3 Tech Stocks That Are Flying Under the Radar But Are Poised to Skyrocket 50%

Some tech companies get all the attention and headlines. This fact leaves many companies hidden in the shadows and off investors’ radar screens. This is an unfortunate situation because it means investors are missing out on quality stocks, many of which can be bought now at bargain prices, even if they start to rise again and post solid returns.

Little-known stocks in the semiconductor, e-commerce, fintech and cryptocurrency sectors escape most investors’ sights. But with a little curiosity and research, some diamonds in the rough can be unearthed. These include former high-flying stocks that have fallen on hard times in recent years, but are now making a comeback and ripe for the picking.

Here are three tech stocks that are flying under the radar but poised to skyrocket 50%.

Analog devices (ADI)

Analog devices (NASDAQ:ADI) is a semiconductor company that doesn’t get a lot of attention. However, the company just reported better-than-expected earnings and raised its guidance, sending its stock price up 9%. Analog Devices reported EPS of $1.40 for its fiscal second quarter. This beat analysts’ consensus forecast of $1.26. Revenue in the period totaled $2.16 billion, beating expectations of $2.11 billion.

Analog Devices, which makes semiconductors used in data conversion and signal processing, attributed the strong results to growing demand for its automotive and industrial chips following a prolonged crisis resulting from the pandemic. Looking ahead, the company raised its guidance for the current quarter, saying it expects revenue of $2.27 billion, give or take $100 million. Analysts had forecast third-quarter revenue of $2.16 billion.

ADI stock has gained 140% over the past five years.

Block (SQ)

Financial technology company Block (NYSE:S.Q.) is another booming technology company. The company led by founder Jack Dorsey recently reported first-quarter financial results that beat Wall Street forecasts for both revenue and earnings, sending its stock up 7% in a single day. SQ stock is now up 72% from last year’s Halloween low. Besides its digital payment application, Block is also a major holder of Bitcoin (BTC-USD).

For the first quarter of this year, Block reported EPS of 85 cents, compared to analysts’ estimates of 72 cents. Profit more than quadrupled compared to a year ago. Revenue for the quarter totaled $5.96 billion, compared to $5.82 billion Wall Street expected. Block said its Cash App monthly active users reached 24 million by the end of March. Additionally, the company said the $220 million invested in Bitcoin grew 160% to $573 million at the end of the first quarter.

Alibaba (BABA)

This tech company is a bit riskier. But if you think China’s economy is going to make a comeback, you might want to consider a position in the e-commerce giant. Ali Baba (NYSE:BABA). Despite a struggling economy and years of crackdown on publicly traded technology companies by authorities in Beijing, Alibaba has managed to hold on. The tech giant recently reported first-quarter results in line with Wall Street expectations.

Alibaba reported first-quarter EPS of 18 cents and revenue of $30.70 billion for what was its fiscal fourth quarter. The profit figure was in line with analysts’ forecasts and the company’s revenue exceeded the expected $30.50 billion. Aside from being China’s leading e-commerce company, Alibaba is also one of the country’s leading AI companies, integrating technology everywhere. it can.

Interestingly, BABA stock is one of the few stocks that investor Michael Burry of “Big Short” fame has continued to buy in recent quarters. So far in 2024, BABA stock has gained 11%. However, the share price remains down 4% over the last 12 months.

On the date of publication, Joël Baglole did not hold (neither directly nor indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com’s publishing guidelines.