5 Top Weekly NASDAQ Tech Stocks: Facebook to Launch Stablecoin

The NASDAQ Composite Index (INDEXNASDAQ:IXIC) started last week at 7,441.2 points on Monday (June 3) and had settled at 7,765.41 points as of 11:34 a.m. EDT on Friday (June 7).

The NASDAQ Composite steadily inclined over the week; overall, the index has seen over a 14 percent gain year-to-date. In line with this, the S&P 500 (INDEXSP:.INX) rose over 4 percent for the week, with the index witnessing an increase of over 13 percent since the beginning of the year.

Meanwhile, the Dow Jones Industrial Average (INDEXDJX:DJI) reached 26,0111 points as of 1:33 p.m. EDT on Friday, with an almost 5 percent gain over the week.

Facebook (NASDAQ:FB) unveiled plans on Thursday (June 6) to launch its “borderless currency” by the end of June. The cryptocurrency is planned to be released as a stablecoin that will be used as a means to pay for items or services across Facebook and its subsidiaries Whatsapp and Instagram.

In the small- and mid-cap spaces, the five top gainers for last week were as follows:

• Digital Turbine (NASDAQ:APPS)
• AudioEye (NASDAQ:AEYE)
• MMTec (NASDAQ:MTC)
• HyreCar (NASDAQ:HYRE)
• Ideanomics (NASDAQ:IDEX)

Here’s what moved their share prices during the period.

Digital Turbine

Texas-based mobile delivery platform company Digital Turbine gained over 25 percent last week. Digital Turbine helps companies bring exposure and engagement to their apps; to date, the company has generated over 1.5 billion sponsored app installs in 190 countries.

On Monday, Digital Turbine released its financial results for the period ended March 31, 2019. The company witnessed a 30 percent rise year-over-year in revenue, with gains primarily generated by advertiser demand for visibility in the US on consumers’ device home screens. Revenue per device grew by 27 percent compared to the same time period in 2018.

Shares of Digital Turbine had climbed to US$4.82, a 25.46 percent hike, as of 12:07 p.m. EDT on Friday.

AudioEye

Digital accessibility company AudioEye was founded in 2005 and focuses on removing accessibility barriers on the web. Its suite of solutions includes accessibility testing tools for developers that allow developers, auditors and designers to test whether their software is accessible to those who have disabilities. AudioEye services a range of clients, including the US government, Seattle public schools, Uber (NYSE:UBER) and WebMD.

AudioEye’s latest news came in May, when the company announced its first quarter financial results. It saw revenues increase 73 percent year-over-year to US$1.99 million. The company reported a net loss of US$2.15 million for the quarter due to heightened operating expenses, which increased 87 percent compared to the same time period last year.

AudioEye’s shares had reached US$7.28, a 18.99 percent hike, as of 12:00 p.m. EDT on Friday.

MMTec

Chinese fintech company MMTec is principally engaged in online brokerage and trading services using its Securities Dealers Trading System. Its Private Fund Investment Management System further assists account and risk management, among a host of other services.

MMTec did not have any notable announcements last week. However, over the week, the company’s share price rose 18.89 percent, reaching US$5.38 as of 11:30 a.m. EDT on Friday.

HyreCar

Based in California, HyreCar is a platform that allows clients to rent a car and then drive for Uber or Lyft (NASDAQ:LYFT). HyreCar removes the need for consumers to get personal insurance, provides a secure platform for financial transactions and allows individuals to list their car to rent for other ride-sharing drivers. The company’s platform is currently available in a number of cities, including Chicago, New York, Atlanta and Washington.

HyreCar reported no news last week. In early May, the company reported its first quarter financial results. Revenue stood at US$3.5 million, a 105 percent uptick from the same time period last year. Net loss figures improved by 4 percent over the year to US$1.7 million.

Shares of HyreCar had climbed to US$4.49, a 15.25 percent rise, as of 12:11 p.m. EDT on Friday.

Ideanomics

Founded in 2004, Ideanomics, formerly Seven Stars Cloud Group, is a fintech blockchain company that is centered around digital asset mining. Ideanomics has acquired stakes in blockchain and artificial intelligence companies to improve supply chain processes and leverage its blockchain platform to heighten transparency while countering corruption within systems.

Ideanomics reported no new announcements last week. However, during the previous week it entered a joint venture with Chinese ride-hailing company iUnicorn to develop new energy vehicle services together. “Our deal origination, along with our efforts to facilitate the entire value chain from supply through to ABS financing, are just some of the tools that will benefit our partners and shareholders,” said Ideanomics CEO Alf Poor in a press release. As part of the deal, Ideanomics will provide asset-backed financing arrangements in conjunction with iUnicorn’s auto assets.

Ideanomics shares had risen to US$1.46, a 7.72 percent hike, as of 12:05 p.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.