Tech stocks have come roaring back to start 2023. But after the stunning rebound, some tech names have little room to run. In addition to industry-specific concerns, the technology sector faces headwinds from rising interest rates and a central bank that hasn’t finished its fight against inflation. As such, now seems like a good time to lock in gains on certain tech stocks that have rallied sharply to start the year. In particular, these three tech stocks look vulnerable and may see severe downside in the coming weeks.
SoFi Technologies (SOFI)
SOFI has stacked on 50% in 2023, but the rebound may be fleeting. Shares have already started to fall back toward pre-earnings price levels. In the months ahead, if current economic challenges worsen or if further challenges arise regarding student loans, the impact on revenue could place additional pressure on the stock.
[stock_market_widget type=”accordion” template=”extended” color=”#5679FF” assets=”SOFI” start_expanded=”true” display_currency_symbol=”true” api=”yf”]
Uber Technologies (UBER)
Uber shares surged higher immediately following its Feb. 8 earnings call. The ride-share giant reported strong numbers, and management provided an upbeat outlook for the current quarter. However, the stock has already given back some of those gains amid recession concerns. UBER’s current valuation may be overly optimistic about subsequent quarterly results. Another big run may not be in store for the ticker anytime soon.
[stock_market_widget type=”accordion” template=”extended” color=”#5679FF” assets=”UBER” start_expanded=”true” display_currency_symbol=”true” api=”yf”]
Bigbear.ai Holdings (BBAI)
In 2023, BBAI stock is up a startling 645%, with shares advancing from penny stock territory to more than $5/share today. But the current hype cycle around consumer AI products isn’t likely to move the needle for Bigbear.Ai’s business, considering that it’s far from a consumer-facing product like ChatGPT. The company has historically struggled to reach profitability from its operations, and the stock’s recent run seems dramatically overblown.
[stock_market_widget type=”accordion” template=”extended” color=”#5679FF” assets=”BBAI” start_expanded=”true” display_currency_symbol=”true” api=”yf”]
You might also like:
- Elon’s Greatest Invention… Hidden in South Memphis?
- Controversial White House-backed energy find
- White House to reset Social Security?
- New discovery: 30,000 years of all-American energy?
- This robot is coming to 65 million Americans … this year.
- Where to invest $1,000 right now…
- The Most Exciting Human Discovery Since Fire?
- Wall Street Icon: “If you wait on this, it will already be too late”…
- Major DOGE Panic Begins, April 30?
- The DOGE Shock: Nine Stocks to Take Advantage of Elon’s Next Move