RDVT - 5 Top Weekly NASDAQ Tech Stocks: Smith Micro Rises 40 Percent
The NASDAQ Composite Index (INDEXNASDAQ:IXIC) started last week at 8,171.99 points on Monday (July 22) and had settled at 8,322.24 points as of 11:47 a.m. EDT on Friday (July 26).
Over the week, several of the tech heavyweights released their second quarter earnings. On Thursday, Amazon (NASDAQ:AMZN) reported US$63.4 billion in revenue, beating analysts expectations. The company’s EPS figures came out below the US$5.56 analyst target, falling just short at US$5.22.
Meanwhile, Google (NASDAQ:GOOG) posted a 19 percent year-over increase in revenue reaching US$28.9 billion, also exceeding analyst expectations.
On Wednesday, Tesla (NASDAQ:TSLA) missed earnings expectations, as its shares declined almost 12 percent shortly after the announcement. The production of up to 400,000 cars is slated for next year. Year-to-date, Tesla shares have declined over 26 percent.
As Facebook (NASDAQ:FB) settled a record US$5 billion fine from US Federal Trade Commission this week, shares ticked downwards, reaching US$198.14 on Friday at a 4.48 percent drop from Thursday.
Looking back at the week, in the small- and mid-cap spaces, the five top gainers were as follows:
- Smith Micro Software (NASDAQ:SMSI)
- Red Violet (NASDAQ:RDVT)
- Innodata (NASDAQ:INOD)
- Perion Network (NASDAQ:PERI)
- Datasea (NASDAQ:DTSS)
Smith Micro Software
Our leading tech company this week was Smith Micro software, with over 40 gains since Monday. The mobile platform company specializes in infrastructure solutions that can be applied at scale. With over 35 years in operation, Smith Micro’s mobile solutions have been used by over 100 million individuals.
On Thursday, the company announced US$10.9 million in revenue for the quarter, compared to US$6.9 million at the same time period last year. Second quarter gross profit figures also accelerated, as the company reported US$9.9 million, rising from US$5.8 million in Q2 2018.
“We saw growth across all three wireless solutions, again mostly driven by our SafePath platform,”said William W. Smith, Jr., CEO of Smith Micro in a press release. “We also achieved another consecutive quarter of subscriber revenue growth from the CommSuite platform, as well as continued growth with ViewSpot, our recent Smart Retail acquisition that closed in the first quarter.”
Shares of Smith Micro Software reached US$4.64, a 40.61 percent increase, as of 11:49 a.m. EDT on Friday.
Red Violet
This week’s runner-up is data intelligence company Red Violet. Based in Boca Raton, Florida, the company is focused primarily on data analytics to generate business insights. The company operates three core brands: Forewarn, IDI and Red Violet Blockchain and Analytical Solutions.
Red Violet released no major news announcements this week. In May, it reported 72 percent increases in revenue year-over-year, reaching US$5.7 million. Bolstering its revenue figures for the first quarter was the addition of almost 400 new customers for its idiCORE solutions. Net loss figures stood at negative US$1.4 million.
Over the week, Red Violet shares rose to US$14.87, a 17.19 percent hike, as of 11:48 a.m. EDT on Friday.
Innodata
Founded in 1988, Innodata is a data analytics company whose services are focused primarily on online retail solutions. Client industries extend from industries such as media, insurance and government sectors. Through its consulting and media intelligence services, Innodata helps companies drive value online.
Innodata introduced its data annotation services for AI and machine learning models. These are specifically designed to better analyze and understand the data that’s been extracted. The company has utilized over 1,500 subject matter experts, with a specific focus on finance, medicine and law, among others.
Shares of Innodata climbed to US$1.34, a 17.64 percent rise, as of 11:28 1.m. EDT on Friday.
Perion Network
Headquartered in Redwood, Washington our fourth top company this week is Perion Network. The ad tech data analytics company operates a number of business solutions including CodeFuel, a search engine optimization service. SmileBox, its customizable feature allows users to share memories to help drive customer engagement.
With no new announcement for the week, Perion Network most recently announced that it will be reporting its second quarter financial results on Wednesday, August 7. Earlier in July, Perion partnered with TV data company Alphonso.
Over the week, Perion Network’s shares climbed to US$4.63, a 11.68 percent hike, as of 11:48 a.m. EDT on Friday.
Datasea
Our final company to cap off the week is Datasea, a natural language processing and data visualization company. Datasea is founded by Dr. Rocky Nevin, who wrote his PhD thesis on how sensory neurons can create alternative computing systems. Through apply structured and unstructured data, Datasea helps computers ‘think’ more like humans.
Datasea’s most recent news announcement took place in May, when the company secured an educational agreement in China. Here, the company agreed to distribute science course materials in partnership with Beijing Chuangyan Zhixing Education Technology across primary and secondary schools.
Datasea’s shares reached US$1.40, a 10.24 percent hike, as of 9:30 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.