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The cryptocurrency market continues to be in the doldrums as bitcoin slipped to a 24-hour low of $31,179.05, down almost 3% over the same period, per latest coindesk.com data. The world’s biggest (in terms of market cap) and most popular digital coin is currently down more than 50% from its all-time high of $64,829.14 hit on Apr 14.
Moreover, Ethereum, the second-biggest digital coin (in terms of market cap), is currently down 7.01% on a 24-hour basis and 27.2% in the past week, per CoinGecko data. Further, dogecoin, which had surged earlier based on endorsement from Tesla’s TSLA CEO Elon Musk, is currently down 27.3% over the past 24 hours and 42.5% over the past week.
Cryptocurrencies have plunged in the past week primarily due to an unexpected hawkish tone of the U.S. Federal Reserve, which is now expected to make its first interest-rate hike in 2023 instead of 2024. Moreover, concerns over huge power consumption in mining bitcoin have dragged down its prices in recent times.
The latest sell-off can be primarily attributed regulatory crackdown in China, which reportedly mines almost 60% of the world’s currently circulating bitcoins. Per a Reuters report, government in the Sichuan province ordered bitcoin mining projects to shut down on Jun 18.
Markedly, The People’s Bank of China (PBOC) has asked banks like Agricultural Bank of China and fintech organizations like Alipay to stop dealing in cryptocurrencies.
Tech Stocks Are Better Investments Than Cryptos
Undoubtedly, cryptocurrencies are high-risk investments and not everybody’s forte due to its inherent volatility. Instead, fundamentally-strong tech stocks are better choices for building a healthy investment basket.
Tech stocks are well-poised to benefit from the ongoing digitalization. Adoption of cloud computing and the integration of AI and machine learning have been key catalysts.
Here we pick five such tech stocks that have a favorable combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or 2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Per the Zacks proprietary methodology, stocks with such a perfect mix of elements offer solid investment opportunities.
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Alphabet GOOGL benefits from strong cloud demand as well as search dominance. Notably, this Zacks #1 Ranked company’s expanding data centers will continue to bolster its presence in the cloud space. Moreover, Alphabet’s focus on infusing AI and machine learning technology in its products is a key catalyst. The company’s huge cash balance and strong cash flow generating ability help it to pursue innovative products and services, thereby expanding presence in multiple industries like high-speed Internet, healthcare, genomics, self-driving cars, drones and glass.
Alphabet has a Growth Score of B. The Zacks Consensus Estimate for its 2021 earnings is pegged at $89.46 per share, having been revised 27.3% upward in the past 60 days.
Digital Turbine APPS is riding on accretive acquisitions like MobilePosse, AdColony and Fyber as well as solid adoption of SingleTap. Moreover, strong international growth is a key catalyst.
Digital Turbine sports a Zacks Rank #1 and flaunts a Growth Score of A. The Zacks Consensus Estimate for its fiscal 2022 earnings is pegged at $1.56 per share, having been revised 42% upward in the past 60 days.
Generac Holdings GNRC is benefiting from robust demand for its home standby generators due to higher power outages. Recovery in Commercial & Industrial markets is a tailwind. Moreover, improved service capabilities along with an extended footprint in the clean energy market bode well.
Currently, Generac flaunts a Zacks Rank #1, with a Growth Score of B. The Zacks Consensus Estimate for Generac’s 2021 earnings stands at $8.66 per share, having moved 2.4% north over the past 30 days.
NVIDIA NVDA benefits from strong demand for GeForce desktop and notebook GPUs, which is boosting gaming revenues. Moreover, continuing Hyperscale demand remains a tailwind for the company’s datacenter business. Further, NVIDIA’s GPUs are rapidly benefiting from the proliferation of AI. By applying its GPUs in AI models, the company is expanding its base in other untapped markets like automotive, healthcare and manufacturing.
NVIDIA currently carries a Zacks Rank of #2 and a Growth Score of A. The Zacks Consensus Estimate for its 2021 earnings is pegged at $15.84 per share, having been revised 17.6% upward in the past 60 days.
Intuit INTU is gaining from solid performance of its lending product, QuickBooks Capital. Moreover, strong momentum in online ecosystem revenues and solid professional tax revenues are enhancing this Zacks Rank #2 company’s prospects. The TurboTax Live offering is also driving the Consumer tax business. Additionally, Intuit’s initiative to shift its business to a cloud-based subscription model will boost recurring revenue growth over the long haul.
Intuit has a Growth Score of B. The consensus mark for its fiscal 2021 earnings has been revised 12% upward to $9.35 per share in the past 60 days.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>
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NVIDIA Corporation (NVDA) : Free Stock Analysis Report
Intuit Inc. (INTU) : Free Stock Analysis Report
Tesla, Inc. (TSLA) : Free Stock Analysis Report
Generac Holdings Inc. (GNRC) : Free Stock Analysis Report
Alphabet Inc. (GOOGL) : Free Stock Analysis Report
Digital Turbine, Inc. (APPS) : Free Stock Analysis Report
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