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) started last week at 8,145.85 points on Monday (July 1) and had settled at 8,128.75 points as of 12:22 p.m. EDT on Friday (July 5).
During the shortened week, the NASDAQ Composite reached record highs of 8,170 points.
On Monday, technology stocks made the highest gains as US-China trade talks hinted towards positive territory. “Any step towards a trade resolution, and it doesn’t have to be a lot of progress, just a step, is viewed very positively by markets,” Scott Brown, chief economist at Raymond James, told the BBC.
On Thursday (July 4), semiconductor company Broadcom (NASDAQ:AVGO) said that it is considering acquiring cybersecurity company Symantec (NASDAQ:SYMC) in a deal valued in excess of US$15 billion. This comes after Broadcom’s unsuccessful attempt to acquire chip maker Qualcomm (NASDAQ:QCOM) for US$117 billion in 2018.
In the small- and mid-cap spaces, the five top gainers for last week were as follows:
- MMTec (NASDAQ:MTC)
- Asure Software (NASDAQ:ASUR)
- Pareteum (NASDAQ:TEUM)
- Ideanomics (NASDAQ:IDEX)
- Synchronoss Technologies (NASDAQ:SNCR)
As the leading company on our NASDAQ tech stocks for the fourth week in a row, MMTec posted a weekly gain of over 40 percent to US$18.24 as of 12:15 p.m. EDT on Friday.
MMTec is based in China and connects Chinese businesses to US markets and provides services such as online brokerage and investment management advisory.
Over the week, the company did not release any new announcements that could relate to its share price increase.
Asure Software provides innovative workplace solutions such as HR consulting and workspace management. With over 7,500 clients in 85 countries, Asure integrates cloud technology solutions to improve awareness on workplace occupancy levels in addition to room scheduling services.
Similar to MMTec, Asure Software did not release any major announcements over the week. However, Asure Software’s share price increased 27.07 percent to reach US$9.71 as of 12:17 p.m. EDT on Friday.
Headquartered in New York, Pareteum provides communication platforms for businesses to improve customer engagement through a number of channels. For example, its smart city applications provide the infrastructure to build, manage and launch solutions to improve sustainability. The company has a project in the city of Kyiv, Ukraine, that creates waste management and traffic control solutions.
On Tuesday (July 2), Pareteum announced that it joined the Russell 3000 Index, an index often followed by institutional investors and fund managers. “We are pleased to be added to the Russell 3000 Index as it raises Pareteum’s profile among the investment community, may initiate increased institutional ownership of our stock, and is another step towards our commitment to generating long-term shareholder value,” said Pareteum CEO Hal Turner in a press release.
Shares of Pareteum climbed to US$2.80 as of 12:12 p.m. EDT on Friday, representing a 16.33 percent rise.
Founded in 2004, Ideanomics is a blockchain and artificial intelligence (AI) technology company based in New York. Its principal operations are focused on fintech, AI and mining digital assets through establishing stakes in a number of companies.
There were no major news announcements for Ideanomics during the week. Its most recent announcement was at the end of April, when the company announced that it signed a Memorandum of Understanding (MOU) with China-based JAC Motors. Together the companies are working to promote JAC Motors electric vehicle lineup, which includes electric taxis, buses and municipal trucks. Ideanomics will be providing financing advisory services as part of the deal.
Ideanomics shares reached US$2.44, a 15.7 percent hike, as of 12:15 p.m. EDT on Friday.
Software company Synchronoss Technologies is our final company on the list. Synchronoss provides several platforms for business to optimize growth and reduce costs. For example, the company’s cloud platform was applied by Verizon (NYSE:VZ) to help improve its cost center. Through this platform, data is secured and stored across multiple operating systems. Its personal cloud platform is used by over 160 million individuals.
On Monday, Synchronoss rejoined the Russell 3000 Index in addition to being added to the Russell Microcap Index. The Microcap Index is comprised of 1,000 of the smallest companies by market capitalization on the Russell 2000.
Over the week, share prices of Synchronoss Technologies rose 12.02 percent, reaching US$8.47 as of 12:15 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.