SNAP - 5 Top Weekly NASDAQ Tech Stocks: SharpSpring Takes the Lead
The NASDAQ Composite Index (INDEXNASDAQ:IXIC) started last week at 7,823.33 points on Monday (August 5) and settled at 7,989.88 points as of 1:42 p.m. EDT on Friday (August 9).
As two mass shootings shook America last weekend, President Trump and US politicians signaled blame towards violent video games. As a result, gaming stocks including Activision Blizzard (NASDAQ:ATVI), EA (NASDAQ:EA) and Take-Two Interactive (NASDAQ:TTWO), witnessed share volatility during the week.
On Tuesday (August 6), messaging app company Snap (NYSE:SNAP) announced that it is raising US$1 billion in senior corporate notes in a private placement offering. Notes are scheduled to mature on April 1, 2026.
Looking back at the week, in the small- and mid-cap spaces, the five top gainers were as follows:
- SharpSpring (NASDAQ:SHSP)
- Perion Network (NASDAQ:PERI)
- Ideanomics (NASDAQ:IDEX)
- Digital Turbine (NASDAQ:APPS)
- Aware (NASDAQ:AWRE)
SharpSpring
Marketing automation company SharpSpring took the top spot last week. Its services are organized in three tiers: services for agencies, enterprise or small-to-medium sized businesses. Extending through services including CRM, analytics, landing pages and behaviour-based emails, SharpSpring works with clients in over 50 countries.
SharpSpring released its second quarter financial results on Tuesday, reporting the addition of 290 new clients. Currently the company serves 8,000 businesses and 1,854 agencies. As client numbers increased, SharpSpring reported record revenues of US$5.5 million, rising by 25 percent since the second quarter of 2018. The company finished off with US$16 million in cash and US$1.7 million in adjusted EBITDA net loss.
Shares of SharpSpring increased 17.59 percent last week to US$10.57 as of 11:47 a.m. EDT on Friday.
Perion Network
Perion Network is also an online advertising company, encompassing four main services Undertone, MakeMeReach, SmileBox and CodeFuel. Through harnessing data, Perion aims to optimize client exposure and engagement through various verticals. Delivering strategic ads is core to its Undertone services, with a recent example being a partnership with Target (NYSE:TGT) and the Avengers.
On Wednesday (August 7), Perion reported its second quarter earnings. The company reported increases in net income, total revenue and cash figures, as Undertone helped increase revenues and boost gross margins by 8 percent for the quarter.
“During the first six months of 2019, we generated US$22.4 million in cash from operations, a 28 percent year over-year increase from the first half of 2018. As a result, Perion’s net cash was $21.3 million as of June 30, the highest level in three and a half years,” said Perion’s CEO Doron Gerstel in a press release.
Over the week, Perion Network shares rose 14.96 percent to to US$4.99 as of 11:51 a.m. EDT on Friday.
Ideonomics
Ideonomics distributes and mines a portfolio of diverse digital assets. For example, its financial digital assets segment involves Ideanomics securitizing existing financial assets into security tokens. As part of this process, Ideanomics is creating financial instruments in combination with artificial intelligence and data analytics. Other segments include energy digital assets, consumer digital assets and vertical industry digital assets.
Ideanomics shares reached were up 12.92 percent last week to US$5.67 as of 11:38 a.m. EDT on Friday.
Digital Turbine
Digital Turbine is a mobile app platform company that assists companies in targeted mobile advertising, brand building and increasing revenue. The Austin, Texas based company serves clients in over 190 countries and over 160 million devices.
On Monday, Digital Turbine announced 38 percent increase in revenue for its Q1 2020 report, with figures reaching US$30.6 million. Driven by revenue-per-device increases and new partners, the company grew its gross profit by 78 percent for the quarter. Digital Turbine also revealed it continues to grow its international presence.
“We are continuing to aggressively recruit additional carriers and OEMs to further expand our scale and global footprint,” said Digital Turbine CEO Bill Stone in a press release.
Digital Turbine’s shares rose 9.55 percent last week to reach US$6.18 as of 11:55 a.m. EDT on Friday.
Aware
Biometrics software company Aware develops face, voice and keystroke biometric solutions as part of its security solutions. Aware offers biometrics-as-a-service called Indigo. This service is comprised of turnkey solutions, image analysis, quality scoring and matching for onboarding customers.
While there was no news for the week for Aware, the company released its second quarter financial results on July 30. The company reported US$3 million in revenue, dipping from US$3.8 million compared to the same time last year. Operating losses also ticked up to US$1.2 million from US$0.4 million in the second quarter of 2018.
Over the week, Aware’s shares climbed 9.45 percent to US$3.01 as of 10:44 a.m. EDT on Friday.
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Data for the 5 Top NASDAQ Tech Stocks articles is retrieved each Friday at 12:00 p.m. EDT using TradingView’s stock screener. Only companies with a market capitalization of less than $500 million prior to the week’s gains are included. Companies within the technology sector are considered.
Securities Disclosure: I, Dorothy Neufeld, hold no direct investment interest in any company mentioned in this article.