In this article, we will take a look at the 5 best low-priced technology stocks to invest in. To see more such companies, go directly to 12 Best Low-Priced Technology Stocks To Invest In.
5. StoneCo Ltd. (NASDAQ:STNE)
Number of Hedge Fund Holders: 35
If we could mention just one thing to get your attention to this low-priced tech stock, it’s that the Oracle of Omaha Warren Buffett has a $101 million stake in StoneCo Ltd. (NASDAQ:STNE). Overall, 35 hedge funds tracked by Insider Monkey had stakes in StoneCo Ltd. (NASDAQ:STNE) as of the end of the fourth quarter of 2022. The total value of these hedge funds’ stakes was $635 million. Buffett isn’t the only famous stakeholder StoneCo Ltd. (NASDAQ:STNE). Point72 Asset Management of Steve Cohen and Citadel Investment Group of Ken Griffin also have huge stakes in StoneCo Ltd. (NASDAQ:STNE).
4. UiPath Inc. (NYSE:PATH)
Number of Hedge Fund Holders: 36
Robotic Automation Process (RPA) software company UiPath Inc. (NYSE:PATH) stock is having a decent year in 2023, having gained about 30% in the period through March 28.
UiPath Inc. (NYSE:PATH)’s hedge fund sentiment saw a boost in the fourth quarter, as 36 hedge funds in Insider Monkey’s database reported owning stakes in the company at the end of the period, compared to 26 hedge funds in the previous quarter. The biggest hedge fund stakeholder of UiPath Inc. (NYSE:PATH) at the end of December 2022 was Catherine D. Wood’s ARK Investment Management which owns a $560 million stake in the company.
Earlier in March, UiPath Inc. (NYSE:PATH) jumped after Canaccord Genuity’s Kingsley Crane upgraded the stock to Buy from Hold and also increased his price target to $19 from $14.50 after the company posted strong Q4 results.
UiPath Inc. (NYSE:PATH)’s adjusted EPS in the quarter came in at $0.15, beating estimates by $0.08. Revenue in the quarter increased by about 6.5% on a YoY basis to reach $308.5 million, beating estimates by $29.81 million.
3. Hewlett Packard Enterprise Company (NYSE:HPE)
Number of Hedge Fund Holders: 37
Hewlett Packard Enterprise Company (NYSE:HPE) ranks 3rd in our list of the best low-priced technology stocks to invest in according to hedge funds.
Hewlett Packard Enterprise Company (NYSE:HPE) is on a buying spree lately. It recently acquired IT operations management (ITOM) company OpsRamp.
As of the end of the last quarter of 2022, 37 hedge funds reported having stakes in Hewlett Packard Enterprise Company (NYSE:HPE). The net worth of these stakes was $1.3 billion. The most notable hedge fund stakeholder of Hewlett Packard Enterprise Company (NYSE:HPE) was Richard S. Pzena’s Pzena Investment Management which owns a $469 million stake in Hewlett Packard Enterprise Company (NYSE:HPE).
2. Sunrun Inc. (NASDAQ:RUN)
Number of Hedge Fund Holders: 39
We call Sunrun Inc. (NASDAQ:RUN) a technology stock because the company makes critical technologies for the solar energy industry. In the fourth quarter, Sunrun Inc. (NASDAQ:RUN) deployed a record 275.4 MW of panels.
As of the end of the fourth quarter of 2022, 39 hedge funds tracked by Insider Monkey had stakes in Sunrun Inc. (NASDAQ:RUN). The total value of these stakes was $742 million. The biggest stakeholder of Sunrun Inc. (NASDAQ:RUN) was William B. Gray’s Orbis Investment Management which owns a $293 million stake.
1. Lyft, Inc. (NASDAQ:LYFT)
Number of Hedge Fund Holders: 45
Lyft, Inc. (NASDAQ:LYFT) shares have been gaining on the back of some positive news. First, Lyft, Inc. (NASDAQ:LYFT) recently selected board member David Risher as its new CEO. Wedbush Securities analyst Dan Ives called it a “right strategic move.” Second, Lyft, Inc. (NASDAQ:LYFT) shares got a boost after a California court ruled that ride-hailing companies can treat their drivers as independent contractors and not employees.
Hedge funds are also piling into Lyft, Inc. (NASDAQ:LYFT). Insider Monkey data shows 45 hedge funds had stakes in Lyft, Inc. (NASDAQ:LYFT) as of the end of the fourth quarter of 2022, up from 37 hedge funds in the previous quarter.
You can also take a peek at 10 Best Delivery Stocks To Buy Now and 10 High Growth Retail Stocks That Are Profitable.
