Amid the ongoing digitalization, more individuals and businesses rely on internet-based services. So, it could be wise to scoop up the shares of quality internet stocks such as J2 Global (NASDAQ:JCOM) and Shutterstock (NYSE:SSTK) as they are rated a ‘Buy’ in our proprietary POWR Ratings system.The use of internet-based services was growing even before the COVID-19 pandemic, and the pandemic-driven remote lifestyle accelerated this growth. According to a DATAREPORTAL report, internet users are currently growing at a rate of 5.7% per annum, equating to an average of more than 700,000 new users each day.
Rapid advancements in the 5G space, increasing adoption of the internet of things (IoT), and the growing internet reach are expected to drive the growth of internet-based service providers. Moreover, the bipartisan infrastructure bill includes a $65 billion investment to improve broadband infrastructure, which should further drive the industry’s growth.
So, it could be wise to bet on fundamentally sound internet players such as J2 Global, Inc. (JCOM) and Shutterstock, Inc. (SSTK). They are also rated ‘Buy’ in our proprietary POWR Ratings system.