Best AI Stocks Under $20 in 2023 Revealed! [Top 8 In The List]

Introduction

Here are the best ai stocks under $20. One of the most revolutionary technologies of our time is artificial intelligence (AI). Even though its potential is just now starting to be realized, it is already having a significant influence on businesses and sectors all over the world. AI will probably open up additional chances for investors as it develops. There are still many excellent possibilities available if you are searching for stocks to buy in the AI sector but are on a tight budget.

Best AI Stocks Under $20

Sprinklr, Inc. (NYSE: CXM)

  • Average Estimated Price Target: $14.75
  • Number of Hedge Fund Holders: 22
  • Average Upside Potential: 9.20%

Cloud-based software for companies is offered by Sprinklr, Inc. (NYSE: CXM), a global supplier. Their main item is the Unified Customer Experience Management platform, which is made to analyze customer experience data that isn’t set up in a certain way. Sprinklr Service, a comprehensive cloud-based contact centre that uses AI to service customers through various channels; Sprinklr Marketing, which streamlines marketing operations; and Sprinklr Social, which helps customers listen to, triage, engage with, and analyze conversations across various channels, are among the company’s products. One of the greatest AI stocks to watch is this one.

J. Parker Lane, an analyst at Stifel, maintained a Hold rating and raised the firm’s price objective for Sprinklr, Inc. (NYSE: CXM) to $13 from $8 on March 30. The company’s predictions for FY24 operating profit and subscription revenue growth are greater than those made by the Street, the analyst claims, while Sprinklr’s Q4 results beat expectations for both sales and profit. According to Stifel, Sprinklr, Inc. (NYSE: CXM) has seen a stabilization in the purchasing environment and a successful up-sell strategy to current clients. The company’s profitability projection is also positive, and Sprinklr’s revenue prediction for FY25 is expected to expand at a 15% pace. According to the analyst, the company is also bullish about the Sprinklr demand situation which is beginning to stabilize.

Nokia Oyj (NYSE: NOK)

  • Average Estimated Price Target: $6.70
  • Number of Hedge Fund Holders: 17
  • Average Upside Potential: 28.03%

One of the top stocks to follow in artificial intelligence is Nokia Oyj (NYSE: NOK). The business has been creating and incorporating AI capabilities into its numerous goods and services. These include AI-powered analytics for video surveillance and public safety, predictive maintenance for industrial IoT applications, and AI-enabled network operations. The ReefShark chipset technology from Nokia Oyj (NYSE: NOK) is also intended to improve the performance of 5G networks by leveraging AI to decrease latency and speed up processing.

On February 14, Adithya Metuku, an analyst with Credit Suisse, confirmed her firm’s Outperform rating for Nokia Oyj (NYSE: NOK), although she dropped her firm’s price objective for the stock from EUR 6.05. to EUR 5.61.

Compared to 24 funds in the prior quarter, 17 hedge funds were positive on Nokia Oyj (NYSE: NOK), according to Insider Monkey’s fourth-quarter database. With 10.3 million shares valued at $47.85 million, LMR Partners, a business founded by Ben Levine, Andrew Manuel, and Stefan Renold, is the company’s largest shareholder.  

NIO Inc. (NYSE: NIO)

  • Average Estimated Price Target: $12.31
  • Number of Hedge Fund Holders: 25
  • Average Upside Potential: 35.72%

In China, NIO Inc. (NYSE: NIO) produces and sells intelligent electric cars. Along with smart electric sedans, their product lineup also includes electric SUVs with seating for five, six, and seven passengers. Advanced driver assistance systems (ADAS) and autonomous driving features are only a couple of the AI technologies that NIO Inc. (NYSE: NIO) has integrated into its cars. The NOMI system, an AI assistant that can change the music and temperature in the car as well as provide directions and answer inquiries, is installed in all of NIO’s vehicles. In addition, NIO Inc. (NYSE: NIO) has created a cloud-based platform called NIO Pilot that makes use of AI algorithms and big data analysis to increase driving safety. One of the finest AI stocks to buy is this one.

10,378 cars were sold in March 2023 by NIO (NYSE: NIO), 3,203 of which were premium smart electric SUVs and 7,175 were premium smart electric sedans. The number of delivery is down 14.6% from the previous month but up 4% from the same time last year.

Tim Hsiao, a Morgan Stanley analyst, downgraded the firm’s price objective for NIO (NYSE: NIO) shares from $16.10 to $12 on March 20 while maintaining an Overweight rating.

Compared to 26 funds in the previous quarter, 25 hedge funds were positive on NIO (NYSE: NIO), according to Insider Monkey’s fourth-quarter database. The largest shareholder in the firm is Jos Shaver’s Electron Capital Partners, which owns 6.30 million shares worth $61.4 million.

Duos Technologies Group, Inc. (NASDAQ: DUOT)

  • Average Estimated Price Target: $7.63
  • Number of Hedge Fund Holders: 2
  • Average Upside Potential: 90.63%

The company Duos Technologies Group, Inc. (NASDAQ: DUOT) develops and oversees cutting-edge technological solutions. Their solutions incorporate cutting-edge technological platforms like truevue360, an integrated platform for creating and deploying AI algorithms, centraco, an enterprise information management system, and Praesidium, a software used for managing image capture devices and sensors, which are used as inputs for centraco software. To enable real-time applications, these platforms make use of a variety of methods, including deep neural networks, computer vision, machine learning, and object recognition. One of the greatest stocks to buy regarding artificial intelligence is Duos Technologies Group, Inc. (NASDAQ: DUOT).

For use with the Railcar Inspection Portal solution for passenger railcars, Duos Technologies Group, Inc. (NASDAQ: DUOT) debuted two new artificial intelligence detection models on March 23. The company’s line of inspection tools, which allow train operators to check trains at speeds of up to 125 miles per hour, now includes these two models, which are the most recent additions. On January 18, Ascendiant analyst Edward Woo began monitoring Duos Technologies Group, Inc. (NASDAQ: DUOT) and gave the company a Buy rating and a $5 price target. The top shareholder in the corporation, with 21,696 shares valued at $45.5 million, is Sander Gerber’s Hudson Bay Capital Management, according to Insider Monkey’s fourth-quarter database.

Rekor Systems, Inc. (NASDAQ:REKR)

  • Average Estimated Price Target: $2.75
  • Number of Hedge Fund Holders: 5
  • Average Upside Potential: 129.17%

Rekor Systems, Inc. (NASDAQ: REKR) provides intelligent infrastructure services and solutions for managing transportation, enhancing public safety, and supporting commercial sectors around the globe, including those in the US and Canada. As of March 16, more than 1,200 users were actively using Rekor Systems, Inc.’s (NASDAQ: REKR) range of e-commerce platform solutions. Unaudited revenue for the business increased significantly from $0.4 million in 2019 to an estimated $1.7 million in 2022.

The site had attracted users from over 90 nations by the end of 2022. It is among the top stocks to follow in artificial intelligence. Zach Cummins, a B. Riley analyst, kept Rekor Systems, Inc. with a Buy rating following the Q4 results. (NASDAQ: REKR) but lowered the firm’s price target on the shares to $3 from $4 on March 28. The analyst cited the anticipated dilution from the most recent stock offering as the reason for the price target lowering. Despite this, the analyst thinks that Rekor Systems, Inc. (NASDAQ: REKR) is well-positioned to benefit from the anticipated rise in infrastructure expenditure in the future years.

Rekor Systems, Inc. (NASDAQ: REKR) was the subject of holdings owned by five hedge funds totalling $8.8 million as of the end of the fourth quarter, down from seven funds holding interests totaling $7.8 million. Rekor Systems, Inc. (NASDAQ: REKR), one of the best artificial intelligence stocks to invest in, is comparable to Amazon.com, Inc. (NASDAQ: AMZN), Snowflake Inc. (NYSE: SNOW), and EPAM Systems, Inc. (NYSE: EPAM).

Lantronix, Inc. (NASDAQ: LTRX)

  • Average Estimated Price Target: $9.90
  • Number of Hedge Fund Holders: 10
  • Average Upside Potential: 116.45%

Numerous solutions are offered by Lantronix, Inc. (NASDAQ: LTRX) for applications in robotics, edge computing, remote environment control, video surveillance, traffic management, and infotainment systems. In addition to network switches, media converters, power over Ethernet, NICS and optical SFPs, system-on-modules, single-board computers, and development kits, its products also include telematics devices that support communication across interfaces and industrial protocols for tracking and managing vehicles, fleets, and assets.

In addition, Lantronix, Inc. In order to develop solutions for cameras, audio, and artificial intelligence/machine learning, (NASDAQ: LTRX) offers mechanical, hardware, and software engineering services.

On February 10, Canaccord analyst T. Michael Walkley maintained a Buy rating on Lantronix, Inc. (NASDAQ: LTRX), but lowered the firm’s price objective from $11 to $10. The company’s agreement with Gridspertise, which was originally valued at $30 million, has been confirmed by the company for a total of $40 million, the analyst pointed out. The larger contract has been delayed for two quarters into F2024, hence the analyst expects F2024 to see robust sales growth with profit leverage.

Remark Holdings, Inc. (NASDAQ: MARK)

  • Average Estimated Price Target: $3.75
  • Number of Hedge Fund Holders: N/A
  • Average Upside Potential: 131.09%

For software developers and organizations, Remark Holdings, Inc. (NASDAQ: MARK) focuses on developing and deploying artificial intelligence solutions. The business runs software platforms for data and AI under the names Remark AI in the US and KanKan AI in the Asia Pacific. This platform offers software-as-a-service, hardware, and computer vision technologies driven by AI to a variety of sectors, including biosafety, retail, workplace and food safety, railway safety, and urban life cycle. Remark Holdings, Inc. (NASDAQ: MARK) announced on December 21.

PayPal

As it shifts from emphasizing user growth to engaging its most active users, digital payments company PayPal (PYPL 2.66%) is going through a little bit of a transformation. The preliminary findings imply that this tactic is beginning to bear fruit. With 53 million transactions per active account throughout the quarter, Q1 2023 was the seventh consecutive quarter of rising transaction volume.

This represents a 17% rise since the end of the fiscal year 2021 and a 13% increase year over year. Year-on-year transaction growth has never been lower than 13% during these same five quarters. The 12% decrease in overall non-transaction operational expenditures is also important to note. Most significantly, compared to the same quarter last year, sales and marketing costs dropped by 29% in Q1 2023. Due to this, PayPal’s operating margin increased by 320 basis points to 14.2% in the first quarter.

Conclusion

Best ai stocks under $20 will be examined in this article. In 2023, artificial intelligence (AI) has completely overtaken the financial markets, ushering in what is today referred to as an AI boom. Companies all over the world are scrambling to get in on the AI action by launching their AI-powered goods and services, while those that have been actively engaged in the sector in the past are starting to reap the rewards of their foresight.

FAQs

Is C3.ai a wise investment?

On Wall Street, there isn’t necessarily a bad vibe toward C3.ai, to be fair. Refinitiv polled eight analysts, and three of them suggested purchasing the stock, with two of them giving it a strong buy recommendation.

Will there be a huge investment in AI?

In 2030, company value from AI software might reach up to $90 trillion, according to Ark Investment Management’s Big Ideas 2023. Long-term investors may gain by selecting these three stocks now given that AI is predicted to be the next big thing for the upcoming decade.

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