3 Top Internet Stocks to Buy as the Market Moves Higher
StockNews
Published Oct 27, 2021 03:56PM ET
3 Top Internet Stocks to Buy as the Market Moves Higher
Internet usage is increasing at an extraordinary rate worldwide. Furthermore, a potential bipartisan bill now in Congress has provisions for boosting the internet services industry further. Given the growing internet dependence worldwide, the industry should keep thriving. Therefore, we think fundamentally strong internet stocks Ziff Davis (ZD), Shutterstock (NYSE:SSTK), and Perion Network (NASDAQ:PERI) look like solid bets to cash in on the market’s uptrend. Let’s discuss.Current market bullishness is evidenced by the benchmark indices’ stellar performance of late. Both S&P 500 and the Dow Jones Industrial Average (DJIA) reached fresh highs on October 26. Furthermore, the DJIA rallied for the third straight day to hit a record level. Tech stocks have been among the major drivers of the market’s stellar performance.
Internet users are growing at a 4.8% annual rate, amounting to an average of more than 600,000 new users each day. Currently, 62% of the world’s population uses the internet, and Cybersecurity Ventures predicts that there will be more than 7.5 billion internet users by 2030, representing approximately 90% of the projected world population. In addition, Biden Administration proposed spending will boost the internet services’ growth prospects by allocating $65 billion from its bipartisan infrastructure bill for the expansion of broadband access.
Given the bullish market sentiment and favorable industry trends, we think betting on fundamentally sound internet stocks Ziff Davis, Inc. (ZD), Shutterstock, Inc. (SSTK), and Perion Network Ltd. (PERI) could be rewarding.
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