3 Penny Tech Stocks to Consider Buying Now

3 Penny Tech Stocks to Consider Buying Now

Posted On September 14, 2023 10:51 am

Despite a significant setback in the aftermath of the pandemic, the tech industry adeptly navigated through macroeconomic uncertainties and orchestrated a remarkable resurgence, propelled by major breakthroughs in the realms of Artificial Intelligence (AI) and cloud computing.

Given the promising backdrop, in this article, I have highlighted three fundamentally robust penny tech stocks, Boxlight Corporation (BOXL – Get Rating), Ceragon Networks Ltd. (CRNT – Get Rating), and PCTEL, Inc. (PCTI – Get Rating), which could offer investors an affordable entry point to capitalize on the industry tailwinds.

Before diving into the fundamentals of the highlighted stocks, let us look at a few trends that are shaping the industry’s prospects.

Within the broader scope of the technology industry, the communication and network sector has recently experienced a noteworthy transformation. This significant transformation has been propelled by the emergence of revolutionary technologies like 5G, the Internet of Things (IoT), AI, and cloud computing.

These groundbreaking advancements have opened up vast possibilities for companies to lead the way in creating novel services that cater to the ever-evolving demands of individuals and enterprises.

Moreover, 5G technology assumes a pivotal role in shaping the future of communication, connectivity, and technology-driven sectors. The market size of 5G connections is projected to be around $106.64 billion in 2023, with an anticipated expansion to $990.33 billion by 2028, reflecting a robust CAGR of 56.2% during the forecast period spanning from 2023 to 2028.

Furthermore, as the 5G network holds the promise of unleashing the full potential of the technology sector, an increasing number of consumers are anticipated to adopt this system in the years ahead. The global 5G connections are on track to surpass 1.90 billion by the year’s end.

Although penny stocks are associated with volatility, in light of these encouraging trends and prospects, these tech penny stocks could be affordable buys on the backs of their robust fundamentals. Let’s delve into these three Technology – Communication/Networking stocks, beginning with number three…

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