Consumer tech stocks to keep an eye on in the stock market right now.
The consumer technology sector represents companies that develop and sell tech products directly to consumers. This includes smartphone manufacturers, computer makers, wearable device producers, and smart home tech firms. Consumer tech stocks offer investment opportunities in these innovative companies traded on public exchanges. The sector is known for its rapid product cycles and potential for breakthrough innovations.
Investing in consumer tech stocks can present unique opportunities. These companies often benefit from strong brand loyalty and recurring revenue through product upgrades. Many consumer tech firms are at the forefront of emerging technologies like AI and IoT. The sector can see rapid growth as new technologies become mainstream consumer products. However, consumer tech stocks also face challenges. Competition is intense, with constant pressure to innovate. Consumer preferences can shift quickly, making sustained success difficult. Some consumer tech products have short lifecycles, requiring continuous investment in research and development.
When evaluating consumer tech stocks, consider the company’s innovation pipeline and ability to adapt to trends. Assess their brand strength and customer retention rates. Look at factors like profit margins, as hardware can have lower margins than software. Consider the potential impact of supply chain disruptions on product availability. Be aware of the cyclical nature of some consumer tech products. Factoring all this in, here are two consumer tech stocks to watch in the stock market today.
Consumer Technology Stocks To Watch Now
- Uber Technologies Inc. (NYSE: UBER)
- Adobe Inc. (NASDAQ: ADBE)
Uber Technologies (UBER Stock)
First, Uber Technologies Inc. (UBER) is a multinational technology company primarily known for its ride-hailing and food delivery services. They operate a platform that connects drivers with passengers and restaurants with customers. Uber has expanded into various other services, including freight transportation and electric bike rentals.
This week, Uber Technologies announced a partnership with Avride to integrate autonomous vehicles and delivery robots into its services. The collaboration will start with sidewalk robots for Uber Eats in Austin, expanding to other cities later. The companies aim to significantly expand their autonomous fleet by 2025, including the introduction of a robotaxi service. This partnership marks Uber’s move into incorporating autonomous technology into its core offerings.
In 2024 year-to-date, shares of Uber Technologies stock have advanced by 24.94% thus far. Meanwhile, during Friday’s premarket trading session, UBER stock is trading higher, up 2.03%, currently trading at around $74.42 a share.
Adobe (ADBE Stock)
Next, Adobe Inc. (ADBE) is a software company that specializes in creative and multimedia products. They develop and market a wide range of software tools for digital media creation, including photography, video editing, and web development. Adobe’s most well-known products include Photoshop, Illustrator, and the Portable Document Format (PDF).
Last month, Adobe announced its forecast for the 2024 U.S. holiday shopping season. The company predicts online sales will reach a record $240.8 billion, representing 8.4% growth year-over-year. Adobe expects Cyber Week to drive $40.6 billion in online spending, with Black Friday growing faster than Cyber Monday. Mobile shopping is forecasted to hit a new milestone, contributing $128.1 billion in sales. Adobe also noted a trend of shoppers “trading up” to more expensive items in categories like electronics and sporting goods.
Year-to-date, shares of ADBE stock have pulled back by 13.15% so far. Moreover, during Friday’s premarket trading session, Adobe stock is trading green, up 1.19%, currently trading at around $509.81 a share.
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Originally Posted October 4, 2024 – 2 Consumer Technology Stocks To Watch Today
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