April 2021 Finance Stock Pick
Financial stocks have always been popular on stock exchanges. With so many out on the market, which one should you choose from? Here are a few finance stocks that I believe has the potential to do well this month and beyond.
Riot Blockchain, Inc. (RIOT)
Riot Blockchain is a company that focuses on mining the popular cryptocurrency bitcoin. The company uses a variety of specialized technology in order to conduct their bitcoin "mining" operations.
Riot Blockchain was first issued on the stock market in the spring of 2016. At the time, it was trading for around $3.66. Riot saw steady growth with a few rapid peaks and troughs during the next 4 years. This was happening until bitcoin became extremely popular during 2020 which led to it rising to nearly $55 during April 2021.
Riot may have potential because of the popularity and demand for bitcoin. Numerous notable companies, including Tesla, have come out in support of using bitcoin for daily money transactions. This along with the increasing demand for bitcoin will make the thousands of bitcoin held by Riot more valuable.
Bank of America Corp (BAC)
Bank of America is a popular bank that focuses on providing financial services to individuals and other companies. It is one of the worlds leading financial institutions which also include Chase, JP Morgan, HSBC, etc.
Bank of America is priced rather low when compared to other bank and financial stocks. While Bank of America typically remains at around $40 a share, other stocks in the industry have reached hundreds of dollars in value. This has led me to believe that Bank of America is slightly undervalued because it is able to perform just as well as other financial and banks stocks, but its price is much lower than many of their competitors.
In addition to its stock being slightly undervalued, the opportunities that Bank of America has as the world recovers from Covid may affect the value of its stock. With more people receiving jobs and more businesses being created, more loans and deposits will be through banks. In other words, the coming economic prosperity will result in profitability for banks.
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