The best growth stocks to buy now? 5 social media stocks to watch


As the stock Exchange has exhibited high volatility of late, investors may want to look for longer-term opportunities. With fears of rising inflation and interest rates, social media companies may choose to cut spending. Thus, casting doubts on their earnings outlook. That said, there is a valid argument that these bearish sentiments around social media shares could be the perfect opportunity to buy on dip for those who are more patient. After all, many names in the industry are still very profitable.

Sentiments aside, the social media space continues to grow at a healthy pace. Take Alphabet (NASDAQ: GOOGLE) as an example, the company’s Youtube platform is now the second most popular website in the world. The company recently celebrated the first anniversary of its Shorts feature. Safe to say, it was a huge hit. It now generates up to 30 billion views per day, up 400% from a year ago. Overall, it could be said that social media will remain relevant for the foreseeable future. So here are five of the top social media stocks worth watching in the stock market today.

Best growth stocks to buy [Or Sell] Now

pinterest

First up we have the visual discovery engine company, pinterest. Through its platform, people discover and personalize visual content known as pins. Well, Pinterest was the talk of the day. This is largely due to reports suggesting that activist investor Elliot Management has acquired a stake of more than 9% in the company. Thus, investors seem to be jumping on the bandwagon. PINS stock soared more than 16% in Friday’s trading session.

In June, Pinterest announced the acquisition of THE YES. It is an AI-powered fashion shopping platform that allows users to shop a personalized feed based on their active brand, style, and size contribution. With this acquisition, Pinterest continues to build a shopping destination that combines its audience’s unique commercial intent with the ability to visually explore products. Therefore, it will likely accelerate the company’s platform to become the home of taste-driven shopping. Given these exciting developments, would you consider investing in PINS shares?

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Twitter

best social media stocks to buy (TWTR stocks)

Another social media stock that has made headlines is Twitter. For the uninitiated, the company functions as a platform for public expression and real-time conversation. Additionally, the Company offers promotional products that allow advertisers to promote brands, products and services. For better or worse, the company has been in the limelight due to Elon Musk’s ongoing dispute over the potential acquisition of the company.

Recently, analyst Barton Crockett of Rosenblatt Securities believes the narrative around the company has reversed. He upgraded TWTR shares to neutral buy and raised his price target from $33 to $52. This new price target is close to the price of $54.20 per share that Elon Musk agreed to pay to buy Twitter. These positive feelings are based on the belief that Twitter will prevail at the end of the recent lawsuit. Mr. Barton added, “Unless Musk can show he’s fraudulent, he seems to have limited opportunities.” With that in mind, should investors pay more attention to TWTR stocks?

META Stock

Meta, formerly Facebook, Inc., develops technologies that help people find communities and grow businesses. The Company’s products allow people to connect and share with friends and family. In detail, it operates through two segments, Family of Apps (FoA) and Reality Labs (RL). FoA includes Facebook, Instagram, Messenger, WhatsApp and other services. Meanwhile, RL includes hardware, software, and consumer content related to augmented and virtual reality. With the metaverse at the center of it all, it wouldn’t be surprising if investors were keeping a close eye on META stocks.

Earlier this week, Instagram announced a new way for content creators to connect with their followers. This will include subscriber chats, new ways to share permanent and exclusive content, and an exclusive tab on their profile. Users can now create subscriber chats of up to 30 people and discuss topics they are passionate about. Overall, the value of subscription offers can also potentially increase a user’s earning potential. Given the company’s stature in the social media space, would you say META stock is still one of the best social media stocks to buy?

Instantaneous

top tech stocks to watch (SNAP stock)

Subsequently, we will examine Instantaneous. The company identifies itself as a camera company as well as a social media company. Its flagship product is Snapchat, one of the biggest social media platforms around. Apart from Snapchat, the company also develops and complements Spectacles and Bitmoji. For one, Spectacles is an augmented reality (AR) device that works seamlessly with Snapchat, allowing for a more interactive experience. On the other hand, Bitmoji allows users to create their own personalized digital avatars which can be used on Snapchat and other messaging apps.

With more than 300 million active users on the company’s platform daily, Snap has found ways to create new features for its community. At the end of June, the company introduced Snapchat+, a collection of exclusive, experimental and pre-release features on Snapchat. This new subscription will be available for $3.99/month. On top of that, it looks like Snap is also exploring plans to allow its users to feature non-fungible tokens on its platform. According to people familiar with the situation, the company is preparing to test a feature that allows NFT artists to showcase their creations as augmented reality filters. All things considered, could SNAP stocks be a viable long-term investment?

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Spotify

best streaming actions (SPOT action)

Finally, we have a digital music streaming service provider Spotify. Through its platform, users can discover new releases such as latest singles and albums, playlists and a variety of songs in different genres. Subscribers can either select Spotify Free, which only includes shuffle. Or, they can opt for Spotify Premium which includes features like unlimited skipping, offline listening, and free advertising.

Last month, Spotify and Integral advertising science (NASDAQ: IAS) announced a new partnership. The collaboration aims to create a third-party branded security solution for podcast advertisers. Together, the two companies will try to help the industry understand the tools and resources needed to effectively deliver brand safety in podcasting and broader digital audio. As the podcast space continues to grow, Spotify aims to be at the forefront of its evolution. With that in mind, would you consider adding SPOT stocks to your portfolio?

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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