Top Tech Stocks To Buy This Week? 4 Names To Know

May
24, 2021

6 min read

This story originally appeared on StockMarket

Are These Trending Tech Stocks A Buy Right Now?

Like it or not, it has been a tough year for tech stocks in the stock market. Evidently, the tech-heavy Nasdaq Composite continues to lag behind the broader market year-to-date. While some of the biggest tech players are trading below their pandemic-fueled record highs, some investors would see opportunity. In fact, with most major tech companies being household brands, newer investors may be wondering how to get into stocks as well. Could buying tech stocks on the dip be the current play now?

Well, on one hand, institutional investors still seem bullish on the emerging fields in tech. According to Kim Arthur, CEO of Main Management, an ETF-focused investing firm, “thematic tech” holdings remain strong overall. In short, “thematic tech” accounts for upcoming sectors in the tech industry such as cybersecurity, cloud computing, and 3D printing. On the other hand, investors also appear optimistic about conventional tech stocks as well. Namely, Citi (NYSE: C) analyst Jim Suva recently upgraded HP (NYSE: HPQ) to a buy on rising demands for personal computers.

By and large, the long-term merits of investing in the tech industry appear to be holding firm. This would be the case given the constant innovation seen in companies like Google (NASDAQ: GOOGL) and Amazon (NASDAQ: AMZN). Having said all that, here are four tech stocks making waves in the stock market today.

Best Tech Stocks To Watch Before June 2021

Virgin Galactic Holdings Inc.

Virgin Galactic is a tech company that specializes in spaceflight. The company strives to be the world’s first commercial spaceline and vertically integrated aerospace company. In essence, it is currently developing and operating a new generation of space vehicles to open space for everyone. Virgin Galactic has hundreds of dedicated and passionate professionals. SPCE stock closed Monday’s trading session up an impressive 27.74% at $26.89 a share.

Investors seem to be responding to the company completing its first human spaceflight from Spaceport America, New Mexico. VSS Unity achieved a speed of Mach 3 after being released from the mothership VMS Eve and had reached space at an altitude of 55.45 miles before gliding smoothly back to a runway landing at Spaceport America.

In detail, it had fulfilled a number of test objectives during the flight. This includes carrying revenue-generating scientific research experiments for NASA and testing the spaceship’s upgraded horizontal stabilizers and flight controls. This would be a huge milestone for the company as it could really make commercial spaceflight a reality. With that in mind, will you consider buying SPCE stock?

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Palantir Technologies Inc.

Palantir is a software company that specializes in big data analytics and security. The company helps institutions utilize the data they have to make the best decisions on safety, stability, and prosperity. Its software is built to let organizations integrate their data, decisions, and operations into one platform. As of Monday’s closing bell PLTR stock is trading up a modest 2.29% at $21.22 per share. ET. Earlier in the month, the company reported its first-quarter financials for 2021.

Diving in, total revenue for the quarter grew by 49% year-over-year to $341 million. Impressively, U.S. commercial revenue and government revenue grew by 72% and 83% year-over-year. Cash flow from operations was $117 million, up by $404 million compared to a year earlier. Given the momentum, the company expects its second-quarter 2021 revenue to be $360 million, representing year-over-year growth of 43%.

Last month, Palantir announced that it has renewed a strategic partnership with Ringier AG to provide Ringier with software to further its digital transformation and accelerate its shift to a digital-first global media company. With so many exciting developments surrounding the company, will you add PLTR stock to your portfolio?

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Apple Inc.

Apple is a multinational tech company that is headquartered in Cupertino, California.  The company is the brains behind its premium brand of consumer electronics such as the iPhone and Apple Watch. It also sells a range of related software and services and third-party digital content and applications. Ranging from streaming services to a wide range of tech products, the company is one of the most valuable tech companies globally and has strong brand loyalty. AAPL stock currently trades at $127.10 as of Monday’s closing bell.

In late April, the company announced its second-quarter financials for its fiscal 2021. Firstly, it posted a March quarter record revenue of $89.6 billion, up by 54% year-over-year. A whopping $72.6 billion came from net sales of its Apple products.

It also posted quarterly earnings per diluted share of $1.40. The company reports record revenue in each of its geographic segments and strong double-digit growth in its product categories. Given the impressive financials, will you consider AAPL stock as a top tech stock to buy?

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BlackBerry Inc.

Last but not least, we have Canada-based software company, BlackBerry. For some context, the company’s portfolio mainly focuses on enterprise software and Internet-of-things services. According to BlackBerry, the company provides intelligent security software and services to enterprises and governments globally. In terms of scale, it secures over 500 million endpoints across its client network, leveraging artificial intelligence (AI) to do so. Given its leading position in the cybersecurity industry, BB stock would be a hot tech stock to watch now. Could this mean it has more room to grow moving forward?

If anything, the company has been and continues to keep busy on the operational front. Last week, BlackBerry unveiled significant expansions to its cybersecurity portfolio, these are Optics 3.0 and BlackBerry Gateway. Firstly, Optics 3.0 is the company’s next-generation cloud-based endpoint detection and response (EDR) solution.

Next, Gateway is BlackBerry’s first AI-powered Zero Trust Network Access product. According to VP of Product Engineering, Billy Ho, these two expansions work to create a comprehensive end-to-end approach to cybersecurity. With cybercrimes on the rise, BlackBerry seems to be expanding into a field where demand is greater than ever. Would this make BB stock a buy for you?