Jul 26, 2021 BY SHUBHAM MANE
Big tech stocks like Microsoft, Google, Facebook, and others have had a fair run so far in 2021 on Wall Street. But it is seen that few other technology shares have defeated the frontline scrips significantly.
Some technology shares have seen a sharp rise helped by strong fundamentals and an expected return to normalcy; while others have been helped by young Reddit traders. Last year, Facebook, Amazon, Apple, Netflix, Google, and Microsoft were collectively known as FAANGM stocks that were surged higher in 2020 as investors came out of small companies and back to proven business amid rising inflation.
India’s Nifty IT index has achieved over 23% so far this year with Infosys surging as high as 26% among the large-cap IT stocks on the domestic front.
This year, a Chinese company named Moxian has soared a whopping 1,244% since January to trade at $17.61 per share, growing investment value by over 12 times. Currently, Moxian is attracting heavy investors because its market capitalization is roughly around $569 million, with the average intraday trading volume over the past 10 days standing at 3.57 million shares.
Recently, the stock fell in weeks but still continues to trade with gains on a year-to-date basis. Another Chinese company named Uxin has joined Moxian which is an online used car dealer. Uxin has seen its share price zoom 250% so far this year, and now trades at $3.17 per share.
In this month the company announced that they have raised $100 million by issuing a total of 2.91 million senior convertible shares that are preferred, which are equivalent to 97 million American Depositary Shares. Uxin has investors like Warburg Pincus, TPG, and NIO capital.
To add to the conquerors, Dolphin Entertainment has increased 138% since January 4 this year and now trades at $8.07%. The stock skyrocketed earlier this year as the company said it would enter the non-fungible token (NFT) market for its clients.
Following Dolphin Entertainment is another Chinese internet firm Renren. The stock trades on the New York stock exchange at $11.11 per share, up 134% since January this year. Currently, the stock sits at its best level since 2018.
Other stocks that have gone higher on Wall Street this year include digital marketing company Upwork that is up 65%; iMedia Brands that is up 44% and Criteo that is up 112%.