5 Best Tech Stocks Under $5

3. Pixelworks, Inc. (NASDAQ:PXLW)

Number of Hedge Fund Holders: 10
Stock Price as of October 15: $4.48

Pixelworks, Inc. (NASDAQ:PXLW) is a semiconductor manufacturing company that provides video and pixel processing software. In addition, the company also provides digital display and projection devices. Shares of the company increased by 13.12% year to date due to its commercial partnership with consumer electronics manufacturer TCL Group and smartphone producer OnePlus. Based in San Jose, California, the company ranks third on our list of the 10 best tech stocks under $5.

The company issued its quarterly earnings report for the second quarter of 2021 on August 8, with reported earning per share at -$0.05, beating market estimates by $0.02. The firm also reported revenues amounting to $14.05 million, an increase of over 51.85% on a year-over-year basis, crossing forecast predictions by $48,000.

Of the 873 elite funds tracked by Insider Monkey, 10 were long in Pixelworks, Inc. (NASDAQ:PXLW) at the end of June, up from 8 in the first quarter of 2021. Israel Englander of Millennium Management is among the leading stakeholders of the company.

On October 11, Needham analyst Rajvindra Gill initiated coverage of Pixelworks, Inc. (NASDAQ:PXLW)with a Buy rating and $7.00 price target on its shares.