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 at 8,650.56 points on Monday (December 9), reaching 8,738.96 points as of 1:22 p.m. EST on Friday (December 13).
On Thursday (December 12), shares of Facebook (NASDAQ:FB) fell 4 percent following a Federal Trade Commission (FTC) preliminary injunction that could block a proposed merger between apps Facebook Messenger, WhatsApp and Instagram. The merger was first put on the table by Facebook in January.
Along with this, following the loss of a US$10 billion contract for the Pentagon, Amazon’s (NASDAQ:AMZN) Amazon Web Services blamed US President Donald Trump for repeatedly attacking Amazon across his social media. “The question is whether the President of the United States should be allowed to use the budget of DoD to pursue his own personal and political ends,” said a document filed by Amazon on Monday.
Earlier in the week, major nonprofits including the Hewlett and Ford Foundations were reported to have spent millions towards taking on the unyielding power of Silicon Valley technology giants. One organization, called the Economic Security Project, is working towards breaking up Facebook. The organization is focused on antitrust and anti-monopoly action issues.
“It’s about creating and sustaining a movement that rebuilds political and economic power for everyday Americans,” Maria Torres-Springer, vice president for United States programs at the Ford Foundation, told the New York Times.
George Soros and the founder of eBay (NASDAQ:EBAY) have also contributed significantly to similar causes.
Looking back over the week, in the small- and mid-cap spaces, the five top gainers were as follows:
- MMTec (NASDAQ:MTC)
- CLPS (NASDAQ:CLPS)
- Alithya (NASDAQ:ALYA)
- NXT-ID (NASDAQ:NXTD)
- Computer Task Group (NASDAQ:CTG)
MMTec is a fintech firm that provides equity and investment banking services. Headquartered in China, MMTec helps with trading, equity research and broker services in addition to the overseas listings process. Through providing API interfaces — the tools for building software infrastructure — MMTec helps build firms financial websites and trading services from the ground up.
MMTec’s shares climbed to US$2.44, representing a 22.61 percent increase, as of 11:41 a.m. EST on Friday.
CLPS provides turn-key solutions to the financial services industry, with services across blockchain, big data and mobile. More specifically, CLPS offers risk analysis, credit scoring and anti-fraud services within its big data division. Additionally, the company operates 17 research and development centers worldwide.
With over 43 percent gains year-to-date, the company reported double-digit revenues in its fiscal 2019 report in October, driven by increased sales and customer retention rates as well as the acquisition of InfoGain in August.
Shares of CLPS reached US$3.43, a 16.14 percent rise, as of 11:27 a.m. EST on Friday.
Alithya is a firm that helps enterprises integrate digital technology into their operations. As enterprise slowly transitions to the cloud, Alithya help modernize legacy systems through upgrading their enterprise architecture. Alithya additionally helps develop digital systems and customer relationship management for enterprises across Canada, Europe and the US. The scale of industries it serves includes energy, government, healthcare and manufacturing.
In mid-November, Alithya reported over 80 percent revenue gains to US$67.4 million, which coincided with gross margin improvement gains to 30.7 percent for its second quarter earnings. Along with this, earnings before interest, tax, depreciation and amortization skyrocketed 236 percent compared to the same time last year.
Alithya’s shares climbed to US$2.49, a 12.67 percent hike, as of 11:26 a.m. EST on Friday.
NXT-ID is a mobile security firm based in Florida. Its platform of products includes biometric security, access control, sensors and encryption services. The company services law enforcement sectors and works closely with the United States Department of Veterans Affairs.
Along with security services, NXT-ID works within the fintech sector, developing Wocket, its ewallet, and Flye, its digital credit card.
Although the company had no news last week, shares of NXT-ID rose by 3.94 percent last week to US$0.52 as of 11:19 a.m. EST on Friday.
Computer Task Group
Capping off this week’s list is Computer Task Group (CTG). The company’s principal operations involve digital and training solutions for corporations. Through its technical expertise and its business advisory services, CTG helps 450 clients across seven countries.
Specifically, CTG provides quality assurance testing and test automation to help companies meet industry standards and business requirements. In addition, through its application services division, it helps to implement applications such as Microsoft Azure, Oracle (NYSE:ORCL) and Agile, to name a few, into enterprise systems.
Although it had no major news this week, CTG’s shares reached US$5.50 as of 11:33 a.m. EST on Friday, notching a 3.59 percent share price increase,
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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 US$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.