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3 Software Stocks That Doubled in September By StockNews


© Reuters. 3 Software Stocks Doubled in September

Even with volatility in the tech sector, the continued remote working and digital transformation are expected to drive the software industry’s growth. So, it could be wise to add software stocks such as Arqit Quantum (NASDAQ:) (ARQQ), Onion Global (OG), and Paltalk (PALT) to your watch list as their share prices more than doubled last month.The major stock market indexes plunged last month partly due to the ‘September effect’ and high inflation concerns. Tech-heavy stocks fell 2.8% on September 28 to 14,546.68, its lowest day since March.

But, due to ongoing digital transformation across industries and continual remote working, software industry grew. Increasing adoption of cloud platforms and rising demand for Software-as-a-service (SaaS) and enterprise software are expected to drive the industry’s growth in the near term. Statista predicts that the market for software will grow by 7.4% in the next five-years.

Three software stocks, Arqit Quantum Inc., Onion Global Limited, and Paltalk, Inc., more than doubled in value last month. It might be a good idea to start adding these stocks to the watch list.

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