5 Top Weekly NASDAQ Tech Stocks: Echelon Leads with 98 Percent Increase

The NASDAQ Composite (INDEXNASDAQ:.IXIC) started off last week at 7,631.12 points and had a low of 7,438.11 points on Thursday (June 28) before recovering to trade at 7,554.10 points as of 12.20 p.m., EST on Friday (June 29).

The NASDAQ 100 Technology Index (INDEXNASDAQ:NDXT) began the week at 4,256.11 points and reached a low of 4,128.80 points on Thursday (June 28) before settling at 4,214.83 points as of 12.22 p.m. EST on Friday.

One of the tech highlights of the week was the news of Apple (NASDAQ:AAPL) and Samsung (KRX:005930) ending their seven year long patent on Wednesday (June 27). The companies, however. did not disclose the terms of the settlement. Initially, it was Apple who drew the first blood when the judge issued a $1 billion ruling in Apple’s favour in 2011.

The week also saw over 69 stocks in the small and mid-cap category registering some gains over the week with the top picks listed here having increased over 20 percent last week.

Echelon (NASDAQ:ELON) rose an impressive 97.74 percent last week after it announced on Friday that the company will be acquired by Adesto Technologies (NASDAQ:IOTS).

Some of the companies mentioned in the list below continued their gains from previous weeks. Here are the five top gaining NASDAQ tech stocks last week.

• Echelon
• Ability (NASDAQ:ABIL)
• TSR (NASDAQ:TSRI)
• Tintri (NASDAQ:TNTR)
• Parkervision (NASDAQ:PRKR)

Echelon

Echelon, a pioneer of open standard networking platforms will be acquired by Adesto for $8.50 per share. 

Adesto Technologies is a provider of application-specific semiconductors for the IoT era while Echelon focuses on two IoT market areas, smart campuses and smart cities.

The company in their press release said that the acquisition price represents a total equity value of approximately $45 million and a total enterprise value of $30 million. Adesto expects to have a transaction expenses of approximately $4 million.

Echelon was trading at $8.23 as of 12.30 p.m. EST on Friday after the announcement from Adesto.

Ability

The company comes in at second  on our top weekly NASDAQ tech stocks with a 53.51 percent increase over last week’s trading period.

Founded in 1994 by a team of military and communication experts, the company specializes in the interception of cellular and satellite communication networks with its products restricted to authorized government agencies alone.

The shares of Ability were trading at $7.66 as of 12.30 p.m., EST on Friday with the company not providing any updates or explained the increase of its share price.

TSR

A customer focused IT and technical services staffing company, TSR gained 44.72 percent in the week.

Trading at $6.65 as of 12.30 p.m. EST on Friday TSR announced on Tuesday (June 26) that it received a letter from major stockholders owning 41.8 percent of the company’s stock to pursue a sale of the company.  

TSR said that it has provided a copy of the letter to the members of its board of directors for review.

Tintri

The company that offers an enterprise cloud infrastructure built on a public cloud like web service architecture increased 39.74 percent in the week.

The stock was trading at $0.24 as of 12.30 p.m. EST on Friday with the company in its filing with the US Securities and Exchange Commission (SEC) on Thursday (June 27) said that the board of directors of the company approved a reduction of 200 employees.

Further, Tintri said that it is undertaking the reduction to preserve its resources and that they do not have sufficient liquidity to continue its operations beyond June 30, 2018.

ParkerVision

ParkerVision, a company that designs, develops its proprietary radio-frequency (RF) technologies announced on Tuesday that the Court of Appeals for the Federal Circuit has scheduled a hearing on August 7th in the company’s patent fight against Qualcomm (NASDAQ:QCOM).

The stock rose 21.57 percent and was trading at $0.62, as of 12.30 p.m. EST on Friday.

Don’t forget to follow us @INN_Technology for real-time news updates

Data for 5 Top NASDAQ Stocks articles is retrieved each Friday as of 12:00 p.m. EST using TradingView’s stock screener. Only companies with a market capitalization of less than $500 million prior to the week’s gains are included. All companies in the technology sector are considered.

Securities Disclosure: I, Bala Yogesh, hold no direct investment interest in any company mentioned in this article.

**This article is updated each week. Please scroll to the top for the most recent information**

5 Top Weekly NASDAQ Tech Stocks: Ability Takes Top Spot

By Bala Yogesh, June 24, 2018

The NASDAQ Composite (INDEXNASDAQ:.IXIC) started off last week at 7,692.96 points and was at a high of 7,802 points on Wednesday (June 20), but dipped to trade at 7,705.85 points as of 1:02 p.m. EST on Friday (June 22).

The NASDAQ 100 Technology Index (INDEXNASDAQ:NDXT) began the week at 4,372 points on Monday (June 18) and dipped to a low of 4,318.92 points on Tuesday (June 19). The index recovered to a high of 4,401 points on Thursday (June 21) but again dipped to a low of 4,303.37 points on Friday. As of 1.02 p.m. EST on Friday, the index was trading at 4,320.25 points.

Intel (NASDAQ:INTC) on Thursday announced that its CEO Brian Krzanich resigned as CEO and a member of the board and that it named its CFO Robert Swan as interim CEO. The move comes after Intel was informed that Krzanich had a past consensual relationship with an Intel employee which violated company’s non-fraternization policy. Krzanich held the CEO position since May 2013 and was with the company for 35 years. Intel is expected to deliver a record second quarter.

Instagram, a service owned by Facebook (NASDAQ:FB) announced that one billion users are part of irts community. Further, the company announced IGTV, a standalone app for longform vertical videos, that is seen to rival Google’s (NASDAQ:GOOG) YouTube.

Match Group (NASDAQ:MTCH) announced on Wednesday that it acquired 51 percent ownership stake in Hinge, a New York City-based relationship app. According to the company, Hinge’s user base has grown by more than 400 percent with the app focused on real relationships.

Some of the small and mid-cap tech companies had a positive weekend with 90 companies gaining over the course of the weekend. Ability soared by 99.58 percent over the last week while other four companies in our 5 top weekly NASDAQ tech stocks list gaining over 15 percent.

Here’s a closer look at those companies.

• Ability (NASDAQ:ABIL)
• CLPS  (NASDAQ:CLPS)
• Rumbleon (NASDAQ:RMBL)
• Akoustis Technologies (NASDAQ:AKTS)
• Park City Group (NASDAQ:PCYG)

Ability

Founded in 1994 by a team of military and communication experts, the company specializes in the interception of cellular and satellite communication networks with its products restricted to authorized government agencies alone.

The company increased by 99.58 percent over the week and the stock was trading at $4.71 as of 1.55 p.m., EST on Friday.

However, the company did not provide any meaningful updates that explained the price increase for the week.

CLPS

CLPS is a global information technology, consulting and solutions provider focused on the banking, insurance and financial sectors.

The company’s shares were trading at $13.19 as of 1.55 p.m. EST on Friday with the company rising by 48.20 percent over the course of the week.

CLPS released a letter to shareholders on Wednesday which was written by the company’s chairman. The letter was an update to the company’s future plans and touched on several key aspects from its desire to grow the revenue to improving operational efficiency among other points.

Rumbleon

RumbleON operates a capital light disruptive e-commerce platform facilitating the ability of both consumers and dealers to buy-sell-trade and finance pre-owned vehicles.

RMBL increased by 21.33 percent last week and was trading $6.20 as of 1.55 p.m. EST on Friday. Like  others on this list, Rumbleon didn’t have any updates that explained its increase in stock price.

Akoustis Technologies

Next is Akoustis Technologies, a high-tech BAQ RF filter solution company who is developing next-generation materials science to address the market requirements for improved RF filters that targets higher bandwidth, higher operating frequencies.

The company announced a new product on Wednesday, a new 5.2 GHZ BAW RF filter aimed at the billion dollar market for future 4G LTE and 5G mobile devices.

Akoustis rose by 21 percent over last week’s trading period and was trading at $7.80 as of 1:55 p.m. EST on Friday.

Park City Group

Park City Group announced on Monday that its ReposiTrak’s vendor sourcing platform is on track to generate close to $1 million in revenue for the quarter ending June 30, 2018.

The company is a software-as-a-service (SaaS) provider and its shares increased by 17.36 percent last week to reach $8.45 as of 1.55 p.m. EST on Friday. 

Don’t forget to follow us @INN_Technology for real-time news updates.

Data for 5 Top NASDAQ Stocks articles is retrieved each Friday as of 12:00 p.m. EST using TradingView’s stock screener. Only companies with a market capitalization of less than $500 million prior to the week’s gains are included. All companies in the technology sector are considered.

Securities Disclosure: I, Bala Yogesh, hold no direct investment interest in any company mentioned in this article.