In this article, we discuss the 5 best cheap technology stocks to invest in. If you want to read our detailed analysis of the technology sector, go directly to see the 10 Best Cheap Technology Stocks To Invest In.
5. Nano Dimension Ltd. (NASDAQ:NNDM)
Number of Hedge Fund Holders: 11
Share Price as of November 1: $6.28
Nano Dimension Ltd. (NASDAQ:NNDM), an Israeli technology company, reported solid results in Q2, with revenue of $0.81 million, presenting a 179.3% year-over-year growth. Currently traded at $6.29 per share, Nano Dimension Ltd. (NASDAQ:NNDM) is one of the best cheap technology stocks to invest in.
At the end of Q2, 11 hedge funds tracked by Insider Monkey reported owning stakes in Nano Dimension Ltd. (NASDAQ:NNDM), the same as in the previous quarter. These stakes are valued at roughly $174 million. Cathie Wood’s ARK Investment Management is the company’s leading shareholder in Q2, owning 16.3 million shares.
Nano Dimension Ltd. (NASDAQ:NNDM) delivered a 112.5% return to shareholders in the past year.
4. Skillz Inc. (NYSE:SKLZ)
Number of Hedge Fund Holders: 20
Share Price as of November 1: $12.04
Skillz Inc. (NYSE:SKLZ) went public on May 2020, traded at $9.85 per share at that time. The stock gained 19.2% since its IPO.
At the end of Q2, 20 hedge funds tracked by Insider Monkey reported owning stakes in Skillz Inc. (NYSE:SKLZ), down from 26 in the previous quarter. The total worth of these stakes is over $1.1billion, up from $672.9 million in Q1 2021.
Recently, BTIG initiated its coverage on Skillz Inc. (NYSE:SKLZ) with a Neutral rating, highlighting the company’s position in the growing iGaming industry. In Q2, Skillz Inc. (NYSE:SKLZ) reported revenue of $89.5 million, presenting a 52% year-over-year growth.
3. Synchronoss Technologies, Inc. (NASDAQ:SNCR)
Number of Hedge Fund Holders: 22
Share Price as of November 1: $2.50
Synchronoss Technologies, Inc. (NASDAQ:SNCR) presented a positive hedge fund sentiment in Q2, as 22 hedge funds tracked by Insider Monkey reported owning stakes in the company, up from 9 in the previous quarter. The total value of these stakes is over $34 million, compared with $8.4 million in the previous quarter.
Synchronoss Technologies, Inc. (NASDAQ:SNCR) is an American technology company that develops software products. In Q2 2021, the company reported revenue of $71.5 million, beating the analysts’ estimates by $4.79 million. This June, B. Riley initiated its coverage on Synchronoss Technologies, Inc. (NASDAQ:SNCR) with a Buy rating and a $5.25 price target. Cannell Capital is the company’s largest shareholder, with shares worth $7.9 million.
2. Lumen Technologies, Inc. (NYSE:LUMN)
Number of Hedge Fund Holders: 33
Share Price as of November 1: $12.07
On August 19, Lumen Technologies, Inc. (NYSE:LUMN), an American telecommunications company, declared a quarterly dividend of $0.25 per share, with a dividend yield of 8.82%.
On November 2, Lumen Technologies, Inc. (NYSE:LUMN) gained 3.5% as the company reported strong Q3 results. The company posted an EPS of $0.49, beating the estimates by $0.12. The average full-day trading volume of Lumen Technologies, Inc. (NYSE:LUMN) reached 10.8 million shares in October as analysts regarded fiber assets as valuable, expecting potential upside. Recently, Citigroup upgraded the stock to Neutral, while keeping a $13 price target.
At the end of Q2, 33 hedge funds tracked by Insider Monkey reported owning stakes in Lumen Technologies, Inc. (NYSE:LUMN), up from 32 in the previous quarter. The total value of these stakes is over $1 billion.
Longleaf Partners Fund mentioned Lumen Technologies, Inc. (NYSE:LUMN) in its Q1 2021 investor letter. Here is what the firm has to say:
“Lumen (40%, 3.33%), the global fiber company, was the top contributor. While COVID fallout still weighed on fourth quarter results, the company benefitted from positive business mix improvements. Early in the quarter, Lumen appreciated 38% in a few short days amidst the “Game Stop / Reddit” short cover phenomenon. After this shortterm bounce, Lumen’s stock price appreciated more steadily over the last six weeks of the quarter with improved results. Many of last year’s worst-case fears have not materialized and the outlook is improving for the core business. We continue to believe that the company has multiple ways within its control to both grow and realize value per share, and we have a 13D filed to allow us to discuss these options with the company. Lumen’s board, which includes Southeastern-nominated Chairman Mike Glenn from FedEx and Director Hal Jones from Graham Holdings, is doing good work to realize Lumen’s hidden value and return the business to FCF/share growth. Despite its appreciation, the stock trades at less than half of our appraisal.”
1. Opendoor Technologies Inc. (NASDAQ:OPEN)
Number of Hedge Fund Holders: 35
Share Price as of November 1: $24.75
This September, Citigroup resumed its coverage on Opendoor Technologies Inc. (NASDAQ:OPEN) with a Buy rating and a $40 price target, up from $34. The firm sees an opportunity in the company’s robust model. Opendoor Technologies Inc. (NASDAQ:OPEN) is an American online company for transacting in the residential real estate market.
At the end of Q2, 35 hedge funds tracked by Insider Monkey reported owning stakes in Opendoor Technologies Inc. (NASDAQ:OPEN), up from 33 in the previous quarter. The total value of these stakes is over $765 million.
In Q3, Opendoor Technologies Inc. (NASDAQ:OPEN) posted a GAAP EPS of -$0.09, beating the estimates by $0.08. The company’s revenue for the quarter stood at $2.27 billion, presenting a 570.4% year-over-year growth. In the past year, Opendoor Technologies Inc. (NASDAQ:OPEN) delivered a 59% return to shareholders. On November 9, the stock surged 19% as the company issued strong guidance.
Baron Opportunity Fund mentioned Opendoor Technologies Inc. (NASDAQ:OPEN) in its Q2 2021 investor letter. Here is what the firm has to say:
“Opendoor Technologies Inc. operates a digital platform for home purchases and sales on which buyers can tour homes, make offers, and secure financing, and sellers can receive next-day cash offers with flexible close dates. Shares were down in the quarter given rising mortgage rates and the potential knock-on effects to the housing environment. Despite investor concerns, the housing market remains robust. As the iBuying industry leader disrupting an enormous and highly inefficient industry, we believe Opendoor will grow regardless of the housing market environment.”
You can also take a look at 10 Best Technology Stocks That Pay Dividends and 15 Most Valuable Technology Companies in the World
