Five Cheap Tech Stocks Poised to Gain

#3 Zynga Inc (NASDAQ:ZNGA)

– Hedge Funds with Long Positions (as of June 30): 20

– Value of Hedge Funds’ Holdings (as of June 30): $398.32 Million

Moving on, once-famous social game developer Zynga saw an increase in popularity among the funds covered by us during the second quarter, with its ownership among them climbing up by three and the aggregate value of their holdings in it rising by 25%. Investors that initiated a stake in the company during the second quarter, included Jacob Gottlieb‘s Visium Asset Management and Ross Margolies‘ Stelliam Investment Management. While Zynga Inc (NASDAQ:ZNGA)’s stock has appreciated by 8.58% so far this year, it is finding it difficult to break above the $3 mark. The stock sold off last month after the company reported mixed quarterly numbers despite its mobile game CSR2 becoming a hit. Following the release of the second-quarter results, analysts who track the stock are divided about its future trajectory with some even calling it a ‘permanent short’. The stock currently sports an average rating of ‘Hold’ and a consensus price target of $3.17 from the 16 leading analysts and research firms that cover it.

#2 Globalstar, Inc. (NYSEMKT:GSAT)

– Hedge Funds with Long Positions (as of June 30): 20

– Value of Hedge Funds’ Holdings (as of June 30): $113.41 Million

The number of hedge funds covered by us that were long in Globalstar increased by five during the second quarter, but the aggregate value of their stakes in the company slid by 30.7%. Shares of the mobile satellite services provider have been extremely volatile this year, trading in the range of $1 to $3. At the end of last month, the stock spiked by 7.2% after the company announced a strategic deal with Carmanah Technologies, under the terms of which the latter will collaborate with Globalstar on the design of solar-powered machine-to-machine solutions. On September 13, a day after Microsoft Corporation (NASDAQ:MSFT) submitted an ex-parte filing with SEC that pointed towards problems in tests of Globalstar’s TLPS technology, Globalstar, Inc. (NYSEMKT:GSAT) revealed that it had begun alpha testing of its long-in-the-making next-generation satellite Wi-Fi hotspot, Sat-Fi2 duplex device, which will allow users to use smartphones and tablets beyond cellular connections.

#1 Frontier Communications Corp (NASDAQ:FTR)

– Hedge Funds with Long Positions (as of June 30): 25

– Value of Hedge Funds’ Holdings (as of June 30): $215.84 Million

Amid a 11.6% drop in Frontier Communications Corp (NASDAQ:FTR)’s stock during the second quarter, the ownership of the company among funds covered by us inched down by two and the aggregate value of their holdings fell by 28.7%. Frontier Communications Corp (NASDAQ:FTR)’s stock saw a major up move in late-February after the company reported its results for the fourth quarter of fiscal 2015. However, it has been on gradual decline since May and currently trades down by 8.15% year-to-date. The company currently pays a quarterly dividend of $0.105 per share, which translates into a lucrative annual dividend yield of almost 9.81%. On September 12, the company announced R. Perley McBride as its new chief financial officer, succeeding John Jureller. For its fiscal 2016 third-quarter, analysts are expecting Frontier Communications Corp to report a loss of $0.03 per share on revenue of $2.58 billion. For the same quarter of the previous year, the company had reported EPS of $0.03 on revenue of $1.42 billion.

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