11 Best Consumer Electronics Stocks To Buy

Published on March 4, 2024 at 12:20 pm by Hamna Asim in Hedge Funds, News

In this article, we discuss 11 best consumer electronics stocks. If you want to skip our detailed discussion on the consumer electronics industry, head over to 5 Best Consumer Electronics Stocks To Buy.

Consumer electronics are widely used in households, with televisions featuring larger screens gaining popularity, while electrical components are becoming more compact. Companies are focusing on creating high-performance, user-friendly devices to meet the growing demand. This trend, along with technological advancements and digitalization, is expected to drive the demand for electronic items and household appliances. The global consumer electronics market was valued at $738.75 billion in 2022, $773.40 billion in 2023, and is projected to grow to $1,239.40 billion by 2030, with a compound annual growth rate of 6.97% during the forecast period from 2024-2030, as per Fortune Business Insights. The increasing popularity of smart homes is driving the adoption of smart appliances worldwide. These appliances come with features like voice assistance, bluetooth, and Wi-Fi connectivity, offering greater convenience. As people’s income levels rise, they are investing more in housing and equipping their homes with advanced technological products. The introduction of innovative household products is expected to further boost consumption. Governments worldwide are also supporting the growth of the electronics industry. For example, India aims to reach a $300 billion electronics manufacturing and export market by 2025-26, encouraging the development of technologies like 5G, IoT, AI, and machine learning.

Analysts expect the US consumer electronics industry to rebound in 2024 after two years of decline, as reported by Investor’s Business Daily. The Consumer Technology Association forecasts a 2.8% increase in retail sales, reaching $512 billion this year, compared to a 3.1% decrease to $498 billion in 2023. This turnaround is attributed to a refresh cycle for personal computers, smartphones, and other devices purchased during the COVID crisis. The surge in remote work, distance learning, and stay-at-home orders during the pandemic led to increased purchases of consumer electronics and digital services. Moreover, the introduction of artificial intelligence features is expected to drive upgrades of PCs, smartphones, and other devices in 2024, according to Richard Kowalski, senior director of business intelligence for the CTA. He commented:

“AI is already incorporated in many devices and services. Think about the natural language processing in our digital assistants, computer vision in our vehicle safety systems and health tracking algorithms in our smartwatches.”

The launch of ChatGPT in late 2022 contributed to consumer awareness and interest in generative AI, as per Brian Comiskey, CTA’s director of thematic programs. Comiskey anticipates augmented reality and virtual reality headsets to be growth drivers in consumer electronics this year. The Consumer Technology Association predicts that consumer software and services revenue will outpace hardware sales, growing by 3.8% to $163 billion. This segment is led by entertainment software and services, including audio, video, and gaming. On the other hand, consumer electronics hardware sales are expected to increase by 2.3% to $349 billion, reversing a 5.4% decline in 2023.

The Consumer Electronics Show 2024 was a showcase of cutting-edge technology and a glimpse into the future of tech. According to Forbes, Artificial intelligence and machine learning took the spotlight, with Amazon.com, Inc. (NASDAQ:AMZN) introducing new GenAI-powered Alexa experiences. Intuition Robotics unveiled a more advanced version of its eldercare robot, ElliQ, using AI to engage elderly users in activities that promote cognitive and social wellness. LG Display Co., Ltd. (NYSE:LPL) showcased a smart home robot with two-legged mobility and user recognition, integrating seamlessly with smart appliances. Healthcare technology featured the Motion Pillow by Motionsleep, which uses AI to detect snoring and adjust head position, improving sleep quality. In entertainment, ultra-high-definition displays and immersive audio systems offered cinematic experiences at home. LG Display Co., Ltd. (NYSE:LPL) launched the Signature OLED T 4K transparent wireless TV, along with innovative kitchen appliances, pet tech, and laptops, highlighting the diverse applications of technology. CES 2024 showcased the rapid evolution of consumer electronics and technology.

In this article, we discuss the best consumer electronics stocks to buy, which include Apple Inc. (NASDAQ:AAPL), Best Buy Co., Inc. (NYSE:BBY), and Whirlpool Corporation (NYSE:WHR).

Our Methodology

We selected the following consumer electronics stocks based on hedge fund sentiment toward each stock. We have assessed the hedge fund sentiment from Insider Monkey’s database of 933 elite hedge funds tracked as of the end of the fourth quarter of 2023. The list is arranged in ascending order of the number of hedge fund investors in each firm. Hedge funds’ top 10 consensus stock picks outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here).

An array of the consumer electronics products, including mobile phones and drones.

Best Consumer Electronics Stocks To Buy

11. LG Display Co., Ltd. (NYSE:LPL)

Number of Hedge Fund Holders: 7

LG Display Co., Ltd. (NYSE:LPL) designs, manufactures, and sells thin-film transistor liquid crystal display and organic light emitting diode technology-based display panels. These panels are used in televisions, mobile devices, notebook computers, desktop monitors, tablet computers, and automotive displays. The company operates in Asia, the United States, and Europe.

On October 25, LG Display Co., Ltd. (NYSE:LPL) announced a Q3 EPS of -$0.77 and a revenue of $3.54 billion, falling short of estimates by $0.19 and $444.09 million, respectively.

As per Insider Monkey’s fourth quarter database, 7 hedge funds were bullish on LG Display Co., Ltd. (NYSE:LPL), up from 3 funds in the previous quarter. Israel Englander’s Millennium Management held the largest position in the firm, with 216,244 shares worth $1.04 million.

In addition to Apple Inc. (NASDAQ:AAPL), Best Buy Co., Inc. (NYSE:BBY), and Whirlpool Corporation (NYSE:WHR), LG Display Co., Ltd. (NYSE:LPL) is one of the best consumer electronics stocks to buy.

10. Vuzix Corporation (NASDAQ:VUZI)

Number of Hedge Fund Holders: 9

Vuzix Corporation (NASDAQ:VUZI) manufactures, markets, and distributes augmented reality wearable display and computing devices for consumers and businesses globally. The company distributes its products through resellers, distributors, direct sales to commercial customers, and online stores, including Vuzix-operated web stores in the United States, Europe, and Japan. Vuzix Corporation (NASDAQ:VUZI) is one of the best consumer electronics stocks.

On November 9, Vuzix Corporation (NASDAQ:VUZI) announced a Q3 GAAP EPS of -$0.17 and a revenue of $2.18 million, falling short of market consensus by $0.02 and $2.53 million, respectively.

According to Insider Monkey’s fourth quarter database, 9 hedge funds were bullish on Vuzix Corporation (NASDAQ:VUZI), up from 3 funds in the prior quarter. Cathie Wood’s ARK Investment Management is the largest shareholder of the company, with 5.8 million shares worth $12.12 million.

9. Universal Electronics Inc. (NASDAQ:UEIC)

Number of Hedge Fund Holders: 11

Universal Electronics Inc. (NASDAQ:UEIC), ranked among the best consumer electronics stocks, creates pre-programmed and universal control products, audio-video accessories, and intelligent wireless security and smart home products for different markets, including video services, consumer electronics, security, home automation, climate control, and home appliances. The company, founded in 1986, is based in Scottsdale, Arizona.

On February 15, Universal Electronics Inc. (NASDAQ:UEIC) reported a Q4 non-GAAP EPS of $0.07 and a revenue of $97.6 million, beating market estimates by $0.08 and $0.67 million, respectively.

According to Insider Monkey’s fourth quarter database, 11 hedge funds were bullish on Universal Electronics Inc. (NASDAQ:UEIC), same as the last quarter. Frederick Disanto’s Ancora Advisors is the largest position holder in the company, with 251,784 shares worth $2.36 million.

Carillon Eagle Small Cap Growth Fund made the following comment about Universal Electronics Inc. (NASDAQ:UEIC) in its first quarter 2023 investor letter:

“Universal Electronics Inc. (NASDAQ:UEIC) designs and manufactures wireless universal control solutions for home entertainment and smart-home devices. The stock performed poorly, driven by weak quarterly results coupled with a disappointing forward outlook. The company’s guidance reflects a more difficult demand environment on top of continuing supply chain challenges. We sold the stock.”

8. Turtle Beach Corporation (NASDAQ:HEAR)

Number of Hedge Fund Holders: 11

Next on our list of the best consumer electronics stocks is Turtle Beach Corporation (NASDAQ:HEAR). It is an audio technology company that operates in North America, Europe, the Middle East, and the Asia Pacific. The company focuses on developing, marketing, and selling gaming headset solutions for video game consoles, entertainment consoles, handheld consoles, personal computers, tablets, and mobile devices. These products are sold under the Turtle Beach brand.

On November 7, Turtle Beach Corporation (NASDAQ:HEAR) announced a Q3 GAAP EPS of -$0.21 and a revenue of $59.16 million, outperforming Wall Street estimates by $0.04 and $5.59 million, respectively.

As per Insider Monkey’s fourth quarter database, 11 hedge funds were bullish on Turtle Beach Corporation (NASDAQ:HEAR), compared to 12 funds in the previous quarter. D E Shaw is the leading stakeholder of the company, with 514,991 shares valued at $5.64 million.

7. VIZIO Holding Corp. (NYSE:VZIO)

Number of Hedge Fund Holders: 17

VIZIO Holding Corp. (NYSE:VZIO) offers smart televisions, sound bars, and accessories in the United States. The company also operates Platform+, which includes SmartCast, a Smart TV operating system that provides integrated entertainment solutions, as well as data intelligence products. VIZIO Holding Corp. (NYSE:VZIO) is one of the best consumer electronics stocks. On February 27, VIZIO Holding Corp. (NYSE:VZIO) reported a Q4 GAAP EPS of -$0.07, falling short of estimates by $0.08, and a revenue of $502.6 million, outperforming market consensus by $2.57 million.

As per Insider Monkey’s fourth quarter database, 17 hedge funds were bullish on VIZIO Holding Corp. (NYSE:VZIO), an increase from 14 funds in the preceding quarter. Raffi Tokatlian’s Ararat Capital held the largest position in the company, with 1.72 million shares worth $13.28 million.

Here is what Argosy Investors has to say about VIZIO Holding Corp. (NYSE:VZIO) in its Q1 2022 investor letter:

“Reviewing Vizio (NYSE:VZIO), we purchased it quite recently and it has declined precipitously in our brief period of ownership. They have an explicit strategy to sacrifice gross margins from their TVs to further develop the audience for their smart TV offering, a competitor to Roku. I purchased the shares expecting the thesis to play out over a number of years, so I intend to monitor the company and its results as we move forward. Their first quarter results reflected strength in their Platform (Smart TV) segment, which will be their primary source of profit going forward. Further, the news that Netflix and other streaming companies are considering subscriptions that include advertising is positive news. In some ways, what is old is new again, as this development is somewhat of a return to the dual-revenue-stream model cable TV channels use. The shift towards more streaming programming including advertisements is a positive for Vizio, since they may be able to monetize the ads directly or indirectly. I’ll keep you posted on their progress.”

6. GoPro, Inc. (NASDAQ:GPRO)

Number of Hedge Fund Holders: 20

GoPro, Inc. (NASDAQ:GPRO) develops and markets cameras, along with mountable and wearable accessories, in the Americas, Europe, the Middle East, Africa, the Asia-Pacific, and other international markets. Founded in 2002, GoPro, Inc. (NASDAQ:GPRO) is headquartered in San Mateo, California. On February 7, GoPro, Inc. (NASDAQ:GPRO) announced a Q4 non-GAAP EPS of $0.02 and a revenue of $295.42 million, falling short of Wall Street estimates by $0.01 and $30.71 million, respectively.

As per Insider Monkey’s fourth quarter database, 20 hedge funds were bullish on GoPro, Inc. (NASDAQ:GPRO), compared to 19 funds in the last quarter. D E Shaw held a significant position in the company, comprising 3.6 million shares valued at $12.51 million.

Like Apple Inc. (NASDAQ:AAPL), Best Buy Co., Inc. (NYSE:BBY), and Whirlpool Corporation (NYSE:WHR), GoPro, Inc. (NASDAQ:GPRO) is one of the best consumer electronics stocks to buy. It ranks 6th on our list.

Here is what Roubaix Capital has to say about GoPro, Inc. (NASDAQ:GPRO) in their Q4 2020 investor letter:

“Companies like GoPro (GPRO) should benefit from the consumer rebound, but also have their own unique drivers of value over the next 2+ years. In the case of GPRO, the company launched its newest action camera, the GoPro9, under the umbrella of a new business model. The company offers a discount on the camera when customers purchase a subscription agreement that comes with additional services and benefits. The uptake of the subscription has been strong to date and offers the company a line of sight to a higher margin and more predictable revenue stream. The stock’s low double digit earnings multiple remains undemanding. We have seen this type of transformation play out in numerous situations in software, hardware and even retail companies such as RH. We see GPRO following suit and expect a return to travel later this year to be another reason for consumers to buy a new camera as they head back out on vacation.”

Click to continue reading and see 5 Best Consumer Electronics Stocks To Buy.

AI Fire Sale: Insider Monkey’s #1 AI Stock Pick Is On A Steep Discount

Published on December 13, 2024 at by Inan Dogan, PhD

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Seeking a Strong Gold Market Upside?

Published on December 19, 2024 at by Insider Monkey Staff

Brace yourself.

There’s no question that thanks to Washington’s disastrous policies – and out-of-control spending – the outlook for the U.S. economy now appears dire.

And with the U.S. national debt now rising by a staggering $1 trillion every 100 days…there are no easy solutions to help get the nation back on track.

While Jay Powell and the Biden-Harris White House sweat out a federal debt that has reached $35.5 trillion – and climbing – many investors have raced to the sidelines with their cash.

But the truly savvy investors laugh while Jay Powell frets, because they understand that this ridiculous spending has also triggered a nearly unprecedented bull market for gold.

Just look at this chart for the yellow metal.

After testing the $2,000/ounce mark in August 2020 and February 2022, gold traded down to near $1,600/ounce in October 2022.

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As shocking as it may sound, with no end in sight for the Fed’s money printing, we could see the price of gold increase by many multiples in the years ahead.

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Meanwhile, as profitable as gold has been, select gold mining stocks have really kicked into high gear, handing investors even bigger profits.

Click to continue reading…

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