Adam, Charles and I are big on smart technology.
Adam and I even talked about artificial intelligence and smart tech in a recent Ask Adam Anything video, where Adam outlined his five megatrends for next year and beyond. (You can check out that video here.)
Smart tech stocks, like most of the market, have taken a beating of late as investors worry about things like inflation, Federal Reserve action and the resurgence of COVID-19.
But back in February, I told you about one particular stock related to the Internet of Things (IoT) that has the potential to soar to new heights in the coming years.
In this episode of The Bull & The Bear, I revisit that recommendation to see if it’s still a buy after a great 2021.
Black Friday Headwinds Hit IoT and Smart Tech Stocks
IoT describes the network of physical objects — or “things” — embedded with sensors, software or other technology that connect and exchange data with other devices. (Think of everything from smart household appliances to industrial tools.)
According to Oracle, more than 7 billion devices are connected. That number is expected to reach 10 billion next year and 22 billion by 2025.
Leading up to the Black Friday market sell-off, IoT stocks reached new highs.
IoT ETF Hits New High Before Black Friday
The Global X Internet of Things ETF (Nasdaq: SNSR) reached a high of $40.34 on November 16 — up 30% from its start in 2021.
Since the sell-off, however, SNSR has dropped more than 7%.
These headwinds haven’t stopped one IoT stock I told you about in a February episode of The Bull & The Bear. Let’s see how it’s performed since that recommendation — and find out if it’s still a buy.
The Bull & The Bear
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Matt Clark, CMSA®
Research Analyst, Money & Markets
Matt Clark is the research analyst for Money & Markets. He is a certified Capital Markets & Securities Analyst with the Corporate Finance Institute and a contributor to Seeking Alpha. Prior to joining Money & Markets, he was a journalist and editor for 25 years, covering college sports, business and politics.