Fintech continues to make strides globally. Here we take a look at the top performing NASDAQ fintech stocks year-to-date.
The first quarter of 2019 saw a number of positive gains in fintech. As China continues to lead the way in the space, two companies in that market emerged as the top risers on the NASDAQ: China Internet Nationwide Financial Services (CIFS) (NASDAQ:CIFS) and CLPS (NASDAQ:CLPS).
With Q1 officially over, the Investing News Network looks back at the quarter’s top five fintech stocks on the NASDAQ year-to-date. The list below was obtained on April 8, 2019, from Capital Cube’s stock screener, with all companies having market caps between C$50 million and C$500 million at that time.
1. China Internet Nationwide Financial Services
Current share price: US$3.69; market cap: US$74.2 million; year-to-date gain: 308.7 percent
With an over 300 percent gain year-to-date, CIFS is the leading fintech stock for the first quarter. Beijing-based CIFS provides fintech services that are artificial intelligence-driven (AI) and incorporate big data. Its core businesses are big data analysis and AI reports, supply chain financing and investment research, plus advisory services for intermediary banks, commercial payments and international corporations.
Founded in 2014, CIFS shifted its primary operations to fintech in 2017. Last October, CIFS partnered with InterPark Chifeng BizMarket, a subsidiary of InterPark Holdings (KOSDAQ:035080), in a US$1 million deal.
Current share price: US$9.70; market cap: US$134.82 million; year-to-date gain: 296.28 percent
CLPS provides financial solutions to banking institutions, insurance and the global financial sector. With over 10 years in operation, CLPS hosts 10 research and development (R&D) and delivery centers worldwide, and provides services including ecommerce, banking, credit cards, consulting, insurance and big data. In addition, the company conducts research on blockchain innovation for banks to incorporate into their operating systems.
In February, CLPS released its financial statements for the first half of its 2019 fiscal year. The company reported an almost 40 percent increase in revenue and a gross profit increase of over 25 percent. The company also said its R&D centers will expand further into Singapore and globally to gain greater market share across multiple verticals.
3. DigiMarc (NASDAQ:DMRC)
Current share price: US$30.40; market cap: US$355.68 million; year-to-date gain: 116.83 percent
DigiMarc is a company that uses an intuitive computing platform to provide a host of identification services including retail, consumer brands, logistics, media, developer tools and security. This technology is being used at checkouts to allow users to scan and pay for retail items with mobile devices.
4. EverQuote (NASDAQ:EVER)
Current share price: US$8.16; market cap: US$65.18 million; year-to-date gain: 98.8 percent
Massachusetts-based EverQuote is an online insurance platform that allows users to compare insurance providers and connect with licensed insurance agents. Since going public in June 2018, the company has shown impressive returns.
It delivered a strong financial performance this past quarter; the company released its fiscal 2018 financial results with revenue figures standing at US$163.3 million, a 29 percent increase year-on-year.
Home and life insurance saw significant revenue growth at 220 percent, while car insurance revenue growth was up 18 percent over 2018. Despite strong revenue growth, adjusted earnings before interest, tax, depreciation and amortization stood at a loss of US$5.5 million.
5. Ideanomics (NASDAQ:IDEX)
Current share price: US$1.97; market cap: US$265.44 million; year-to-date gain: 57.92 percent
Ideanomics has three central operations in digital advisory services in AI, digital banking and digital asset management.
Last October, Ideanomics announced the development of a fintech hub in Hartford, Connecticut, on a 53 acre site that was purchased for US$5.2 million.
Notably, in Q1, Ideanomics signed an agreement with Singapore’s GT Dollar and Thai Setaku Insurance. Ideanomics will provide digital asset management services to these two companies, including regulatory compliance and banking relationship services, and it will receive GT Dollar tokens valued at US$170 million in exchange for its services.
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Securities Disclosure: I, Dorothy Neufeld, hold no direct investment interest in any company mentioned in this article.