In this article, we discuss the 11 best robotics stocks under $10. If you want to skip our detailed analysis of the robotics industry, go directly to 5 Best Robotics Stocks Under $10.
Many key industries around the globe are increasingly adopting the use of robots in manufacturing, as complex tasks can be performed in quick succession, increasing a company’s output in a competitive global market. In 2020, German automaker BMW AG signed an agreement with automation specialist KUKA to provide the automaker’s factories around the globe with 5,000 robots, building on a 40-year partnership. Apart from replacing human beings in automation lines on factory floors, robots play a huge part in modern-day medical surgeries, which now utilize robotics technology to achieve unprecedented precision and results. According to a report by market research firm Mordor Intelligence, 6,000 surgical robots have already performed a million operations around the globe, in a market roughly valued at $6 billion.
BCG, a consulting firm, reported that the global robotics market is poised to rise from $25 billion in 2021 to almost $260 billion by 2030. Statista predicts that the world’s robotics market could be worth more than $165 billion by 2028. Covid-19 saw a boost in the global demand for robots used in a range of industries. Advancements in artificial intelligence and the processing power of chips has led to robots becoming more sophisticated and able to carry out complex tasks. Robots are now used for food delivery, disinfection services, as well as cleaning and janitorial services since companies are looking to reduce their expenditures on redundant operations.
According to the United Nations, one in four persons living in North America and Europe could be aged 65 years or above by 2050. The aging population of the globe puts extra emphasis on the need to develop mobile services robots that can perform both menial and heavy tasks alike.
Major companies like Alphabet Inc. (NASDAQ:GOOG), Amazon.com, Inc. (NASDAQ:AMZN), and NVIDIA Corporation (NASDAQ:NVDA) are working to advance robotics technology, but for investors who want to hop on the robotics trend, and hop in cheap, we’ve prepared a list of the 11 best robotics stocks to buy under $10.
Photo by Andrea De Santis on UnsplashOur Methodology
We did a detailed study of the robotics industry and chose 11 stocks which boast strong growth catalysts, differentiated products, positive analyst ratings, and sound future prospects in the industry. All these stocks are priced under $10.
Best Robotic Stocks Under $10
11. Greenland Technologies Holding Corporation (NASDAQ:GTEC)
Number of Hedge Fund Holders: N/A Share Price (as of May 20): $3.10
Greenland Technologies Holding Corporation (NASDAQ:GTEC) is first up on our list of the best robotic stocks under $10. It is based in New Jersey, and offers transmission products for material handling machinery used in workshops, factories, shipyards and warehouses. It also offers robotic cargo carriers, electric forklifts, excavators and loaders. The company’s shares trade on the Nasdaq stock exchange at $3.10 per share as of May 20, with a market cap of $34.3 million.
On May 18, Litchfield Hills analyst Theodore O’Neill gave Greenland Technologies Holding Corporation (NASDAQ:GTEC) a ‘Buy’ rating, initiating his coverage with a $15 price target. The analyst holds that the US construction equipment market will grow at double the annual growth rate of the existing construction market. He notes that Greenland Technologies Holding Corporation (NASDAQ:GTEC) is establishing its own showrooms and experience centers to showcase its products, similar to the direct sales model adapted by Tesla (NASDAQ:TSLA).
Greenland Technologies Holding Corporation (NASDAQ:GTEC) manufacturing announced in May that it has selected Baltimore County, Maryland as the place to take forward its US expansion plans by building a 54,000 square-foot facility. Expected to open in July, this facility will support increased customer demand for the firm’s expanding line of electrical industrial vehicles.
Along with Alphabet Inc. (NASDAQ:GOOG), Amazon.com, Inc. (NASDAQ:AMZN), and NVIDIA Corporation (NASDAQ:NVDA), Greenland Technologies Holding Corporation (NASDAQ:GTEC) ranks among the best robotic stocks to buy now.
10. Kraken Robotics Inc. (OTC:KRKNF)
Number of Hedge Fund Holders: N/A Share Price (as of May 20): $0.27
Kraken Robotics Inc. (OTC:KRKNF) is a Canadian marine technology company which develops a range of robotic devices for underwater applications. It has offices in the United States, Germany, Denmark, and Brazil. The firm offers software-centric sensors, batteries, and underwater robotic systems in unmanned underwater vehicles which are used in military and commercial applications. Its products are used by a number of military navy’s around the world. These include SeaVision, an underwater laser imaging system; Kraken Active Towed Fish (KATFISH), a towed underwater vehicle for high speed and high resolution seabed mapping; and ThunderFish, an autonomous underwater vehicle.
On April 4, Kraken Robotics Inc. (OTC:KRKNF) announced the completion of a $0.5 million Robotics-as-a-Service contract with the Royal Canadian Navy, for testing of the firm’s ultra-high resolution survey equipment. Under this agreement, the Canadian Navy will develop and maintain advanced sonar imaging and data storage capability for all three coasts.
In August 2021, Kraken Robotics Inc. (OTC:KRKNF) acquired PanGeo Subsea, a specialist in high-resolution 3D acoustic imaging solutions for the sub-seabed, with offices in Canada, UK and US. Under this deal, PanGeo became a wholly-owned subsidiary of Kraken Robotics Inc. (OTC:KRKNF).
9. Duos Technologies Group, Inc. (NASDAQ:DUOT)
Number of Hedge Fund Holders: 1 Share Price (as of May 20): $3.50
Duos Technologies Group, Inc. (NASDAQ:DUOT) uses proprietary robotic hardware, software and artificial intelligence to automate the mechanical and security inspection of fast moving trains, trucks and automobiles. Shares of the Florida-based company trade at $3.50 on the Nasdaq stock exchange as of May 20. The firm has contracted $19 million in orders already as of April 2022, and boasts potential to expand its offerings in the international market in near future.
On March 3, Northland analyst Michael Latimore initiated coverage of Duos Technologies Group, Inc. (NASDAQ:DUOT) with an ‘Outperform’ rating and a $10 price target. The analyst sees the firm “in the unique position to create a market” for automated train and truck safety inspection. Its first major opportunity lies in the Class 1 freight rail market, according to the analyst, where the company’s technology is automating train inspections. He estimates $16.7 million in revenue for Duos Technologies Group, Inc. (NASDAQ:DUOT) in FY2022.
For the first quarter of 2022, Duos Technologies Group, Inc. (NASDAQ:DUOT) posted EPS (GAAP) of -$0.49, exceeding estimates by $0.04. Revenue stood at $1.44 million for the quarter, outperforming consensus figures by $439,000. Hudson Bay Capital Management was the only hedge with a stake in the firm at the close of the first quarter, with 135,000 shares worth $726,000.
8. Microbot Medical Inc. (NASDAQ:MBOT)
Number of Hedge Fund Holders: 1 Share Price (as of May 20): $5.06
Then there’s Microbot Medical Inc. (NASDAQ:MBOT), a medical device company which develops micro-robots used in minimally invasive surgeries. Its ViRob platform technology is an autonomous crawling micro-robot that can be controlled remotely or within the body, and is used in complex brain surgeries. The TipCat platform is a self-propelling, flexible, and semi-disposable endoscope which provides see-and-treat capabilities within human blood vessels, colon, and the urinary tract. The firm boasts 42 issued patents and 23 pending patents around the globe.
In December 2021, Microbot Medical Inc. (NASDAQ:MBOT) signed a technology co-development collaboration agreement with Stryker Corporation, a leading medical technology company with a market cap of $88 billion and presence in over 75 countries. Together the two firms will develop the world’s first dedicated robotic procedural kits for use in neurovascular procedures.
Renaissance Technologies was the lone shareholder of Microbot Medical Inc. (NASDAQ:MBOT) out of all the hedge funds tracked by Insider Monkey at the end of the first quarter of 2022. The fund’s stake in the company of roughly 15,700 shares worth $98,000.
7. Myomo Inc. (NYSE:MYO)
Number of Hedge Fund Holders: 2 Share Price (as of May 20): $2.42
Myomo Inc. (NYSE:MYO) is a Boston-based firm which develops wearable medical devices which enable expanded upper limb mobility for those suffering from paralysis or mobility disorders. Its MyoPro is an adjustable orthosis product that is sold to rehabilitation hospitals, orthotics and prosthetics providers and the Veterans Health Administration in the United States.
On May 12 Alliance Global Partners analyst Ben Haynor reiterated a ‘Buy’ rating on Myomo Inc. (NYSE:MYO) shares, revising the price target to $10 from $19. The firm’s Q1 results were in-line with estimates, and the analyst sees significant upside to the shares at current levels. As of May 20, shares of Myomo Inc. (NYSE:MYO) are priced at $2.42. The company stated in May that it expects year-over-year product revenue growth as its growing pipeline of MyoPro candidates converts into orders.
For the first quarter, Myomo Inc. (NYSE:MYO) posted an EPS of -$0.41, outperforming estimates by $0.12. Quarterly revenue of $3.87 million saw an increase of 65.5% in comparison to the year-ago quarter, and beat analysts’ forecasts by $1.01 million.
Out of the hedge funds tracked by Insider Monkey, 2 were long Myomo Inc. (NYSE:MYO) at the end of the fourth quarter. A prominent shareholder of the firm in the first quarter was AIGH Investment Partners.
6. Titan Medical Inc. (NASDAQ:TMDI)
Number of Hedge Fund Holders: 3 Share Price (as of May 20): $0.46
Titan Medical Inc. (NASDAQ:TMDI) is next on our list of the best robotic stocks to buy under $10. It is a Toronto-based company that offers Enos, a single access surgical system which consists of surgeon-operated workstations that come with high-definition 3D and 2D vision systems, and robotic instruments that are used to perform minimally-invasive surgeries.
The Enos system has not yet been approved by the FDA or any regulatory authority, but the company is making gains towards commercialization. It recently announced surpassing 200 patents and patent applications around the globe. On March 25, Oppenheimer analyst Suraj Kalia downgraded Titan Medical Inc. (NASDAQ:TMDI) to Perform from Outperform, with no price target. The analyst is fundamentally positive on the company, but lowered his rating to take into account a recent change in CEO and launch delays for the Enos. In early May, the company received a purchase order from Medtronic (NYSE:MDT) worth $2.6 million, which will cover purchase of instruments and cameras to be used in preclinical activities, as well as the evaluation of Titan Medical Inc. (NASDAQ:TMDI) as a potential manufacturing and supply partner for Medtronic.
3 hedge funds were long on Titan Medical Inc. (NASDAQ:TMDI) shares at the close of the fourth quarter, same as the quarter before. The largest Q1 2022 shareholder of the company was Jim Simons’ Renaissance Technologies, which held roughly 126,000 shares worth $66,000.
Alphabet Inc. (NASDAQ:GOOG), Amazon.com, Inc. (NASDAQ:AMZN), and NVIDIA Corporation (NASDAQ:NVDA) are some of the top companies working on robotics, and Titan Medical Inc. (NASDAQ:TMDI) is one of the best cheap robotics stocks to buy now.
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Disclosure None. 11 Best Robotics Stocks Under $10 is originally published on Insider Monkey.