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 8,263.18 points on Monday (July 15) and had settled at 8,203.29 points as of 11:58 a.m. EDT on Friday (July 19).
During the week, DouYu (NASDAQ:DOYU), a video-streaming company based in China, filed its IPO and reached a valuation of US$3.73 billion. The company is among Asia’s video-streaming heavyweights, with exclusive streaming rights to 29 games in China, including League of Legends and DOTA2.
On Thursday (July 18), Microsoft (NASDAQ:MSFT) announced record earnings for its fourth quarter, reporting US$33.7 billion in revenue, up 12 percent from the same time period in 2018. Microsoft posted an ample US$13.2 billion in net income, bolstering record fiscal numbers for the quarter.
“Q4 commercial cloud revenue increased 39 percent year-over-year to $11 billion, driving our strongest commercial quarter ever,” Microsoft CFO Amy Hood said in a press release.
In the small- and mid-cap spaces, the five top gainers last week were as follows:
- MMTec (NASDAQ:MTC)
- Coda Octopus Group (NASDAQ:CODA)
- Smith Micro Software (NASDAQ:SMSI)
- Perion Network (NASDAQ:PERI)
- Mitek Systems (NASDAQ:MITK)
Based in China, MMTec is principally engaged in providing online brokerage and trading services, and giving Asian investors access to US markets. MMTec assists with the deployment of funds across multiple currencies and asset classes in addition to fund issuance, custody and management.
MMTec had no major news last week. Nevertheless, its share price was up 45.5 percent to US$16.70 as of 11:49 a.m. EDT on Friday.
Coda Octopus Group
Coda Octopus Group is a marine security and defense company that originated in 1994. The company specializes in sonar technology in addition to underwater hardware and software.
Coda Octopus released no news during the week, but its share price still rose 14.94 percent to hit US$14.07 as of 12:13 p.m. EDT on Friday.
Smith Micro Software
Smith Micro Software’s products include SafePath, CommSuite, ViewSpot and Graphic Solutions. The company has been in operation for over 25 years, with a focus on solutions for networked devices.
Smith Micro Software plans to release its second quarter report on July 25. Shares of the company had reached US$3.23, a 10.17 percent increase, as of 12:20 p.m. EDT on Friday.
Headquartered in Israel, Perion Network provides a wide array of advertising solutions. Undertone, for example, works to optimize client engagement. The company’s previous projects have included partnerships with Sephora, Disney (NYSE:DIS) and the MTV Music Video Awards.
On Monday, Perion announced that its second quarter financial results will be released on August 7. Earlier in July, Perion Network announced a partnership between Undertone and Alphonso, a television data technology company.
Perion Network’s share price had reached US$4.09 as of 12:04 p.m. EDT on Friday, representing a 10.8 percent hike over the week.
Mitek Systems is headquartered in San Diego, California, and provides mobile identity verification through Mobile Verify, its biometric and artificial intelligence-driven service. Mitek Systems has worked in conjunction with MoneyGram, Caixa Bank and Experian to deploy these services.
Mitek Systems had no new announcements last week. Even so, its share price had climbed 9.92 percent to US$3.16 as of 12:17 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.