Which NASDAQ tech stocks gained the most last week? We run through the five biggest gainers in this article.
The NASDAQ Composite Index (INDEXNASDAQ:IXIC) opened last Monday (July 22) at 8,171.99 points 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 (July 25), Amazon (NASDAQ:AMZN) reported US$63.4 billion in revenue, beating analysts’ expectations.
On Wednesday (July 24), Tesla (NASDAQ:TSLA) missed earnings expectations, and 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.
Looking back at the week, in the small- and mid-cap spaces, the five top gainers were as follows:
- Smith Micro Software (NASDAQ:SMSI)
- Innodata (NASDAQ:INOD)
- Red Violet (NASDAQ:RDVT)
- Perion Network (NASDAQ:PERI)
- Datasea (NASDAQ:DTSS)
Smith Micro Software
Smith Micro Software is a mobile platform company that 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 for the same period last year. Its gross profit figures also accelerated in Q2, coming in at US$9.9 million, up from US$5.8 million in Q2 2018.
“We saw growth across all three wireless solutions, again mostly driven by our SafePath platform,” William W. Smith Jr., CEO of Smith Micro, said 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 had reached US$4.64, a 40.61 percent increase, as of 11:49 a.m. EDT on Friday.
Founded in 1988, Innodata is a data analytics company focused primarily on online retail solutions. Its clients operate in industries such as media, insurance and government. Through its consulting and media intelligence services, Innodata helps companies drive value online.
In June, Innodata introduced data annotation services for artificial intelligence and machine learning models. These are specifically designed to better analyze and understand extracted data. Innodata has used over 1,500 subject matter experts, with a specific focus on finance, medicine and law.
Shares of Innodata were up 17.64 percent last week to reach US$1.34 as of 11:28 p.m. EDT on Friday.
Data intelligence company Red Violet is based in Boca Raton, Florida. The company is focused primarily on data analytics to generate business insights. It operates three core brands: Forewarn, IDI and Red Violet Blockchain and Analytical Solutions.
Red Violet had no major news last week, although its shares still rose 17.19 percent to hit US$14.87 as of 11:48 a.m. EDT on Friday.
Headquartered in Redwood, Washington, Perion Network is an ad tech data analytics company. It operates a number of business solutions, including CodeFuel, a search engine optimization service. Its other service, SmileBox, allows users to customize documents such as ecards, slideshows and flyers to help drive customer engagement.
With no new announcements for the week, Perion Network’s shares still had climbed to US$4.63, representing a 11.68 percent hike, as of 11:48 a.m. EDT on Friday.
Datasea is a natural language processing and data visualization company. It was founded by Dr. Rocky Nevin, who wrote his PhD thesis on how sensory neurons can create alternative computing systems. By applying structured and unstructured data, Datasea helps computers “think” more like humans.
Similar to other companies on the list, Datasea did not have any announcements that would explain its share price increase last week. During the period, the company rose 10.24 percent to come to US$1.40 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.