3 Hot Tech Stocks Poised For Double-Digit Gains
MarketBeat.com | Jul 07, 2021 05:38AM ET
You know it's been a good year for the market because it's been a great year for IPOs. With stock valuations as high as they are, there've been record numbers of companies coming to market to cash in.
The companies we’re highlighting today IPO’d within the last month and the analysts are already making Waves. Based on what they’re saying, these stocks all have the potential to Produce at least double-digit returns this year.
h2 1. TaskUs, Inc. Helps Make The Internet Work/h2TaskUs (NASDAQ:TASK) is a digital outsourcing company focused on internet companies . It provides many services including customer-facing services that help to make internet companies function. One of the many tasks that they perform for internet companies is content security and verification, as well as artificial intelligence-powered solutions for a multitude of business applications.
The company says its targeting both small and large businesses and seeing robust demand from fintech, cryptocurrency, and challenger banks. The stock has been up as much as 30% in the wake of its IPO and has only seen upside in relation to its opening price.
Eight sell-side analysts have come out with ratings since the expiration of the quiet period and all amount to a Buy. Seven of the analysts rate the stock a buy or better with one initiated at Equal-Weight.
The consensus price target is near $42.75 and assumes a 32% upside from the current price action. Goldman Sachs holds the high price target of $61 which assumes a near 100% gain from the current price action.
1Stdibs.Com Inc (NASDAQ:DIBS), is very interesting to us because it operates a highly specialized online platform. 1stdibs.com operates an eCommerce portal for reselling higher quality and luxury items including vintage, antiques, and contemporary works.
The company is operating successfully as a standalone business but, in our view, is a high-profile target for larger businesses like Etsy (NASDAQ:ETSY) or eBay (NASDAQ:EBAY) who may be looking for growth avenues.
Six analysts have come out with commentary in the wake of the quiet period. All but one rate the stock Hold or better with four rating it Overweight or Outperform.
The consensus price target is near $31 which assumes a 20% upside, but the high price target is $35. The high price target is held by Barclays which rates the stock overweight.
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Based on our view of e-commerce , luxury, consumer discretionary, and the high-end resale market, we think this stock is going to exceed expectations and drive bullish momentum into the end of the year.
Monday.Com Ltd (NASDAQ:MNDY)develops and markets software-based workforce solutions globally. The company operates in several segments including CRM, project management , and software development, but that doesn't really say what about the company.
To understand just how relevant its services are it's important to know that Salesforce (NYSE:CRM) and Zoom Video Communications (NASDAQ:ZM), two of the hottest digital workforce solutions providers on the market, each invested millions of dollars into the IPO because they want a piece of this action.
So far,, 10 sell-side analysts have come out with ratings on the stock, eight of which are outright Buys or better. The other two are a Neutral and a Hold but both come with price targets implying the analysts are buying the stocks for their clients.
You can't hold it if you don't own it. The consensus rating is $264 which implies about 10% subside while the high price target is $280. The high price target is held by Berenberg Bank, which calls the stock a buy.
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