Big tech stocks such as Facebook, Google, Microsoft, and others have had a decent run so far in 2021 on Wall Street, but a few other technology shares have outperformed 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. Earlier, last year, Facebook, Amazon, Apple, Netflix, Google, and Microsoft, or as those are collectively known — FAANGM stocks — surged higher in 2020 as investors moved out of smallcap companies and back to proven businesses amid rising inflation. On the domestic front, India’s Nifty IT index has gained 23% so far this year with Infosys surging as high as 26% — the most among large-cap IT stocks.
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This year, Moxian stock price has soared a whopping 1,244% since January to trade at $17.61 per share, growing investment value by over 12 times. The company is a Chinese business-focused social media platform. Currently, Moxian’s market capitalization is roughly $569 million, and it is attracting heavy investor activity, with the average intraday trading volume over the past 10 days standing at 3.57 million shares. The stock fell in recent weeks but still continues to trade with gains on a year-to-date basis.
Moxian is joined by another Chinese company Uxin. An online used car dealer, Uxin has seen its share price zoom 256% so far this year, and now trades at $3.17 per share. Earlier this month the company announced raising $100 million by issuing a total of 2.91 million senior convertible preferred shares, equivalent to 97 million American Depositary Shares. NIO Capital, TPG, Warburg Pincus are all investors in Uxin.
To add to the outperformers, Dolphin Entertainment has zoomed 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. The digital art form — NFT has taken the internet by storm this year.
Following Dolphin Entertainment is another Chinese firm 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 surged higher on Wall Street this year include digital marketing company Criteo, up 112%; Upwork, up 65%; and iMedia Brands, up 44%.