13 Best Small Cap Tech Stocks to Buy Now

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8. Axcelis Technologies, Inc. (NASDAQ:ACLS)

Number of Hedge Fund Holders: 27

Market Capitalization: $1.85 billion

Axcelis Technologies, Inc. (NASDAQ:ACLS) is a semiconductor equipment company that designs, manufactures, and supports ion implantation devices used in semiconductor chip creation. The Purion series is one of the company’s signature products, developed to increase chip production efficiency.

On February 10, Craig-Hallum reaffirmed its Buy rating for Axcelis Technologies, Inc. (NASDAQ:ACLS), with a target price of $105. While the firm forecasts some market downturn in the first half of the year, it expects demand to rebound in the consumer, automotive, and industrial end industries, benefiting Axcelis Technologies, Inc. (NASDAQ:ACLS).

Axcelis Technologies, Inc. (NASDAQ:ACLS) recently reported $252 million in revenue for the fourth quarter of 2024, with earnings per diluted share of $1.54. The company’s revenue marginally surpassed forecasts, with strong demand for off-the-market CS&I sales offsetting the projected reduction in system sales. Furthermore, the company announced an increase in its share repurchase authorization by $100 million on March 12, bringing the total authorized repurchase authorization to $215 million.

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