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7 Tech Stocks With Plenty of Growth Left

While 2022 wasn’t an exceptional year for tech stocks, things seem to be different this year. Tech stocks are showing fresh signs of life and are even outperforming the market. This is an ideal time to look for tech stocks to buy.
The Na…

While 2022 wasn’t an exceptional year for tech stocks, things seem to be different this year. Tech stocks are showing fresh signs of life and are even outperforming the market. This is an ideal time to look for tech stocks to buy.

The Nasdaq composite, which is a tech-heavy exchange, is up 10% so far this year, while the Dow Jones Industrial Average is showing a 1% loss. That doesn’t mean that tech stocks are nearing a peak. Consider that in 2022, the Dow dropped by about 9%, while the Nasdaq composite tumbled by nearly 34%.

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Obviously, the tech sector has plenty of room to run. But what’s the best way to find tech stocks to buy in this market?

One of the best ways is to use my Portfolio Grader tool. The Portfolio Grader is a free service that evaluates stocks based on earnings history, recent performance and momentum, as well as quantitative measurements.

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Stocks get a grade from “A” to “F,” and all the stocks on this list are at the head of the class.

AI
C3.ai
$22.70
ENPH
Enphase Energy
$215.85
WIX
Wix
$89.70
ACLS
Axcelis Technologies
$129.57
BBAI
BigBear.ai
$2.20
FSLR
First Solar
$211.25
AGYS
Agilysys
$82.49

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C3.ai (AI)

Source: shutterstock.com/Nadya C

Machine learning software specialist C3.ai (NYSE:AI) isn’t afraid to shake things up. They founded the company in 2009 and then renamed it in 2012 as C3 Energy as they highlighted their effort to work with energy companies in the data processing space.

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Four years later, it became C3 IoT to as the market showed increasing interest in the Internet of Things.

Since 2019, the company’s been going by C3.ai to mark its offerings in artificial intelligence. It says that its algorithms can streamline operations, reduce costs and make the workplace safer.

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The stock’s price doubled in the first six weeks of 2023 as OpenAI’s ChatGPT chatbot brought renewed attention to AI stocks. And while the company hasn’t turned a profit yet, management says it has an “accelerated path to profitability.”

AI stock is up 121% so far this year, and analysts give it a consensus price target of $24.82. That means it still has roughly 22% more to climb. C3.ai. has a “B” rating in the Portfolio Grader.

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Enphase Energy (ENPH)

mobile phone screen with enphase energy logo on it to represent renewable energy stocksSource: IgorGolovniov / Shutterstock.com

Enphase Energy (NASDAQ:ENPH) stock appears to be a bargain right now. It’s down about 17% so far this year as demand for solar energy has fallen thanks to continued concerns about a recession and high inflation.

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But the company, which makes microinverter-based solar storage systems, looks to be in a sweet spot. The Biden administration is touting clean energy incentives, and the global appetite for green energy is only going to grow in coming years.

Enphase topped analysts’ expectations in the fourth quarter, prompting Janney analyst Sean Milligan to upgrade Enphase stock to a “buy” rating and assign it a $282 price target. That shows a continued runway of 29%.

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ENPH stock has an “A” rating in the Portfolio Grader.

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Wix (WIX)

WIX sign on the office building in Tel-Aviv high tech zone. WIX Logo.Source: MagioreStock / Shutterstock.com

Wix (NASDAQ:WIX) is an Israeli-based software company that provides cloud-based web development services giving customers more than 900 customizable website templates.

The company’s been cutting back recently. It announced layoffs of 370 of its 5,700 employees in February, with most of the cutbacks coming from its U.S.-based customer service site.

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The cutbacks are probably the best thing for WIX stock, however, as the employee headcount swelled to more than 6,000 during the Covid-19 pandemic.

A leaner company will ideally help Wix be a more profitable company. Wix’s net profit margin slipped 11% in the fourth quarter of 2022, and revenue of $355.04 million was only 8% better than a year ago.

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WIX stock is up 21% so far this year, and analysts believe it has a consensus price target of $105.94, suggesting more upside. Wix has a “B” rating in the Portfolio Grader.

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Axcelis Technologies (ACLS)

Image of the Axcelis (ACLS) logo on a web browser amplified through the lens of a magnifying glassSource: Pavel Kapysh / Shutterstock.com

Axcelis Technologies (NASDAQ:ACLS) doesn’t make semiconductors. But the product it puts out makes semiconductors better. And that’s going to be important for the economy that increasing relies on high-performance computing power, machine learning and AI.

Axcelis helps semiconductor companies with its next-generation Purion platform that uses an ion implanter technology in the fabrication process. That means semiconductor chip manufacturers can make better chips with fewer glitches in the production process.

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As long as the demand for semiconductors is there, companies like Axcelis will prosper because semiconductor companies want to be as efficient as possible to maximize profits. Deloitte projects that the semiconductor industry will double its revenues this decade to reach $1 trillion by 2030.

Axcelis stock is up 123% so far this year with a consensus price target of $145.33. That means ACLS stock has a runway of 11%.

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Axcelis has an “A” rating in the Portfolio Grader.

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BigBear.ai (BBAI)

Artificial Intelligence (AI),machine learning with data mining technology on virtual dachboard.Double Exposure,Businessman hand working concept. Documents finance graphic chart. AI stocksSource: everything possible / Shutterstock.com

Based in Maryland, BigBear.ai (NYSE:BBAI) calls itself a “leader in AI-power analytics and cyber engineering solutions.” Considering it’s close to Washington, D.C., it’s not surprising that BigBear.ai works with the U.S. defense and intelligence communities.

In January, it won a $900 million contract with the Air Force that will allow it to compete for task orders as a prime contractor. That’s a huge win for a company with a market capitalization of only $360 million, which is a primary reason BBAI stock is up 275% since the beginning of 2023.

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While BigBear.ai isn’t involved in the conversational AI that’s taken people by storm this year, it’s very possible that the company could become a key player in the U.S. government’s quest for machine learning-based solutions in the next few years.

BBAI stock has a “B” rating in the Portfolio Grader.

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First Solar (FSLR)

First Solar logo on smartphone in front of computer screen with graphs. FSLR stockSource: IgorGolovniov / Shutterstock.com

First Solar (NASDAQ:FSLR) is an interesting technology stock in the green energy space.

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It has three facilities in Ohio and announced late last year it would build a fourth plant in Alabama for $1.1 billion that will give the company 3.5 gigawatts of direct current.

It’s also spending $1.3 billion to increase capacity at its Ohio facilities to meet growing demand. The company has aspirations to have 10.6 gigawatts of capacity by 2025.

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UBS recently upgraded FSLR stock from a “neutral” to a “buy” rating, saying that the company should benefit from the Inflation Reduction Act, which includes $27 billion in grants for clean energy projects.

First Solar stock is up 43% so far this year. It has a “B” rating in the Portfolio Grader.

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Agilysys (AGYS)

software stocks: Coding software developer work with augmented reality dashboard computer icons of scrum agile development and code fork and versioning with responsive cybersecuritySource: Shutterstock

Georgia-based Agilysys (NASDAQ:AGYS) makes enterprise software and other products, with a focus on software to manage point of sale transactions, property management, inventory and human resources.

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The company consistently beats analysts’ expectations on both revenue and earnings per share. For the fourth quarter of 2022, earnings of $49.92 million were a 26% increase from a year ago, and better than analysts’ expectations for $48.12 million. Earnings of 26 cents per share beat expectations of 21 cents per share.

AGYS stock is up 69% over the last six months and the consensus price target of $95 shows potential of an additional 12% gain. Agilysys has an “A” rating in the Portfolio Grader.

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On the date of publication, Louis Navellier had a long position in ENPH, ACLS and AGYS. Louis Navellier did not have (either directly or indirectly) any other positions in the securities mentioned in this article.

The InvestorPlace Research Staff member primarily responsible for this article did not hold (either directly or indirectly) any positions in the securities mentioned in this article.

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