2020. Likewise, the MTCH share has also registered gains of over 250% since the sales of March. More importantly, it jumped over 7% on Wednesday due to its latest acquisition.

the best tech stocks to watch (MTCH stocks)Source: TD Ameritrade CGU

Match Group announced that it has entered into an agreement to acquire social video technology company, Hyperconnect. The $ 1.725 billion cash and stock transaction is expected to close by the second quarter of 2021. Hyperconnect notably operates two flagship apps, Azar and Hakuna Live. First and foremost, Azar is the “most profitable live video and audio chat app” in the world. Coupled with the interactive live streaming social media app, Hakuna Live, I would say Match Group made a great game. In theory, Hyperconnect apps should work quite well in synergy with online dating services. by Match Group. I could see the company delivering deeper and more interactive experiences to its users through this. With that in mind, will you invest in MTCH stocks?

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Tyler Technologies Inc.

Tyler Technologies, or TylerTech, is the largest US public sector software provider. In summary, it provides end-to-end communication solutions for local, state and federal government entities. This helps the aforementioned organizations gain actionable insights on how best to interact with their communities. TylerTech has over 27,000 successful installations in all 50 states of the United States Since the government has communicated with the public online in the past year, TylerTech has likely been busy. Likewise, TYL stock also rose on the stock market. Specifically, it closed within reach of its all-time high on the announcement of a major acquisition.

best technology stocks (TYL stocks)Source: TD Ameritrade CGU

On Wednesday, the company announced that it had entered into a definitive agreement to acquire NIC Inc. (NASDAQ: EGOV). In a $ 2.3 billion all-cash transaction, TylerTech will acquire the leading government digital payments and solutions company. To highlight, NIC serves over 7,100 government agencies across the country. TylerTech CEO Lynn Moore said: “Our businesses share a vision for thriving and connected communities, and our cultures are extremely compatible. The combination will provide significant benefits to customers, employees and shareholders of both companies.“Does all of this make TYL stock a buy for you?”

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Uber Technologies Inc.

Uber is said to be another top tech title. Unlike most of its tech industry peers, the company has been severely affected by the coronavirus pandemic. People stayed at home and didn’t spend as much time using its carpooling services. As a result, Uber’s Ride gross bookings continue to underperform. In its latest earnings call after the market closed on Wednesday, the company also said it was below revenue expectations. However, Uber saw a 130% year-over-year jump in gross bookings for its UberEats business. In this case, investors looking for long-term growth might have UBER stocks in mind now.

technology stocks (UBER stocks)Source: TD Ameritrade CGU

Here’s why it wasn’t surprising to see Uber focus more on its food delivery business over the past year. 2020 culminated with the acquisition of delivery services company Postmates for $ 2.65 billion. In addition, the company also purchased a liquor delivery service, Drizly, earlier this month. Not to mention that Uber also recently started testing drug prescription delivery services in New York City. Safe to say, Uber has built a formidable delivery portfolio at this point. This, coupled with a post-pandemic recovery in ridesharing services, could create the perfect storm for the future of the business. Could UBER stock follow suit? Your guess is as good as mine.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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