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American Focus > Blog > Economy > 2 Cheap Tech Stocks to Buy Right Now
Economy

2 Cheap Tech Stocks to Buy Right Now

Last updated: September 14, 2024 8:07 am
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2 Cheap Tech Stocks to Buy Right Now
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Are you on the lookout for some undervalued growth stocks to add to your portfolio? Look no further than Fiverr (NYSE: FVRR) and Micron Technology (NASDAQ: MU). These two companies are currently trading at low valuation ratios, making them attractive options for investors looking for cheap stocks.

Micron Technology is a key player in the memory chip industry, which operates in wide, sweeping cycles. The company is currently experiencing a cyclical upswing in demand for its high-speed memory chips, driven by the increasing need for AI technology. Despite facing challenges like the aftermath of the coronavirus crisis and supply chain disruptions, Micron is ramping up its manufacturing capacity to meet the surge in demand. While the company is currently unprofitable in terms of earnings per share, its bottom line is expected to improve significantly over the next few years. With a forward P/E ratio of just 9 and a reasonable price-to-sales ratio of 4.5, Micron is a solid buy at its current share price.

On the other hand, Fiverr, a freelance services platform, has been underestimated by many investors in recent years. The company saw its stock price skyrocket during the COVID-19 lockdowns but has since experienced a significant decline. Despite this, Fiverr has continued to grow its business steadily, with impressive increases in sales and free cash flows. Analysts are starting to take notice of Fiverr’s strong performance, with bottom-line estimates trending upwards for the next fiscal year. The stock is currently trading at just 9.7 times estimated forward earnings and 2.3 times sales, presenting a buying opportunity for investors who believe in the company’s long-term growth potential.

See also  AWS report: Generative AI overtakes security in global tech budgets for 2025

In conclusion, both Micron Technology and Fiverr are deeply undervalued growth stocks that have the potential to deliver solid returns in the coming years. If you’re looking to add some cheap stocks to your portfolio, these two companies are definitely worth considering.

(Source: The Motley Fool)

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