In this article, we discuss the 11 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 ageing 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 Unsplash
Our 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 machineries 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 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 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 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 manufacturing 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., Amazon.com, Inc., and NVIDIA Corporation, Greenland Technologies Holding Corporation 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. 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. 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..
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. 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. in FY2022.
For the first quarter of 2022, Duos Technologies Group, Inc. 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. 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. 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 consisted 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 neurological 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. 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. 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. 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. 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. 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. as a potential manufacturing and supply partner for Medtronic.
3 hedge funds were long on Titan Medical Inc. 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., Amazon.com, Inc., and NVIDIA Corporation are some of the top companies working on robotics, and Titan Medical Inc. is one of the best cheap robotics stocks to buy now.
5. ReWalk Robotics Ltd. (NASDAQ:RWLK)
Number of Hedge Fund Holders: 3
Share Price (as of May 20): $0.88
ReWalk Robotics Ltd. (NASDAQ:RWLK) ranks next on our list of the best robotic stocks to buy under $10. It develops and commercializes robotic exoskeletons for individuals with mobility impairments or other medical conditions. The Israeli firm offers ReWalk Personal and ReWalk Rehabilitation, exoskeletons used by paraplegic individuals or patients with spinal cord injuries. ReWalk Robotics Ltd. was the first firm to receive FDA approval for its exoskeletons in the United States.
In March, a British man paralyzed from the waist down earned a Guinness World Record by climbing to the top of London’s 225 metre tall Leadenhall Building while donning a wearable robotic exoskeleton by ReWalk Robotics Ltd.. In November, FDA (Food and Drug Administration) granted the firm’s ReBoot device the designation of a Breakthrough Device. The lightweight, battery-powered exo-suit will assist individuals with reduced ankle functions owing to neurological injuries.
The leading shareholder of ReWalk Robotics Ltd. in the first quarter was Hal Mintz’ Sabby Capital, which held a $1.47 million stake in the company.
Out of the 924 elite hedge funds tracked by Insider Monkey as at the end of Q4 2021, 3 reported ownership of stakes in ReWalk Robotics Ltd. with a combined value of $1.82 million.
4. Viomi Technology Co., Ltd (NASDAQ:VIOT)
Number of Hedge Fund Holders: 5
Share Price (as of May 20): $1.54
Viomi Technology Co., Ltd (NASDAQ:VIOT) is a Chinese firm which sells internet-of-things (IoT) enabled smart home devices. These include smart kitchen products such as refrigerators and smart water kettles, sweeper robots, smart locks, and smart TV appliances. The firm has a strategic partnership with Xiaomi Corporation, and sells its products in China through online e-commerce stores as well as physical experience centers. As of May 20, Viomi Technology Co., Ltd trade at a value of $1.54.
For the fourth quarter, the company posted earnings per share of $0.07, above estimates by $0.06. For FY2021, Viomi Technology Co., Ltd posted net revenue of RMB 5.3 billion, at gross profit margin of 22.6% which increased 4% year-on-year.
At the conclusion of the fourth quarter, 5 hedge funds reported bullish bets on Viomi Technology Co., Ltd shares. This was up from 4 hedge funds in the previous quarter. Billionaire Jim Simons’ was once again the top shareholder in an up-and-coming robotic stock, with a stake in Viomi Technology Co., Ltd worth $115,000 in the first quarter of 2022.
3. Asensus Surgical, Inc. (NYSE:ASXC)
Number of Hedge Fund Holders: 6
Share Price (as of May 20): $0.41
Asensus Surgical, Inc. (NYSE:ASXC) is another robotic company which develops technology to enable minimally invasive surgery. The firm is based in North Carolina and was known as TransEnterix, Inc up until February 2021. It digitizes the interface between the surgeon and the patient, with its multi-port robotic system called Senhance Surgical which includes a camera for laparoscopic procedures and allows up to four arms to control robotic instruments. These systems are increasingly being purchased or leased by hospitals in the United States and around the globe, and the firm will likely see steady growth as hospital activity normalizes after the Covid slowdown.
6 hedge funds were long Asensus Surgical, Inc. at the end of Q4 2021, with combined stakes valued at $4.56 million. This shows that investors are warming up to this exciting robotics company, as 3 hedge funds held $1.13 million worth of positions a quarter before.
2. Accuray Incorporated (NASDAQ:ARAY)
Number of Hedge Fund Holders: 20
Share Price (as of May 20): $2.17
Accuray Incorporated (NASDAQ:ARAY) is a top robotic stock to buy under $10. It has developed the CyberKnife, which offers image-guided robotic radio-surgery treatments for a range of cancerous tumors; and Tomo Therapy systems, which include integrated radiation therapy systems to treat cancers.
In December, Loop Capital analyst Jason Wittes initiated coverage of Accuray Incorporated with a ‘Buy’ rating and $7.50 price target. Wittes holds that the firm “is finally in a position to grow and generated cash” given its higher commitment to R&D which has enabled the launch of multiple new products. The analyst notes that the firm enjoys a strong reputation in China, and is leveraging it with the launch of a competitive, low-cost type B product in the country. He sees this as a major opportunity for the firm.
Accuray Incorporated posted its first quarter earnings at the end of April, and beat consensus estimates on earnings per share by $0.05. The company garnered more than $96 million in revenue for the quarter, also beating analysts’ estimates by $123,000.
At the end of the fourth quarter of 2021, 20 hedge funds in the database of Insider Monkey held stakes worth $98.99 million in Accuray Incorporated, compared to 18 in the preceding quarter worth $81.52 million.
1. Stereotaxis, Inc. (NASDAQ:STXS)
Number of Hedge Fund Holders: 23
Share Price (as of May 20): $1.80
Stereotaxis, Inc. (NASDAQ:STXS) manufactures robotic magnetic navigation (RMN) systems which enable minimally invasive endovascular surgeries. The firm’s technology provides surgeons with image-guided delivery of catheters and guidewires into blood vessels and chambers of the heart.
Loop Capital analyst Jason Wittes in January initiated coverage of Stereotaxis, Inc. with a ‘Buy’ rating and a $13 price target. The analyst noted that the firm has developed an advanced robotic platform for endovascular surgery that makes use of magnets as opposed to less effective mechanical arms or automated guidewires to move catheters through clogged vessels. He believes the company’s new catheter system launching later this year will “dramatically” enhance its growth and profitability profile. Craig-Hallum analyst Alex Nowak also gave Stereotaxis, Inc. a ‘Buy’ rating in January, along with a price target of $11.
23 hedge funds held positions in Stereotaxis, Inc. at the conclusion of the fourth quarter, as compared to 26 hedge funds a quarter before. The total value of Q4 hedge funds holdings was recorded at $179.8 million. In the first quarter, DAFNA Capital Management held a $51 million stake in Stereotaxis, Inc. which represented 13.29% of its total portfolio, and made it the firm’s largest shareholder.
The company posted $7.04 million in revenue for the first quarter, which exceeded estimates by $368,000. EPS was recorded in-line with estimates at -$0.06.
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