8 Unstoppable Tech Stocks to Buy Now

1. Inseego Corp. (NASDAQ:INSG)

Year-to-date Share Price Gain as of September 10: 579.48%

Number of Hedge Fund Holders: 3

Inseego Corp. (NASDAQ:INSG) is a leader in 5G mobile technology and fixed wireless solutions for mobile networks. The company designs products that help connect devices to 4G and 5G internet such as Mobile Hotspot and Routers. It also offers cloud management solutions that help companies manage their network devices remotely.

Inseego Corp. (NASDAQ:INSG) serves businesses, commercial customers, and governments through its technologies.

Management has remained focused on growing the business of the company through enhancing its product portfolio and delivering strong operating results. The company recently launched its new Inseego Ignite Channel Program and has already signed a new distributor and around 27 value-added resellers.

Moreover, its products are gaining traction in the public sphere, for instance, its MiFi® X PRO sales increased subsequently across all carriers. As a result, its revenue for Q2 2024 was above expectations and reached $59 million. Inseego Corp’s. (NASDAQ:INSG) earnings and profit margins also improved significantly during the quarter. Adjusted EBITDA for Q2 2024 was $8.4 million, with gross profit margins increasing from 35.7% to 39.0%, year-over-year.

Management is making strides to restructure its capital management and reduce debt. Moreover, the company has maintained its revenue projection range at $54 million to $58 million, indicating management’s confidence in a successful fiscal year.

INSG was held by 3 hedge funds in Q2 2024, with total stakes worth $1.43 million. D E Shaw is the top shareholder of the company, with a position worth $2.38 million.

While we acknowledge the potential of Inseego Corp. (NASDAQ:INSG) to grow, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for a promising AI stock that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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