3 Under-the-Radar Tech Stocks Primed for Explosive Growth

Industry Overview - The tech sector has experienced significant growth over the past year, largely driven by advancements in artificial intelligence, which has positively impacted the overall market and potentially averted a recession [1] - There is a growing sentiment among investors to look beyond the dominant tech stocks, often referred to as the "magnificent seven," to discover lesser-known tech stocks that may offer substantial growth potential [1][2] Company Highlights - Amkor Technology (AMKR): - A chip testing and packaging firm that has seen its stock price decline from $44 to$38 since mid-July, making it a potential buy [3] - Expected earnings of $1.82 in 2024 with a forward P/E ratio of 26.5 suggests a target price of$48 [3] - Anticipated earnings growth of approximately 30% annually through 2026, indicating strong future demand for its shares [3] - Wolfspeed (WOLF): - Focuses on manufacturing wide-bandgap semiconductors using silicon carbide and gallium nitride, which outperform traditional materials [4][5] - Although currently unprofitable, the company is expected to experience significant growth in the coming years, with analysts projecting a higher target price than its current valuation [5] - Impinj (PI): - A leader in the RFID space, providing real-time visibility for physical items, with strong recognition in retail and supply chain sectors [6] - Reported Q2 revenues of $102 million, exceeding guidance, and per share earnings of$1.44 for the first half of 2024 [6] - Entered net profitability this year, with expected earnings growth of 30-50% over the next several years, positioning the company for explosive growth [7]