Tech stocks have been the go-to stocks for investors in the last couple of months. The digitalization of economies could not have been more obvious today as it continues to accelerate at an unprecedented rate. We can see how demand for tech products and services continues to sustain investor interest in the tech industry. With the daily average coronavirus cases being above 150,000 in the U.S., investors have been going back to the old playbook that worked so well last year. This could explain why the tech sector is still performing so well.
For instance, the Nasdaq Composite, a tech-heavy index, closed at a record high yesterday, propelled by optimism about more pandemic relief under the Biden administration. The index was also boosted by a jump in shares of Apple (NASDAQ: AAPL) and Amazon (NASDAQ: AMZN) ahead of their earnings reports in the weeks to come. It could also be due to Netflix’s (NASDAQ: NFLX) impressive results on Tuesday that revitalized the tech industry’s momentum. However, the stock market slumped today as coronavirus cases continue to spike, raising the possibility of stricter lockdowns around the corner. As the pandemic continues to decimate the economy, the tech industry could continue to receive high demand for its services. With that in mind, here is a list of trending tech stocks to watch this week.Best Tech Stocks To Watch This Week
- Ideal Power Inc. (NASDAQ: IPWR)
- Diebold Nixdorf Inc. (NYSE: DBD)
- FuboTV Inc. (NYSE: FUBO)
- Sierra Wireless (NASDAQ: SWIR)
Ideal Power is a pioneer in the development of its broadly patented bi-directional power switches. Its power switches are able to create highly efficient and eco-friendly energy control solutions for many industries. Dubbed the Bi-polar Junction Transistor (B-TRAN), it is a semiconductor technology that can deliver substantial performance improvements over today’s conventional power semiconductors. Shares of Ideal Power skyrocketed by over 40% since Thursday when the company posted its whitepaper for B-TRAN.
The whitepaper describes the numerous benefits that come with B-TRAN that can drive performance, efficiency, and cost savings in key emerging and mature markets. B-TRAN benefits multiple applications in large segments of its $6 billion total addressable market. These markets include electric vehicles, renewables, and data centers. For instance, B-TRAN will increase drive cycle efficiency which results in an increase in range for electric vehicles or reduces battery size. It will also allow for fast battery charging and improve charging efficiency through 50% lower power losses.
For renewable energy, inverters for solar and wind systems that utilize B-TRANs could approach 99% efficiency, resulting in more usable electricity at lower costs to consumers. With Ideal Power’s game-changing technology, will you consider adding IPWR to your watchlist?
- 3 Renewable Energy Stocks To Watch Before February 2021
- Is Ford (F) Stock A Better EV Stock To Buy Than Nio & Tesla Right Now?
Diebold Nixdorf is a multinational financial and retail technology company that specializes in the sale, installation, service, and manufacture of self-service transaction systems. The company is one of the largest providers of ATMs in the U.S. The company has been around for more than 160 years and serves the majority of the top 100 financial institutions globally. Furthermore, Diebold Nixdorf owns approximately 31% of the global market share for ATMs. This tech stock has enjoyed a 17% price hike yesterday after JPMorgan upgraded it to an overweight rating and raised the price target of the stock from $10 to $16.
In the company’s third-quarter fiscal posted in October, it reported a total net sales of $995.2 million. This impressive figure is due to Diebold Nixdorf’s resilient operations and an improving business environment that drove year-over-year growth for the quarter. Recently, Diebold Nixdorf was named Best Banking Technology Solutions Provider Europe 2020 by Global Banking & Finance Review. To elaborate, the company won the award on grounds that it is able to offer next-generation self-service technology. This includes optimizing the customer experience through consumer-centric digital and physical solutions. This certainly plays well for the company as it continues to offer its services on both digital and physical fronts.
Wanda Rich, editor of Global Banking & Finance Review had this to say, “Offering integrated software, systems, and services across all banking channels, Diebold Nixdorf helps financial institutions improve operational efficiency and deliver seamless, convenient solutions for consumers.” With that in mind, do you think DBD stock is a top tech stock to watch?FuboTV Inc.
As cord-cutting trends continue, FuboTV is another tech stock that has gotten a lot of attention recently, for good reason. The company is a leading sports-first live TV streaming platform. Its platform offers subscribers access to tens of thousands of live sporting events annually and also leading news and entertainment content. The company is certainly off to a good start this year, increasing by over 40% year-to-date.
Earlier this month, the company announced its preliminary fourth-quarter results. In the announcement, the company is expecting a top-line revenue of $98 million which is an 84% increase year-over-year. Furthermore, prior guidance was in the range of $80 million to $85 million, so the company has certainly outdone itself. Paid subscribers at year-end are expected to exceed 545,000, a 72% increase year-over-year. This clearly demonstrates continued customer excitement for the company’s live TV streaming offering.
Last week, the company announced that it has executed a binding letter of intent to acquire sports betting and interactive gaming company Vigtory. FuboTV will leverage Vigtory’s sportsbook platform and digital gaming assets to develop a frictionless betting experience for the company’s customers. With such exciting developments surrounding the company, will you consider adding FUBO stock to your portfolio?Sierra Wireless Inc.
Sierra Wireless is a multinational wireless communications equipment designer and manufacturer that is based in Canada. The company is an Internet of Things (IoT) pioneer, empowering businesses, and industries to thrive in a connected economy. The company has over 80 networks globally and boasts over 400 patents in wireless technology. SWIR shares are up by over 13% on today’s opening bell. This was after Canaccord Genuity upped its target price from $14.00 to $24.00 in a note issued to investors today.
Yesterday, the company announced that CEO Kent Thexton plans to retire on June 30. The Board of Directors has commenced a process to find Kent’s successor and has engaged a top-tier executive search firm to undertake a search for his replacement.
In the company’s latest third-quarter 2020 results, it reported total revenue of $180.3 million, a 3.6% increase year-over-year. Its recurrent and other services revenue were up by 22% compared to a year earlier. Sierra Wireless also reported that it ended the quarter with $72 million in cash, representing a 15.2% increase sequentially. Sierra Wireless also expects its revenue to be above $116.5 million for its fourth quarter. All things considered, do you think SWIR stock is positioned for growth?