In this article, we will discuss the 5 best low cost tech stocks to buy right now. If you want to read our comprehensive analysis of the tech sector, go directly to 10 Best Low Cost Tech Stocks to Buy Right Now.
5. Vontier Corporation (NYSE:VNT)
Number of Hedge Fund Holders: 31
Share Price (as of January 4): $31.02
Vontier Corporation (NYSE:VNT) offers critical technical equipment to the mobility infrastructure industry around the globe. This includes products and services such as environmental sensors, fuelling equipment, and software solutions for traffic light controls. At the end of the third quarter, 31 out of 867 elite hedge funds tracked by Insider Monkey reported owning positions in Vontier Corporation (NYSE:VNT), down from 34 in the previous quarter.
In September, Citi analyst Andrew Kaplowitz kept a ‘Buy’ rating on Vontier Corporation (NYSE:VNT) shares, noting substantial long-term upside potential and seeing the company well-positioned to deliver on its near term goals. The analyst set a $44 price target, holding that a low valuation and an under-appreciated growth runway means that Vontier Corporation (NYSE:VNT) offers positive risk/reward on its shares.
The firm beat earnings per share estimates for the third quarter by posting $0.80, which was above consensus figures by $0.06. Vontier Corporation (NYSE:VNT) posted $768.50 million in revenue for the quarter, outperforming estimates by $19.73 million.
4. Blink Charging Co. (NASDAQ:BLNK)
Number of Hedge Fund Holders: 6
Share Price (as of January 4): $25.73
Blink Charging Co. (NASDAQ:BLNK) is a maker of electric vehicle charging equipment that is used to make charging stations. The company is poised to enjoy strong growth, as the US government recently announced plans to spend $7.5 billion on enhancing electric vehicle (EV) charging infrastructure across the country. Not only will this generally drive up EV stocks, but Blink Charging Co. (NASDAQ:BLNK) is considered one of the primary benefactors of this decision.
Out of all the hedge funds tracked by Insider Monkey, 6 reported holding positions in Blink Charging Co. (NASDAQ:BLNK) at the end of the third quarter. The combined value of these holdings stood at around $4.3 million.
In November, H.C. Wainwright analyst Sameer Joshi upgraded Blink Charging Co. (NASDAQ:BLNK) to ‘Buy’ from ‘Neutral’, and set a $50 price target on the stock. The firm’s analyst noted that the recent allocation of $7.5 billion to the EV charging infrastructure in the United States will drive demand for electric vehicles. In January, Blink Charging Co. (NASDAQ:BLNK) announced that it is set to launch 7 new products at the Consumer Electronics Show (CES) in Las Vegas. The company will unveil products that offer cutting edge charging tech, and two mobile apps designed to enhance the charging experience for customers and fleets.
3. Vishay Intertechnology, Inc. (NYSE:VSH)
Number of Hedge Fund Holders: 28
Share Price (as of January 4): $22.33
Vishay Intertechnology, Inc. (NYSE:VSH) is a US-based company that manufactures discrete semiconductors and passive components. Sale figures for FY2021 stood at $3.23 billion, which is an increase of 29.15% year on year. The firm’s EPS of $0.63 for the third quarter slightly missed consensus estimates by $0.02. Earnings have continued to increase even amidst supply chain pressure, and there are reasons to believe growth could further accelerate.
In December, Vishay Intertechnology, Inc. (NYSE:VSH) signed an agreement to acquire privately-held Barry Industries for $21 million. This acquisition will expand Vishay Intertechnology, Inc.’s (NYSE:VSH) expertise in the high frequency and high power resistor technologies. The deal is expected to close by end of 2021.
Vishay Intertechnology, Inc. (NYSE:VSH) is poised to benefit tremendously from the spurt in 5G technology and electric vehicles (EV), with the company shares having risen 3.32% in the last 12 months alone. 28 hedge funds were long Vishay Intertechnology, Inc.’s (NYSE:VSH) at the end of the third quarter, holding a combined value of $437 million.
2. 3D Systems Corporation (NYSE:DDD)
Number of Hedge Fund Holders: 18
Share Price (as of January 4): $21.42
3D Systems Corporation (NYSE:DDD) engages in the provision of 3D printing solutions, including 3D printers, scanners, materials and software. 3D printing, also known as additive manufacturing, is an industry expected to grow to $34.8 billion in value by 2026, and has the ability to disrupt traditional manufacturing across the globe. With a market cap of $2.81 billion, 3D Systems Corporation (NYSE:DDD) is one of the leading companies in the 3D printing segment.
In the third quarter, 3D Systems Corporation (NYSE:DDD) reported earnings per share of $0.08, beating consensus estimates by $0.03. The company’s quarterly revenue stood at $156.10 million, which was above estimates by $11.64 million. As of December 27, shares of 3D Systems Corporation (NYSE:DDD) rose 90.65% in the last 12 months.
In November, Lake Street analyst Troy Jensen initiated coverage of 3D Systems Corporation (NYSE:DDD) with a ‘Buy’ rating and a $36 price target. The firm’s analyst noted that the company has made significant strides in material development and healthcare applications, and has effectively repositioned itself as a pure-play additive manufacturing firm.
As of the third quarter, 18 hedge funds were long 3D Systems Corporation (NYSE:DDD), compared to 20 in the previous quarter.
1. Nokia Corporation (NYSE:NOK)
Number of Hedge Fund Holders: 22
Share Price (as of January 10): $6.15
As of January 10, Nokia Corporation (NYSE:NOK) shares have gained 59.43% in the last 12 months, and 6.38% in the last 3 months. The Finnish company deals in network infrastructure, software services and and various technologies around the globe, and trades with a market cap of $34.68 billion.
For Q3 2021, EPS for Nokia Corporation (NYSE:NOK) came in at $0.09, exceeding expectations by $0.01. Quarterly revenue of $6.31 billion was above estimates by $13.08 million. On December 20, Morgan Stanley analyst Dominik Olszewski initiated coverage of Nokia Corporation (NYSE:NOK) with an ‘Overweight’ rating and a price target of $7.50, noting that the company is improving its operational efficiency faster than expected, and its shares offer a positive ratio of risk to reward.
In November, Nokia Corporation (NYSE:NOK) announced that it had been selected by Ooredoo Group on a 5-year contract to bring 5G and other technologies to consumers in the Middle East, South-East Asia and North Africa. This deal will help Nokia expand its technological footprint, and will build on its global partnership with Ooredoo. The rollout of 5G technology is expected to be more sustained in comparison to the 4G rollout, and this could mean increased earnings and growth for Nokia Corporation (NYSE:NOK) if company management can perform well.
As of the third quarter, 22 hedge funds reported ownership of stakes in Nokia Corporation (NYSE:NOK), with 26 funds holding positions in the company in Q2 2021. With roughly 22.60 million shares, Arrowstreet Capital is the leading shareholder of Nokia Corporation (NYSE:NOK).
You can also take a look at 15 Best Undervalued Stocks to Buy Now and 10 Best Stocks To Buy and Hold For 5 Years
