3 Under-$50 Tech Stocks That Could Double Before Year-End
If you’re looking for some tech stocks trading under $50 that have the potential to double this year, I’ve got a strong trio for you to consider. All three of these stocks are beaten down and cheap, while still showing solid growth.
While its stock has been caught in the software-as-a-service (SaaS) sell-off, UiPath (NYSE: PATH) has a big potential opportunity in front of it, and the stock is dirt cheap, trading at a forward price-to-sales (P/S) ratio of just 3.6 times.
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The company is in the process of transitioning from being a leader in robotic process automation (RPA) to an agentic AI orchestration platform that can manage both simple software bots and AI agents from outside vendors.
As AI agents begin to proliferate, the need for a platform to manage them will grow. This is a big opportunity for UiPath, and if its revenue growth can start to accelerate, the stock could double given its low valuation.
GitLab‘s (NASDAQ: GTLB) stock has been in a downward spiral, bringing its valuation to a forward P/S multiple of just 3.4 times. That’s extremely cheap for a profitable company growing its revenue in the high teens to 20% with a pristine balance sheet and solid cash flow generation.
The bar is extremely low at this point for the DevSecOps (development, security, and operations) platform operator, and if its new hybrid seat-plus consumption pricing model (combining a fixed, recurring per-user fee with variable charges based on product usage) and/or Duo Agent solution find traction, I could see the stock doubling from here.
GitLab has a valuable solution that could become more important with increased software development stemming from artificial intelligence (AI). As such, I also think there is a good chance the company could be acquired at a very hefty premium by a large cloud computing provider, SaaS company, or even private equity.
SentinelOne (NYSE: S) is another company whose stock has struggled just to gain any traction. The cybersecurity company trades at a forward P/S ratio of just 4, which is a fraction of larger endpoint security peers despite demonstrating similar growth.
The company has been seeing solid cross-platform adoption, and its Purple AI solution gained a lot of momentum. Meanwhile, an earlier deal with enterprise PC vendor Lenovo still has the potential to be a nice revenue contributor. In addition, its recent acquisitions of Prompt Security and Observo AI will help the company move beyond just endpoint security and offer a more comprehensive security and data management platform.
Given its valuation, SentinelOne stock could double if it can continue its strong growth. It also has the potential to be a takeout candidate.
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Geoffrey Seiler has positions in GitLab, SentinelOne, and UiPath. The Motley Fool has positions in and recommends GitLab, SentinelOne, and UiPath. The Motley Fool has a disclosure policy.
3 Under-$50 Tech Stocks That Could Double Before Year-End was originally published by The Motley Fool