Tech stocks have come roaring back in 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 this year. In particular, these three tech stocks look vulnerable, and may see severe downside in the coming days and weeks.
I’m going to give you the chance to learn about the tech company I think everyone should own instead. But first, if you own any or all of these “toxic stocks,” sell them today.
SoFi Technologies (SOFI)
SOFI has stacked on 91% 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.
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Bigbear.ai Holdings (BBAI)
BBAI surged a startling 740% in the beginning of the year, with shares advancing from penny stock territory to more than $6 per share in response to the current hype cycle around consumer AI products. To the dismay of many who bought in during Bigbears’s moment in the sun, the stock quickly gave up most of early 2023’s gains. The company has historically struggled to reach profitability from its operations so it may be some time before we see a turnaround for BBAI.
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Uber Technologies (UBER)
Uber shares surged higher immediately following its most recent earnings call. The ride-share giant reported strong numbers, and management provided an upbeat outlook for the current quarter. 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.
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