A prominent tech stock, often considered a rival of Alphabet Inc.’s (NASDAQ:GOOG) (NASDAQ:GOOGL) popular video-sharing platform, YouTube, is seeing its Momentum scores surge in Benzinga’s Edge Stock Rankings, along with two other tech companies.
3 Tech Stocks With Surging Momentum
The Momentum score in Benzinga’s Edge Rankings is ascertained based on the relative strength of a stock ranked as a percentile against all other stocks. It considers price movements and volatility across multiple time frames before arriving at the score.
See Also: These 2 Auto Stocks Are Beginning To Lose Strength: Momentum Score Drops
Here, we take a look at three tech stocks that have seen a significant surge in their Momentum scores within the span of a week.
1. Vimeo Inc.
Video sharing platform that was once considered a competitor to YouTube, Vimeo Inc. (NASDAQ:VMEO) witnessed a sharp spike in its Momentum score last week, from 18.41 to 86.01.
This was primarily driven by a 60% surge in the stock’s price within a single trading session last week, which saw a staggering 4,000%+ increase in trading volume. This was after the company entered into a definitive agreement to be acquired by Bending Spoons S.p.A. in a $1.38 billion deal.
According to Benzinga’s Edge Stock Rankings, the stock scores high on Momentum and Growth, with a favorable price trend in the short, medium and long terms. Click here for deeper insights into the stock, its peers and competitors.
2. Santech Holdings Ltd
The Chinese manufacturer of measurement tools, Santech Holdings Ltd. (NASDAQ:STEC), saw a big uptick in its Momentum scores, rising from 10.36 to 94.9, after the stock witnessed an incredible triple-digit intraday rally on Sept. 9, where shares surged over 350% before pulling back.
This is said to be a purely speculative rally by market observers, with no news or fundamental catalyst in recent weeks that could have sparked this surge.
The stock scores high on Momentum in Benzinga’s Edge Rankings, but does poorly on Growth. It also has a favorable price trend in the Short, Medium and Long Terms. Click here for deeper insights into the stock, and to see how it compares with the others on this list.
3. Onfolio Holdings Inc.
Onfolio Holdings Inc. (NASDAQ:ONFO) acquires and develops internet businesses, and the stock witnessed a surge in its Momentum scores over the past week by 60.83 points, from 18.41 to 79.24.
This was primarily driven by the company announcing a new quarterly cash dividend, leading the stock to pop over 24% intraday, with volumes reaching 10 times the average.
The stock does well on Momentum in Benzinga’s Edge Rankings, and has a favorable price trend in the Medium term. Click here to learn more about the stock and the company.
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