5 Top Weekly NASDAQ Tech Stocks: Index Dips Again

The NASDAQ Composite (INDEXNASDAQ:.IXIC) started off last week at 7,429.45, but had a major dip on Tuesday (May 15), falling to 7,323.25 before recovering to 7,362.04 as of 1:56 p.m. EST on Friday (May 18).

The NASDAQ 100 Technology Index (INDEXNASDAQ:NDXT) started off at 4,329.44 on Monday (May 14) and faced a similar dip on Tuesday to a level of 4,253.57. The index recovered to a high point of 4,323.96 on Thursday (May 17) before taking a dip to 4,256.64 as of 2:06 p.m. EST on Friday.

One of the biggest pieces of news in the tech sector last week came on Friday, when Apple (NASDAQ:AAPL) paid $1.5 billion euros to the Irish government — the payment was the first instalment of the $13 billion euros it has to pay in a tax case.

It was also announced on Friday that Cambridge Analytica has filed for bankruptcy in the US in the aftermath of the Facebook (NASDAQ:FB) scandal.

Against that backdrop, the share prices of a number of micro- to small-cap companies were on the rise last week, with Red Violet increasing 43 percent, while a few other stocks gained over 15 percent:

• Red Violet (NASDAQ:RDVT)
• Integrated Media Technology (NASDAQ:IMTE)
• Determine (NASDAQ:DTRM)
• Netsol Technologies (NASDAQ:NTWK)
• Perion Network (NASDAQ:PERI)

Here’s a closer look at those companies and the factors that moved their share prices last week.

Red Violet

Red Violet is a company that deals with data analytics and provides information solutions.

The company started the week off with the announcement of its financial results, highlighting that its total revenue increased 112 percent, while its net loss shrunk year-on-year. As mentioned, shares of Red Violet increased more than 43 percent last week to reach $7.70 as of 2:13 p.m. EST on Friday.

Integrated Media Technology

Second is Integrated Media Technology, a company that is engaged in the investment, development and commercialization of visual technology, with a focus on glasses-free 3D display technology.

The company did not release any news last week, but its share price nevertheless rose 29.72 percent to reach $15.02 as of 2:21 p.m. EST on Friday.

Determine

Middle of the pack on this list is Determine. Shares of the company increased 24.93 percent to trade at $1.92 as of 1:47 p.m. EST on Friday.

Determine is a global provider of industry-leading cloud solutions. The company claims that its technologies empower customers to drive new revenue, identify savings and improve compliance and mitigate risks. Determine did not have any news that would explain its share price growth last week.

Netsol Technologies

Calabasas-based Netsol Technologies announced its third-quarter 2018 financial results on Monday, which may have resulted in its share price rising more than 20 percent last week. As of 2:28 p.m. EST on Friday, the company was at $5.80.

The company said that its GAAP quarterly earnings per share were up 300 percent year-on-year. Netsol Technologies is a worldwide provider of IT and enterprise software solutions.

Perion Network

Perion Network is a global innovator in delivering digital marketing solutions for brands. The company was trading at $1.03 as of 2:35 p.m. EST on Friday, up 18.97 percent over the week.

On Monday, the company appointed Eyal Kaplan as chairman of its board of directors. That was Perion’s only news last week.

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 periodically. Please scroll to the top for the most recent information**

5 Top Weekly NASDAQ Tech Stocks: Index Shifts Gear

By Bala Yogesh, May 13, 2018

The NASDAQ Composite (INDEXNASDAQ:.IXIC) started off last week at 7,241.82 on Monday (May 7) and had increased to 7,380.52 as of 12:30 p.m. EST on Friday (May 11).

The NASDAQ 100 Technology Index (INDEXNASDAQ:NDXT) started off at 4,1973.72 and was also on the rise until Thursday (May 10), when it reached a weekly high of 4,309.06 before dipping down on Friday. The index was trading at 4,285.8 as of 12:33 p.m. EST on Friday.

Last week’s major tech stories involved Microsoft (NASDAQ:MSFT) and Google (NASDAQ:GOOG), which held their respective developer conferences. Both companies unveiled several new features for various apps that users will see over the course of the year.

One major highlight from Microsoft was an announcement on its AI for Accessibility program, which is geared at finding solutions for people with disabilities.

As for Google, it revealed several new features, including the much-talked-about Google Duplex, which enables Google Assistant to call and book appointments for users, among other things. Also announced was Google P, Android’s upcoming update. 

That said, last week was not all about big companies and their conferences. A number of micro-cap tech companies also made major strides during the period. The top gainer was Turtle Beach (NASDAQ:HEAR), which announced record results and saw its share price jump 166 percent over the course of the week. 

• Turtle Beach (NASDAQ:HEAR)
• Impinj (NASDAQ:PI)
• Koss (NASDAQ:KOSS)
• ZAGG (NASDAQ:ZAGG)
• Inspired Entertainment (NASDAQ:INSE)

Here’s a closer look at the companies and the factors that moved their share prices last week.

Turtle Beach

As mentioned, Turtle Beach announced its financial results, with its share price increasing by a staggering 166.88 percent to reach $17.08 as of 1:59 p.m. EST on Friday, up from $6.23 the week prior.

The company’s net revenue increased 185 percent year-on-year to US$40.9 million, with its gross margin reaching 36.8 percent compared 15.4 percent in the same period last year. Turtle Beach’s net income went up to US$2 million or $0.16 per share compared to a net loss of US$9.9 million in Q1 2017. 

Impinj

Impinj is primarily a radio-frequency identification devices manufacturer, and is also involved in the Internet of Things. The company was trading at $17.41 as of 1:59 p.m. EST on Friday and rose 33.82 percent last week.

The company announced its financial results on Monday, reporting revenue of US$25.1 million. Impinj’s GAAP gross margin was 46.9 percent and it had a GAAP net loss of $14.4 million; that amounts to a loss of 0.68 per basic share.

Koss

Third on the list is another headset manufacturer, Koss.  

The company announced its third-quarter results on Thursday, highlighting that its three-month net loss was $812,868 compared to a net loss of $1,117,582 for the third quarter the year prior. The company’s sales decreased 9.37 percent compared to the year-ago period.

Shares of Koss increased 33.03 percent last week to reach $2.46 as of 1:59 p.m. EST on Friday.

ZAGG

Next is ZAGG, a global leader in accessories and technologies that empower mobile lifestyles.

The company announced its financial results on Tuesday (May 8), reporting that its net sales increased 21 percent year-over-year. ZAGG had net sales of US$112.1 million and gross profits of 34 percent with a net income of $7 million; that compares to a net loss of $6.1 million in the same period last year.

The stock was trading at $14.70 as of 1:59 p.m. EST on Friday, representing an increase of 27.66 percent over the five-day period.

Inspired Entertainment

Closing out our list is Inspired Entertainment, a global games technology company that supplies virtual sports, mobile gaming and server-based gaming systems with associated terminals. 

Last week, the company announced its financial results for the quarter ended March 31, reporting that revenue increased 33.5 percent compared to the same period last year. Its net loss fell significantly from $9.1 million to $0.5 million.

Inspired Entertainment was trading at $6.25 as of 1.59 p.m. EST on Friday after experiencing an increase of 25 percent throughout the trading week.

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.