#7 - Angi Inc (NASDAQ:ANGI)
The last of the social media stocks on this list is Angi (NASDAQ:ANGI). This is the company known for Angi Homeservices which it offers through its website Angi.com (formerly known as Angie’s List). This is the world’s largest digital marketplace for home services.
ANGI is the closest thing to a meme stock on this list. And sure enough in September, the stock was caught up in a bit of a short squeeze that accounted for some of the stock’s 16% gain. Short interest still is around 11%. However, the e-commerce company is beginning to deliver higher year-over-year revenue as it begins to report in months that are overlapping the pandemic. One reason for that is that the marketplace side of the business is heavily dependent on interpersonal contact. Many of those services were curtailed during the pandemic, but have been coming back. Analysts give the stock a 17% upside. And if the company delivers a strong earnings report that number could go much higher.
About Angi
Angi Inc connects home service professionals with consumers in the United States and internationally. The company operates through three segments: Ads and Leads, Services, and International. It provides consumers with tools and resources to help them find local, pre-screened and customer-rated service professionals, matches consumers with independently established home services professionals.
Read More - Current Price
- $1.97
- Consensus Rating
- Hold
- Ratings Breakdown
- 3 Buy Ratings, 4 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $3.11 (57.7% Upside)
The same technology that enabled social media (i.e. the smartphone) may be the same technology that forces these companies to rethink their business model. If that’s the case then social media may look very different in the next few years, and that may be a change for the better.
But for all the real concerns about privacy and censorship, there’s no denying that it can be a positive force. For example, small businesses now routinely use social media as a dramatically more cost-effective way to communicate with customers. It can, and does, allow friends and family to stay in touch particularly over long distances. And rightly or wrongly, it is the way many individuals receive and consume the news.
As an investor, investing in social media stocks could be a lot like investing in cannabis stocks or other sin stocks. You may not like them. You may not use them. But there’s no denying that there’s money to be made as advertisers pay these companies handsomely to reach their audiences.
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