13 Best Affordable Tech Stocks To Buy According to Analysts

Published on March 26, 2024 at 8:37 am by Fatima Farooq in Hedge Funds, News

In this article, we will be taking a look at the 13 best affordable tech stocks to buy according to analysts. To skip our detailed analysis of the tech sector, you can go directly to see the 5 Best Affordable Tech Stocks To Buy According to Analysts.

Tech Sector Growth in 2024

On January 29, Fidelity Investments issued its outlook for the technology sector for 2024 and beyond. According to Fidelity, tech’s performance in 2024 will depend on the macro environment to a certain extent. The outlook report noted that in 2023, tech finished the race as the top performer among all market sectors, a position it continued to occupy till late January of 2024, when it still outperformed the S&P 500. The biggest contributor to this has been coming from artificial intelligence (AI).

Despite this, some financial professionals find it difficult to hop on the tech stock wagon, believing that most tech stocks are overpriced. For instance, on February 6, Bloomberg reported that Amundi SA, Europe’s biggest fund manager, believes that the optimism in tech stocks is misplaced, resulting in the fund manager refraining from joining the “big tech stocks frenzy.” Additionally, analysts at Bank of America Corporation and JPMorgan Chase & Co. have been drawing parallels between the price levels of tech stocks today and the dot-com era bubble. As is the case with any bubble, it may be the case that this AI bubble, too, will soon burst.

While this skepticism is also rising, many investors are still attracted to tech. On January 29, Chris Harvey, the head of equity strategy at Wells Fargo Securities, appeared on Bloomberg Radio to discuss this. His reasoning for tech stocks remaining an attractive investment is based on the following factors:

“They have annuity-like businesses, they have pricing power, and they have global brands… the market views them as the stocks they go to. It’s the all-weather stock.”

Thus, the debate on whether investors should rush to buy tech stocks or avoid them for the moment continues. For those looking to buy into tech, there are some key areas they should look out for.

Top Areas in Tech: AI, Semiconductors, and Cloud Computing

According to Fidelity, artificial intelligence, semiconductors, and cloud computing are the main areas to look at in the tech sector for investors today. Semiconductor companies have been investing in AI with increasing fervor since the launch of ChatGPT and, in some cases, even before then. The rise of AI has actually propelled semiconductor companies to greater heights since the use of their chips in AI applications has become practically essential. In the case of cloud computing, dedicated tech investors will know that this area of tech has been around and been popular for a long time. With companies and enterprises swiftly moving their data and workloads to the cloud, companies offering cloud-based software are gaining and retaining investor attention and money.

All in all, tech may be a sector with a bright future. According to Deloitte’s 2024 Technology Industry Outlook, global IT investments in 2024 are expected to see double-digit growth in spending for software and IT services. Additionally, analyst estimates show that public cloud spending will grow by over 20% this year, with AI investments also significantly contributing to increased overall spending growth for tech. Deloitte’s outlook noted that by 2025, AI-related investments may reach $200 billion globally, with the US leading in this area.

Considering the above, big-tech companies, such as Microsoft Corporation (NASDAQ:MSFT), Apple Inc. (NASDAQ:AAPL), and Alphabet Inc. (NASDAQ:GOOGL), are considered to be the best investment picks this year. However, these companies are far from affordable for many investors, including many new investors. This is especially the case considering the skepticism concerning the perceived overvaluation of tech stocks in the market today. Hence, cheaper tech stocks with immense potential in today’s market may be an excellent place to start your tech investment. As such, we have compiled a list of some of the best affordable tech stocks to buy now. Our list includes some of the most undervalued tech stocks to buy, alongside some of the tech stocks to buy that are too cheap to ignore.

Our Methodology

For our list of the best affordable tech stocks to buy, we used a stock screener to identify tech stocks with share prices below $50 and P/E ratios under 25. We then shortlisted our 13 best affordable tech stocks by looking at their upside potentials and selected the stocks with the highest upside potentials. The stocks are ranked based on this metric, from the lowest to the highest upside potential as of March 24. We also mentioned the number of hedge funds holding stakes in each stock by using Insider Monkey’s hedge fund data for the fourth quarter. Hedge funds’ top 10 consensus stock picks outperformed the S&P 500 Index by over 140 percentage points over the last 10 years (see the details here). That’s why we pay very close attention to this often-ignored indicator.

Best Affordable Tech Stocks To Buy According to Analysts

13. Vishay Precision Group, Inc. (NYSE:VPG)

Number of Hedge Fund Holders: 18

Upside Potential: 7.4%

Share Price: $34.4

P/E ratio: 18.3

Vishay Precision Group, Inc. (NYSE:VPG) is an information technology company based in Malvern, Pennsylvania. It designs, manufactures, and markets specialized sensors, weighing solutions, and measurement systems.

In total, 18 hedge funds were long Vishay Precision Group, Inc. (NYSE:VPG) in the fourth quarter, with a total stake value of $98.7 million.

While Microsoft Corporation (NASDAQ:MSFT), Apple Inc. (NASDAQ:AAPL), and Alphabet Inc. (NASDAQ:GOOGL) may be expensive to buy into today, Vishay Precision Group, Inc. (NYSE:VPG) is among the best affordable tech stocks to buy instead.

12. Magic Software Enterprises Ltd. (NASDAQ:MGIC)

Number of Hedge Fund Holders: 3

Upside Potential: 16.3%

Share Price: $12.04

P/E ratio: 16.03

Magic Software Enterprises Ltd. (NASDAQ:MGIC) is an application software company that provides proprietary application development, vertical software solutions, business process integration, and more. It is based in Israel.

On March 14, Barclays analysts maintained an Overweight rating and $14 price target on Magic Software Enterprises Ltd. (NASDAQ:MGIC).

Three hedge funds were long Magic Software Enterprises Ltd. (NASDAQ:MGIC) in the fourth quarter, with a total stake value of $5.4 million.

Millennium Management was the largest shareholder in Magic Software Enterprises Ltd. (NASDAQ:MGIC) at the end of the fourth quarter, holding 93,918 shares in the company.

11. LSI Industries, Inc. (NASDAQ:LYTS)

Number of Hedge Fund Holders: 13

Upside Potential: 21.6%

Share Price: $15.2

P/E ratio: 16.8

LSI Industries, Inc. (NASDAQ:LYTS) was seen in the portfolios of 13 hedge funds in the fourth quarter, holding a total stake value of $64.6 million.

Based in Cincinnati, Ohio, LSI Industries, Inc. (NASDAQ:LYTS) is an electrical components and equipment company. It offers sensors, motion detectors, and Bluetooth systems and also designs electronic circuit boards, assemblies, and sub-assemblies. The company also offers printed and structural graphics, digital signage, display fixtures, and more.

10. Allient Inc. (NASDAQ:ALNT)

Number of Hedge Fund Holders: 19

Upside Potential: 22.7%

Share Price: $33.4

P/E ratio: 22.5

Craig-Hallum analysts hold a Buy rating and $41 price target on Allient Inc. (NASDAQ:ALNT) as of March 7.

Allient Inc. (NASDAQ:ALNT) is another electrical components and equipment company on our list of the best affordable tech stocks. It offers brush and brushless DC motors, coreless DC motors, motion controllers, optical encoders, and lightweighting technologies, among more. The company is based in Amherst, New York.

Our hedge fund data for the fourth quarter shows 19 hedge funds long Allient Inc. (NASDAQ:ALNT), with a total stake value of $66 million.

Diamond Hill Capital mentioned Allient Inc. (NASDAQ:ALNT) in its fourth-quarter 2023 investor letter:

“Other bottom contributors included Concrete Pumping Holdings, Energy Recovery and Allient Inc. (NASDAQ:ALNT). Allient, which designs and manufactures precision and specialty controlled motion components and systems, benefited from an improving supply chain environment which allowed it to fill some long-standing orders, driving revenue growth. Further, the company’s order book for the next couple years is growing, and we anticipate it should capitalize well on long-term demand for its core motion control products as concerns about industry destocking and the global macroeconomic environment ease.”

9. CI&T Inc (NYSE:CINT)

Number of Hedge Fund Holders: 7

Upside Potential: 25.1%

Share Price: $4.3

P/E ratio: 17.7

Leucadia National was the most prominent shareholder in CI&T Inc (NYSE:CINT) at the end of the fourth quarter, holding 1 million shares in the company.

CI&T Inc (NYSE:CINT) is another information technology company on our list of the best affordable tech stocks. It provides strategy, design, and software engineering services to enable digital transformation for enterprises and companies.

As of March 18, Canaccord Genuity analysts maintain a Hold rating and a $5 price target on CI&T Inc (NYSE:CINT).

Seven hedge funds were long CI&T Inc (NYSE:CINT) in the fourth quarter, with a total stake value of $3.8 million.

8. Daktronics, Inc. (NASDAQ:DAKT)

Number of Hedge Fund Holders: 20

Upside Potential: 36.3%

Share Price: $9.4

P/E ratio: 8.2

Based in Brookings, South Dakota, Daktronics, Inc. (NASDAQ:DAKT) is an electronic equipment and instruments company. It manufactures and markets electronic display systems and related products, such as video displays, intelligent transportation systems dynamic message signs, digital billboards, and more.

Daktronics, Inc. (NASDAQ:DAKT) was spotted in the 13F holdings of 20 hedge funds in the fourth quarter, with a total stake value of $53.6 million.

7. Everspin Technologies, Inc. (NASDAQ:MRAM)

Number of Hedge Fund Holders: 16

Upside Potential: 38.2%

Share Price: $8.3

P/E ratio: 19.7

At the end of the fourth quarter, D E Shaw was the largest shareholder in Everspin Technologies, Inc. (NASDAQ:MRAM), holding 666,701 shares in the company.

On February 29, Needham analysts reiterated a Buy rating and $12 price target on Everspin Technologies, Inc. (NASDAQ:MRAM).

Everspin Technologies, Inc. (NASDAQ:MRAM) is a semiconductor company based in Chandler, Arizona. It manufactures and sells magnetoresistive random access memory products such as the Toggle MRAM, spin-transfer torque MRAM, and tunnel magnetoresistance sensor products, among more.

At the end of the fourth quarter, 16 hedge funds were long Everspin Technologies, Inc. (NASDAQ:MRAM), with a total stake value of $19.9 million.

6. Immersion Corporation (NASDAQ:IMMR)

Number of Hedge Fund Holders: 13

Upside Potential: 41.2%

Share Price: $7.8

P/E ratio: 7.5

Based in Aventura, Florida, Immersion Corporation (NASDAQ:IMMR) is a technology hardware, storage, and peripherals company. It designs, develops, and licenses haptic technologies, allowing people to use their sense of touch to engage with and experience digital products.

Immersion Corporation (NASDAQ:IMMR) had 13 hedge funds long its stock in the fourth quarter, with a total stake value of $24.7 million.

BWS Financial analysts maintain a Buy rating and $11 price target on Immersion Corporation (NASDAQ:IMMR) as of March 12.

While most investors may find stocks like Microsoft Corporation (NASDAQ:MSFT), Apple Inc. (NASDAQ:AAPL), and Alphabet Inc. (NASDAQ:GOOGL) a bit pricey, Immersion Corporation (NASDAQ:IMMR) may be a good option for them if they’re looking for some of the best affordable tech stocks to buy.

Click to continue reading and see the 5 Best Affordable Tech Stocks To Buy According to Analysts.

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

Artificial intelligence is the greatest investment opportunity of our lifetime. The time to invest in groundbreaking AI is now, and this stock is a steal!

The whispers are turning into roars.

Artificial intelligence isn’t science fiction anymore.

It’s the revolution reshaping every industry on the planet.

From driverless cars to medical breakthroughs, AI is on the cusp of a global explosion, and savvy investors stand to reap the rewards.

Here’s why this is the prime moment to jump on the AI bandwagon:

Exponential Growth on the Horizon: Forget linear growth – AI is poised for a hockey stick trajectory.

Imagine every sector, from healthcare to finance, infused with superhuman intelligence.

We’re talking disease prediction, hyper-personalized marketing, and automated logistics that streamline everything.

This isn’t a maybe – it’s an inevitability.

Early investors will be the ones positioned to ride the wave of this technological tsunami.

Ground Floor Opportunity: Remember the early days of the internet?

Those who saw the potential of tech giants back then are sitting pretty today.

AI is at a similar inflection point.

We’re not talking about established players – we’re talking about nimble startups with groundbreaking ideas and the potential to become the next Google or Amazon.

This is your chance to get in before the rockets take off!

Disruption is the New Name of the Game: Let’s face it, complacency breeds stagnation.

AI is the ultimate disruptor, and it’s shaking the foundations of traditional industries.

The companies that embrace AI will thrive, while the dinosaurs clinging to outdated methods will be left in the dust.

As an investor, you want to be on the side of the winners, and AI is the winning ticket.

The Talent Pool is Overflowing: The world’s brightest minds are flocking to AI.

From computer scientists to mathematicians, the next generation of innovators is pouring its energy into this field.

This influx of talent guarantees a constant stream of groundbreaking ideas and rapid advancements.

By investing in AI, you’re essentially backing the future.

The future is powered by artificial intelligence, and the time to invest is NOW.

Don’t be a spectator in this technological revolution.

Dive into the AI gold rush and watch your portfolio soar alongside the brightest minds of our generation.

This isn’t just about making money – it’s about being part of the future.

So, buckle up and get ready for the ride of your investment life!

Act Now and Unlock a Potential 10,000% Return: This AI Stock is a Diamond in the Rough (But Our Help is Key!)

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China’s terrifying internet “Master Key”… and the one microcap that could stop them

Published on December 18, 2024 at by Insider Monkey Staff

In August 2024, news outlets around the world revealed one of the most shocking data breaches in recent history.

Approximately 2.9 billion records, including names, email addresses, phone numbers, mailing addresses, financial data and, distressingly, Social Security numbers, were stolen when Coral Springs, Florida, firm National Public Data (NPD) suffered a massive cyberattack. The company confirmed that the breach, which happened in December 2023, resulted in the potential leaks of data in the summer of 2024.

Nearly every day in the news, we hear about yet another damaging data breach or ransomware attack that puts valuable data — including yours — into the hands of hackers. And the number of attacks is soaring — up 30% year over year according to the latest numbers.

As bad as this is, it’s a day at the beach compared to what’s coming.

That’s because hostile nations across the globe — including Iran, North Korea, Russia and Communist China are going all-out to develop a breakthrough technology that will unlock what I call the “Master Key” to the Internet.

If they succeed in harnessing this groundbreaking “Master Key” technology, the consequences could be catastrophic.

Click to continue reading…

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