10 Cheap Gaming Stocks to Buy Now

Published on December 6, 2022 at 9:36 am by Usman Kabir in Hedge Funds, News

In this article, we discuss the 10 cheap gaming stocks to buy now. If you want to read about some more cheap gaming stocks to buy now, go directly to 5 Cheap Gaming Stocks to Buy Now.

As per the latest market analysis report by Technavio, the potential growth difference for the gaming market between 2021 and 2026 is close to $75 billion, indicating a compound annual growth rate of more than 7.30%. Research by consulting firm iMarc reveals that the global gaming market size will cross $202 billion in 2022. The research shows that the gaming market will cross $340 billion in value by 2028, exhibiting an annual growth rate of more than 9.08% during 2023-2028.

The growing adoption of augmented reality (AR) and virtual reality (VR) games is one of the key factors driving the global gaming industry growth. Game developers mostly prefer AR and VR devices as compared to traditional gaming devices for their higher margins. Top gaming firms like Microsoft Corporation (NASDAQ:MSFT), Sea Limited (NYSE:SE), and NVIDIA Corporation (NASDAQ:NVDA), the latter mostly working on the hardware for gaming devices, are also developing gaming platforms using 3D technologies.

Technavio claims that the Asia-Pacific region will lead growth in the gaming market over the next five years, capturing nearly 56% of the expansion in gaming globally as countries like China, Japan, and South Korea remain key markets for the industry. It has been estimated that the market growth in the region will be faster than the growth of the market in other regions. Further the increasing penetration of e-sports in developing countries will also contribute to the growth of the gaming market worldwide.

In addition to sweeping trends in AR and VR, the rise of casual web gaming is also important. HTML5 (H5) games are golden opportunities for both game developers and non-gaming publishers to grow bottom lines. H5 games are easily accessible anywhere and on any device. Basically, anyone can play these games. Globally, the H5 gaming market is forecast to expand from $832.21 million in 2022 to $2.69 billion by 2027. H5 games provide developers a new way to grow revenue without high development costs.

Our Methodology

The companies that operate in the gaming sector and were priced under $50 per share, as of December 5, were selected for the list. Special importance was assigned to outlining the basic business fundamentals and analyst ratings for each firm to provide readers with some context so they can make more informed investment choices. Data from around 900 elite hedge funds tracked by Insider Monkey in the third quarter of 2022 was used to identify the number of hedge funds that hold stakes in each firm.

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Cheap Gaming Stocks to Buy Now

10. Corsair Gaming, Inc. (NASDAQ:CRSR)

Number of Hedge Fund Holders: 9

Share Price as of December 5: $17.11

Corsair Gaming, Inc. (NASDAQ:CRSR) designs, markets, and distributes gaming and streaming peripherals, components and systems in the Americas, Europe, the Middle East, and the Asia Pacific. On November 3, Corsair Gaming posted earnings for the third quarter of 2022, reporting losses per share of $0.09 in-line. The revenue over the period was $311.77 million, down 20.3% compared to the revenue over the same period last year and beating market estimates by $4.65 million.

At the end of the third quarter of 2022, 9 hedge funds in the database of Insider Monkey held stakes worth $19.2 million in Corsair Gaming, Inc. (NASDAQ:CRSR), compared to 10 in the preceding quarter worth $26.8 million.

Unlike Microsoft Corporation (NASDAQ:MSFT), Sea Limited (NYSE:SE), and NVIDIA Corporation (NASDAQ:NVDA), Corsair Gaming, Inc. (NASDAQ:CRSR) is one the more affordable gaming stocks to buy now according to elite investors.

In its Q4 2021 investor letter, Sterling Partners Equity Advisors, an asset management firm, highlighted a few stocks and Corsair Gaming, Inc. (NASDAQ:CRSR) was one of them. Here is what the fund said:

“Corsair Gaming, Inc. (NASDAQ:CRSR) is a global developer and manufacturer of high-performance gear and technology for gamers, content creators, and PC enthusiasts. Corsair delivers a full ecosystem of products; PC Components, Peripherals, Premium Streaming Equipment, and Smart Ambient Lighting. Corsair responded to the difficult sourcing and shipping environment by building inventory closer to its customers. Management believes that once this difficult supply chain is behind them their targeted growth and profitability targets will return. We believe in the growing gaming market globally and Corsair is positioned well to support this growing customer base with a platter of products.”

9. Sohu.com Limited (NASDAQ:SOHU)

Number of Hedge Fund Holders: 14

Share Price as of December 5: $15.08

Sohu.com Limited (NASDAQ:SOHU) provides online media, video, and game products and services on PCs and mobile devices in China. On November 14, Sohu.com Limited posted unaudited financial results for the third quarter that ended September 30, 2022. Total revenues were $185 million, down 14% year-over-year and 5% quarter-over-quarter. Brand advertising revenues were $26 million, down 24% year-over-year and up 3% quarter-over-quarter.

On November 15, Citi analyst Alicia Yap maintained a Buy rating on Sohu.com Limited (NASDAQ:SOHU) stock and lowered the price target to $21 from $22, highlighting the change has been made due to the company’s third-quarter results.

At the end of the third quarter of 2022, 14 hedge funds in the database of Insider Monkey held stakes worth $81.8 million in Sohu.com Limited (NASDAQ:SOHU), compared to 12 in the preceding quarter worth $90.9 million.

8. Golden Entertainment, Inc. (NASDAQ:GDEN)

Number of Hedge Fund Holders: 24

Share Price as of December 5: $43.43

Golden Entertainment, Inc. (NASDAQ:GDEN) engages in the ownership and operation of a diversified entertainment platform in the United States. On November 8, Golden Entertainment and Quick Custom Intelligence announced that QCI Host will be deployed across all of Golden Entertainment’s casinos and taverns throughout Nevada. The OCI Host aligns player development, marketing and gaming with powerful real-time operational tools developed for the gaming and hospitality industries. QCI has installed software in more than 95 casino resorts in North America and almost 4,000 sites globally.

On October 20, CBRE analyst John DeCree resumed coverage of Golden Entertainment, Inc. (NASDAQ:GDEN) stock with a Buy rating and $58 price target, noting the growing risk of a US recession, rising interest rates, and difficult FY23 comparisons in the local market.

Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Hill Path Capital is a leading shareholder in Golden Entertainment, Inc. (NASDAQ:GDEN) with 1.2 million shares worth more than $37.3 million.

7. Sonos, Inc. (NASDAQ:SONO)

Number of Hedge Fund Holders: 24

Share Price as of December 5: $17.83

Sonos, Inc. (NASDAQ:SONO) designs, develops, manufactures, and sells multi-room audio products in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. These audio products are used by gaming firms and individual gamers to enhance their audio experiences for video games. In VR and AR gaming, audio forms an important component of the overall gaming experience. On November 16, Sonos posted earnings for the fourth quarter of 2022, reporting losses earnings per share of $0.32, beating market estimates by $0.01. The revenue over the period was $316.29 million, down 12% compared to the revenue over the same period last year and beating market estimates by $21.68 million.

On October 17, Morgan Stanley analyst Erik Woodring maintained an Equal Weight rating on Sonos, Inc. (NASDAQ:SONO) stock and lowered the price target to $17 from $20, highlighting that in the third quarter, consumer and business checks deteriorated, indicating additional downward to estimates for IT hardware names.

Among the hedge funds being tracked by Insider Monkey, Rowayton, Connecticut-based investment firm Coliseum Capital is a leading shareholder in Sonos, Inc. (NASDAQ:SONO) with 7.2 million shares worth more than $99.9 million.

In its Q1 2022 investor letter, Aristotle Capital Management, an asset management firm, highlighted a few stocks and Sonos, Inc. (NASDAQ:SONO) was one of them. Here is what the fund said:

“Sonos (NASDAQ:SONO), a consumer electronics company with proprietary multi-room smart speaker technology, was added to the portfolio on the belief that strong consumer demand for the company’s differentiated product offering plus a multi-year pipeline of upcoming new product introductions is expected to drive shareholder value for the next several years.”

6. Playtika Holding Corp. (NASDAQ:PLTK)

Number of Hedge Fund Holders: 26

Share Price as of December 5: $9.31

Playtika Holding Corp. (NASDAQ:PLTK) develops mobile games in the United States, Europe, the Middle East, Africa, the Asia Pacific, and internationally. On November 21, Playtika revealed that it has agreed to make a $25 million minority investment in the recently founded Turkish firm named Ace Games. Ace Games is the maker of Fiona’s Farm, a free-to-play mobile game that is rapidly gaining popularity across the world.

On November 9, Wedbush analyst Michael Pachter maintained an Outperform rating on Playtika Holding Corp. (NASDAQ:PLTK) stock and lowered the price target to $15 from $20, highlighting that the company had mixed results in the recent quarter, with around half of its business down double-digit percentages and the other half up double digits.

Among the hedge funds being tracked by Insider Monkey, New York-based firm Millennium Management is a leading shareholder in Playtika Holding Corp. (NASDAQ:PLTK) with 7.4 million shares worth more than $69.3 million.

In contrast to Microsoft Corporation (NASDAQ:MSFT), Sea Limited (NYSE:SE), and NVIDIA Corporation (NASDAQ:NVDA), Playtika Holding Corp. (NASDAQ:PLTK) is one the more affordable gaming stocks to buy now according to elite investors.

Click to continue reading and see 5 Cheap Gaming Stocks to Buy Now.

AI Fire Sale: Insider Monkey’s #1 AI Stock Pick Is On A Steep Discount

Published on May 1, 2024 at by Inan Dogan, PhD

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A New Dawn is Coming to U.S. Stocks

Published on May 2, 2024 at by Insider Monkey Staff

I work for one of the largest independent financial publishers in the world – representing over 1 million people in 148 countries.

We’re independently funding today’s broadcast to address something on the mind of every investor in America right now…

Should I put my money in Artificial Intelligence?

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Click to continue reading…

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