11 Best Tech Stocks to Buy On the Dip

9. Onto Innovation Inc. (NYSE:ONTO)

Year-to-Date Performance: -44.75%

Analyst Upside Potential: 37.28%

Number of Hedge Fund Holders: 31

Onto Innovation Inc. (NYSE:ONTO) is one of the 11 Best Tech Stocks to Buy On the Dip. On June 13, B.Riley Financial analyst Craig Ellis maintained a Buy rating on Onto Innovation Inc. (NYSE:ONTO) with a price target of $160. The rating comes after the company announced enhanced leadership with two new executive appointments. The company appointed Brian Roberts as chief financial officer and Shirley Chen as senior vice president of customer success in a move to achieve its strategic objectives.

On May 8, Onto Innovation Inc. (NYSE:ONTO) reported its Q1 2025 results, highlighting record quarterly revenue of $267 million, marking the seventh consecutive quarter of growth. The growth was driven by growth in advanced nodes and advanced packaging markets, particularly supporting AI compute engines and increased investments in cloud and enterprise servers.

Nearly all the products of Onto Innovation Inc. (NYSE:ONTO) are manufactured in the United States, which exposes the company to higher incoming costs due to tariffs imposed by the Trump administration and which exposes the company to higher incoming costs due to tariffs imposed by the Trump administration. Management noted accelerating strategic programs to establish manufacturing capabilities in Asia to help eradicate the tariff threat. The company expects shipments from these new facilities to begin in the second half of 2025, thereby further improving its margins.

Onto Innovation Inc. (NYSE:ONTO) is engaged in the designing, development, and manufacturing of advanced equipment and systems for microelectronics. It focuses on key areas including Control methodology, Defect Inspection, Lithography Systems, and Data Analysis Systems.