September 27, 2023


Super Technology

Hot Stocks To Buy Right Now? 3 Tech Stocks To Watch


Are These The Best Tech Stocks To Invest In Today?

As the stock market takes a breather from its recent hot streak, tech companies continue to press forward. In turn, this could see investors looking at some of the top tech stocks in play now. For one thing, the tech world always has and continues to evolve despite the direction of markets. This remains the case now even with a series of economic prints, the ongoing war, and global supply chain disruptions. If anything, high-growth tech names across the broader stock market are still recovering from year-to-date losses. For those looking to buy on the current dips in the sector, there is certainly no shortage of exciting developments.

Take Nvidia (NASDAQ: NVDA) for example. Just last week, Nvidia made several notable announcements regarding its latest work at its GPU Technology Conference (GTC). For starters, the company is working on a slew of new chips and tech, focusing on boosting the computing speed of its artificial intelligence (AI). In doing so, the company would be bolstering its offerings against rivals in the increasingly relevant data center market. In detail, Nvidia’s latest generation of tech revolves around its Hopper architecture and Nvidia H100 GPU. Both of which, in theory, serve as significant upgrades to its existing supercomputer and AI divisions.

At the same time, tech firms in the crypto space are growing their operations as well. Notably, Coinbase (NASDAQ: COIN) is reportedly nearing a deal to purchase 2TM, the parent company of Mercado Bitcoin (MB). With MB boosting a client pool of over 3.2 million customers, Coinbase would be growing its addressable market by a fair bit. Having read all of this, you might be keen on tech stocks now yourself. In that case, here are three making moves in the stock market today.

Tech Stocks To Buy [Or Sell] Ahead Of April 2022

Plantronics Inc.

Starting us off today, we have Plantronics, also known as Poly. The electronics company produces audio communications equipment for businesses and consumers. Its products are used for unified communications, mobile use, gaming, and music. Accordingly, it combines its legendary audio expertise with its powerful video and conferencing capabilities. Today, POLY stock is up by over 40% after news that HP (NYSE: HPQ) is looking to acquire the company.

In detail, HP says that it would buy the audio and video devices maker for $1.7 billion in cash as it looks to capitalize on the hybrid work-led boom in demand for electronic products. The company has offered $40 for each share of Poly. “The rise of the hybrid office creates a once-in-a-generation opportunity to redefine the way work gets done,” said Enrique Lores, President, and CEO of HP. “Combining HP and Poly creates a leading portfolio of hybrid work solutions across large and growing markets. Poly’s strong technology, complementary go-to-market, and talented team will help to drive long-term profitable growth as we continue building a stronger HP.”

Recently, Poly also supported this fact by releasing a report on how organizations are responding to employees’ demand for ideal spaces to work from. The report states that post-pandemic attitudes and expectations studied indicate that organizations need to address their hybrid work processes and plans, or their recruitment and retention rates will be at risk. In fact, almost 60% of all organizations studied believe they will start to lose staff if they are not able to address their hybrid work processes and plans. Given this piece of news, will you consider investing in POLY stock right now?

POLY stock chart
Source: TD Ameritrade TOS

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Marathon Digital Holdings Inc.

Following that, we have Marathon Digital Holdings, a tech company that engages in the mining of cryptocurrencies with a particular focus on the blockchain ecosystem and the generation of digital assets. It continues to de-risk its business by becoming more resilient to potential declines in the price of Bitcoin. It does this by remaining agile and leveraging its scale to negotiate favorable contracts. On March 1, 2022, the company reported its fourth-quarter and fiscal year 2021 financials.

Firstly, the company posted a revenue of $60.3 million, up by 2,180% year-over-year. Secondly, it produced 1,098 self-mined bitcoins during the fourth quarter, an increase of almost 600% compared to a year earlier. The company also purchased 4,813 BTC for approximately $150 million in January 2021, increasing in fair value by $73.8 million during the year. Non-GAAP net income was $168.7 million for the year, or at $1.70 per diluted share.

Furthermore, the company also reported that it increased its hash rate by 1,790% during the fiscal year 2021, with the total number of miners deployed increasing to 32,150 miners. This can generate approximately 3.5 EH/s as of December 31, 2021. Marathon also says that at the end of the year 2021, it currently holds approximately 8,133 bitcoin. Following this piece of information, will you consider buying MARA stock?

MARA stock chart
Source: TD Ameritrade TOS

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Uber Technologies Inc.

Uber is another tech firm to consider in the stock market today. In brief, the transport company is a leading name in the global ride-hailing scene now. From mobility to freight, and delivery services, Uber offers consumers convenience across its wide portfolio of solutions. For a sense of scale, the company’s network of operations currently spans 72 countries and over 10,000 cities. As the world looks to live with the current pandemic, UBER stock could be an interesting play for some.

In particular, the company’s shares could be receiving more attention today. This would be thanks to its latest regulatory win in the U.K. Going into the specifics, Uber now has a 30-month license to operate in London, courtesy of the Transport for London (TfL) agency. Crucially, this serves as a major positive for Uber seeing as London is its largest European market.

Not to mention, even as the company faces labor shortages and increasing gas prices, it does not seem to be slowing down. Aside from today’s regulatory victory, Uber also recently made a significant expansion to its driver pool in the U.S. last week. This would be in reference to its ongoing partnership with Curb, the operator of the largest taxi network nationwide. As Uber continues to go from strength to strength, will you be keeping an eye on UBER stock?

UBER stock chart
Source: TD Ameritrade TOS

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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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