Like it or not, tech stocks have played a pivotal role in shaping the stock market’s overall performance in 2020. This is because of the explosion of tech services and products that were brought on by the coronavirus tailwind. To elaborate, the pandemic caused demand for digital services to skyrocket. Things like implementing digital offices, basic communication and even conducting business brought new challenges that needed solving immediately. In light of this, some of the best tech stocks to buy rose to the occasion. Additionally, some of them even led the tech-laden Nasdaq Composite for most of the year. It is now sitting at gains of over 97% since March lows.
Given that it is in the nature of the tech industry to help people overcome issues, this created an ideal opportunity for the top tech stocks. Common examples, in this case, are Zoom (NASDAQ: ZM) and Amazon (NASDAQ: AMZN) who have seen unprecedented growth throughout 2020. With that in mind, the next question would be whether the top tech stocks can keep up this momentum in 2021. With the roll-out of vaccines likely to take months, the current state of the world has not changed dramatically since 2020. Regardless, I can imagine that investors are ever ready to pounce on the next emerging tech stock. In light of all this, the tech industry could be keeping its momentum well into the current year. As such, do you have these top tech stocks on your watchlist?Top Tech Stocks To Watch This Week
- Palantir Technologies Inc. (NYSE: PLTR)
- Gilat Satellite Networks (NASDAQ: GILT)
- Nano Dimension (NASDAQ: NNDM)
- Apple Inc. (NASDAQ: AAPL)
Palantir is a tech company that has mostly been in the spotlight since it went public last September. For the uninitiated, the software giant provides big data analytical services for massive clients. These include the U.S. Army and the U.K. National Health Service. Given its clientele, it is no surprise that investors are watching PLTR stock closely. Impressively, PLTR stock shot up by over 25% on Friday and closed at a record high last week. The stock closed up by another 11.20 on Monday.
Firstly, the company announced additional details about its inaugural Demo Day tomorrow. Crucially, Palantir will be revealing the latest developments of its Foundry and Gotham software to the general public. The company will also provide demos of how its commercial and government clients employ its offerings. Essentially, it is giving a detailed view of how its business works. For investors, this provides a deeper understanding of what Palantir does.
Subsequently, it also could bring in more investors. Also, the company added Lauren Stat to its board of directors on the same day. Having 15 years of experience advising Fortune 100 companies at Accenture (NYSE: ACN) does make her a valuable asset. All in all, Palantir is not resting on its laurels. Do you think PLTR stock will continue to flourish moving forward?
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Next up is Gilat, a leading global provider of satellite-based broadband communications. The company designs and manufactures cutting-edge ground segment equipment and provides comprehensive communication solutions. Last week, GILT stock popped by over 37%. The stock rose another 19.80% during Monday’s trading session. The stock closed at $12.10 a share.
Diving straight into it, the company received a multi-million-dollar contract for cellular backhaul projects in Mexico. The contract was issued by AXESS Networks that is one of the key companies offering global satellite telecom solutions today. Gilat’s cellular backhaul solutions will be crucial in enabling connectivity for hundreds of sites throughout Mexico. Adding to that, the company also announced a successful test run of its Electronically Steered Antenna (ESA). This was done over Inmarsat’s Global Xpress network. Seeing as Inmarsat operates the world’s most diverse global portfolio of mobile telecom satellite networks, this is a fantastic play by Gilat. Gilat’s VP of Antenna Products said, “Having integrated Gilat’s ESA with Inmarsat’s G-MODMAN further emphasizes Gilat’s ESA leadership and readiness for commercial deployment.” By and large, Gilat appears to be firing on all cylinders through all these powerful alliances.
In its recent quarter fiscal, the company posted total revenue of $37.27 million. Gilat also reported having $51.57 million in cash on hand by the end of the quarter. Considering its latest moves in mind, will you be adding GILT stock to your watchlist?Nano Dimension
Nano Dimension is another tech stock in focus right now. The company provides intelligent machines for the manufacturing of Additively Manufactured Electronics (AME). Its products function in assembly lines in an array of industries, ranging from autonomous drones to smartphones and medical devices. Notably, NNDM stock is up by over 40% since it received approval for a key patent on January 13.
Earlier this month, the company was granted a patent for its groundbreaking printing technology. The patent was for “Rigid-flexible printed circuit board fabrication using inkjet” based on the filing. In brief, the technology allows for the creation of electronics that are stretchable and flexible. Electronic devices containing these products will be able to stretch and compress over a “large strain scale”, according to Nano.
This would make the technology crucial in biomedical engineering or even wearable electronics and folding smart display technology. In theory, Nano could be sitting on a new generation of electronics with this patent. Understandably, investors would be keen to jump in on this. With all this in mind, would you consider NNDM stock as a top tech stock right now?Apple Inc.
Last but not least, we have tech giant Apple. The over $2 trillion-dollar company is slated to release its first-quarter earnings on Wednesday. Along with tech giants such as Microsoft (NASDAQ: MSFT) and Facebook (NASDAQ: FB), it would likely be on investors’ radars this week. In fact, AAPL stock closed last week at a new all-time high. Could Apple see another record performance this quarter? Well, current analyst estimates appear to think so.
According to Wall Street analysts, the company will be posting quarterly revenue above the $100 billion mark for the first time. If this were to be the case, it would mark a 54% quarter-over-quarter increase at the bottom-line. For one thing, the pandemic tailwinds have created a perfect storm for the company. Even as many companies suffered from pandemic-related impacts, AAPL stock remained resilient. Consumers ultimately relied on their electronics to keep themselves entertained throughout the pandemic.
As AAPL stock had a record year on the stock market, we can see that Apple has benefitted from this pandemic. Moreover, its recent quarter revenue will account for seasonal holiday sales which are usually when consumer spending is on the higher end. On the whole, do you think now is a good time to be watching AAPL stock?