3 Cheap Tech Stocks to Buy Now
Some investors think this year's rally for tech stocks means there are no more deals to be had in that sector. The Nasdaq Composite index has gained almost 25% year to date and is up over 60% from its March low. That is surprising to many considering the economic downturn driven by the coronavirus is far from over.
But what those investors are missing is that many tech companies are relatively sheltered from the effects of the pandemic -- or are even getting stronger as a result. Spotify (NYSE: SPOT), Peloton (NASDAQ: PTON), and Carvana (NYSE: CVNA) are good examples of these standout businesses that investors should consider buying.
Spotify, the world's largest subscription audio-streaming business, has grown its monthly active users (MAUs) and Premium subscribers straight through COVID-19. After growing MAUs at approximately 30% annually in the last two years, it has sustained that pace through June of this year. There's no evidence of any user slowdown as a result of COVID-19 and the current recession.
Source Fool.com
