5 Cheap AI Stocks to Buy in 2023

1. EPAM Systems, Inc. (NYSE:EPAM)

Number of Hedge Fund Holders: 35

Upside Potential as of March 31: 38.58%

Average Analyst Price Estimate: $407

EPAM Systems, Inc. (NYSE:EPAM) is a provider of digital platform engineering and software development services. The company is based in Newtown, Pennsylvania.

James Friedman at Susquehanna holds a Positive rating on EPAM Systems, Inc. (NYSE:EPAM) shares as of March 27, alongside a $410 price target.

EPAM Systems, Inc. (NYSE:EPAM) has an EV/Sales (TTM) ratio of 3.19, showing how the shares at trading below their intrinsic value. Wall Street analysts also placed an average price target of $407 on the shares, which were trading at $293.69 on March 31. This gives the shares an upside potential of 38.58%.

There were 35 hedge funds long EPAM Systems, Inc. (NYSE:EPAM) in the fourth quarter. Their total stake value was $432 million.

Harding Loevner, an asset management company, mentioned EPAM Systems, Inc. (NYSE:EPAM) in its fourth-quarter 2022 investor letter. Here’s what the firm said:

“As was the case in the fourth quarter, IT investments detracted most. Eastern European IT servicing firm EPAM Systems, Inc. (NYSE:EPAM) plunged in the first quarter as a general sell-off of expensive, high-growth stocks was compounded by its specific business continuity risk: nearly 60% of the company’s workforce was based in Ukraine, Belarus, and Russia at the start of the Russia-Ukraine conflict. The company navigated the crisis well, relocating many of its engineers out of the impacted region, while retaining most of its existing customers and winning new ones. Shares have rebounded modestly over the course of the year, although not sufficiently to offset the initial sharp decline.”

See also 15 Best Artificial Intelligence (AI) Stocks to Buy and The Future of Artificial Intelligence