Top Fintech Stocks To Watch Next Week, 2 Up 900%+ In 2020
January 08, 2021 at 08:31 AM EST
Looking For The Best Fintech Stocks To Watch In January? 3 Making Moves Now
Fintech stocks have become some of the top performers on the stock market lately. Unlike most industries riding the pandemic tailwinds into 2021, fintech, in general, received a huge boost as 2021 began. This is in part thanks to the explosive gains of bitcoin which climbed past the $40,000 mark yesterday. In a time filled with uncertainty, investors would naturally gravitate towards limited commodities such as cryptocurrency. Truly, this adds another paradigm to the difficult task of financial management. And that is where fintech companies come into the equation.
Like it or not, some of the top fintech stocks now do facilitate cryptocurrency transactions. For example, PayPal (PYPL Stock Report) launched its bitcoin wallet last year and has had an amazing year in the stock market. PYPL stock is looking at gains of over 100% in the past year. By and large, this could be thanks to the growing adoption of fintech in 2020 paired with the current bitcoin tailwinds. With so much going on for the industry now, I can see why investors could be watching for the best fintech stocks to buy. Even tech giant Microsoft (MSFT Stock Report) accepts bitcoins as a form of payment now. Could the world of finance be changing again? It may be too soon to say.
Nevertheless, there will always be companies adapting to current times. That is the reality of business. The reality for investors, on the other hand, is figuring which companies are worth their time. Yes, fintech is a hot sector now, but due diligence and proper research are still important when filling out one’s portfolio. With that in mind, here is a list of the top fintech stocks to watch next week.
As its name suggests, Future Fintech Group (NASDAQ: FTFT) is a leading fintech company. It specializes in blockchain technology R&D and application. The Florida-based company also operates through its blockchain-based e-commerce platform, Chain Cloud Mall (CCM). CCM is described as an “incubator for blockchain-based application projects”. More importantly, FTFT stock skyrocketed by 242% over yesterday’s trading session. This coincided with its recent copyright applications.
Yesterday, the China Copyright Protection Center (CCPC) approved Future’s applications for ten software copyrights. Crucially, these relate to blockchain technology applications. With bitcoin trading at record highs now, it does not surprise me to see investors flocking to FTFT stock. The Company has been developing and improving an anti-counterfeiting and tracing system by using the blockchain technology in CCM. CCM General Manager Zhi Yan said, “The system we built is simply a blockchain-based credit point reward and settlement center for our online shopping mall. Anti-counterfeiting and rewarding system in e-commerce is only the first application of this technology.” You could say that Future is ahead of the competition in this aspect and is looking to secure its lead with this move. The company appears poised to make the most of the current bitcoin craze and investors seem to agree.
Adding to Future’s already busy week, the company also signed a term sheet with Blocknance Financial International on Tuesday. In detail, Future will acquire 60% of Blocknance’s issued and outstanding shares. How is this important? Well, Blocknance provides services for transactions between Bitcoin and other cryptocurrencies and fiat currencies. With this acquisition and its recent copyright approvals, the company seems to be kicking into high gear. Will all this be enough to propel FTFT stock to new heights this year? You tell me.Best Fintech Stocks To Watch In January #2: Marathon Patent Group Inc.
Following that, we have Marathon Patent Group (NASDAQ: MARA). For some context, it is a digital asset technology company that mines cryptocurrencies. Marathon is also one of North America’s largest enterprise bitcoin mining companies. Naturally, most investors who are looking for top cryptocurrency players would have Marathon on their radars. Evidently, MARA stock is up by over 2000% in the past year. It even saw gains of nearly 32% over yesterday’s trading session. As the company’s share price movement seems to mimic bitcoin’s, investors could be curious as to what it has been doing lately.
On January 5, Marathon announced that it will be collaborating with DMG Blockchain Solutions. This alliance will see the formation of the Digital Currency Miners of North America (DCMNA). In short, the DCMNA is a U.S.-based non-profit entity that serves as North America’s first cooperative cryptocurrency mining pool. Marathon executive chairman Merrick Okamoto said, “Marathon has been a leader both in terms of market capitalization and also in terms of lobbying regulators on behalf of our industry, and we look forward to working diligently to build the capabilities of DCMNA on behalf of our mining partners and DCMNA’s new members.” If anything, Marathon looks to be leveraging its position as one of the leaders in cryptocurrency mining.
In its recent quarter fiscal posted in November, the company saw impressive gains as well. Marathon reported year-over-year rises of 160% in total revenue and 1184% in cash on hand. CFO Sim Salzman said, “We look forward to continuing our aggressive growth trajectory while taking advantage of recently executed long term agreements with fixed pricing regardless of increased bitcoin pricing.” Given all of this, will you be adding MARA stock to your January watchlist?Best Fintech Stocks To Watch In January #3: Green Dot Corporation
Another top fintech stock to consider would be Green Dot Corporation (NYSE: GDOT). Green Dot is a California-based fintech and bank holding company. Not to mention, it is one of the largest prepaid debit card companies in the world. Often compared to its peers PayPal and Square (SQ Stock Report), GDOT stock has been on a tear this week. To explain, it has surged by over 8% since Wednesday. And this is likely thanks to its recent mobile bank launch.
On January 6, the company announced the launch of GO2bank. The mobile bank is designed to help the two in three Americans who live from paycheck to paycheck. CEO Dan Henry explained, “GO2bank is built to be the go-to destination for seamless, affordable, useful banking – combining the security, stability, and experience of an FDIC-insured bank with the innovation and agility of a leading fin-tech.” With the current economic pressures low-income Americans are facing, Green Dot appears to be catering to a very large crowd. Despite how ambitious this endeavor may seem, investors appear confident in GDOT stock moving forward. Rightfully so, as Green Dot has experience serving massive clients like Apple (AAPL Stock Report) and Amazon (AMZN Stock Report).
The company also had a stellar quarter according to its third-quarter fiscal posted in November. In it, Green Dot raked in $291 million in total revenue. Adding to that, it also ended the quarter with $2.14 billion in cash on hand. This marks a 148% year-over-year increase. Henry said, “Green Dot posted strong third-quarter results, which we attribute to increased demand for our consumer and BaaS [Banking-as-a-service] offerings.” For one thing, the company does not appear to be slowing down. Could GDOT stock continue to flourish this year? Your guess is as good as mine.