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Possibly the two best undervalued stocks for 2024

by Thea Coates Finance Reporter
10th Jul 24 9:47 am

For investors, industries like the tech industry are a dream come true because of all the high-profile companies within it.

The tech industry boasts major players like Amazon, Microsoft and Nvidia, giving investors a world of choice when choosing their next investments.

However, these companies often take all the spotlight away from other players performing at a similar level in the stock market.

  • Since there are so many high-profile players in the tech industry, smaller companies often find themselves in the shadows of the bigger names.
  • Marathon Digital Holdings is a digital asset holding company specializing in bitcoin mining. The company has an impressive financial track record.
  • Concentrix is a global technology services company that recently made the Fortune 500 list thanks to years of steady financial growth and profitability.

There are many upsides to investing in low-cap stocks, especially this year when the tech industry’s profitability has been at an all-time high. When it comes to investing, timing is as important as anything else when buying into a new stock. The second half of the year has just begun, and investors have the opportunity to profit from tech stocks before the year runs out.

Joel Lim, a financial analyst at Tradequotex.com, has identified two of the best-undervalued tech stocks for investors in the tech industry.

Marathon Digital Holdings

Marathon Digital Holdings is an American digital asset holding company that specializes in mining cryptocurrency, such as Bitcoin. Digital assets have emerged as a lucrative asset class in 2024, and several financial instruments exist to help investors gain exposure to them. A great example is the Bitcoin Spot ETF.

Even though cryptocurrency mining can be extremely costly and risky, Marathon Digital Holdings has yielded impressive returns. This is evident from its impressive price-to-earnings ratio of 14.49x and price-book ratio of 3.53x.

It runs an impressive and robust Bitcoin mining system, complete with firmware, hardware, and cooling systems, which allows it to extract and store large amounts of Bitcoin in its treasury.

Joel Lim notes, “As cryptocurrency and Bitcoin continue to gather attention within the mainstream media, Marathon Digital Holdings will grow in mindshare and market share, making it an ideal option for investors interested in undervalued and low-cap tech stocks.”

Concentrix

Concentrix is an American global technology and services company based in Newark, California. It has been in the news recently after making the Fortune 500 list, thanks to recent impressive financial performances.

Concentrix has been one of the best-performing companies in the tech industry this year, as evidenced by its latest quarterly report. According to the report, the company’s revenue increased by 46.83% year-over-year, bringing the total amount to an impressive $2.4 billion.

With such impressive numbers under its belt and room for growth in the second half of the year, Concentrix is a no-brainer for investors looking for undervalued tech stocks.

Joel Lim notes, “With plans to expand its service categories to include information technology consulting, the company will likely maintain its revenue growth for the remainder of the year.”

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