5 Best Hot Stocks to Buy for June

In this article, we will list the 5 Best Hot Stocks to Buy for June. Please visit 10 Best Hot Stocks to Buy for June if you would like to see the extended list and the methodology behind it.

5. Onto Innovation Inc. (NYSE:ONTO)

Stock Upside Potential: 28.03%

Year to Date Gain: 62.17%

Number of Hedge Fund Holders: 67

Onto Innovation Inc. (NYSE:ONTO) is one of the best hot stocks to buy for June. On June 4, Stifel reiterated Onto Innovation Inc. (NYSE:ONTO) as a Buy with a $350 price target. The research firm remains bullish on the company, impressed by the accelerated adoption of its inspection technology by customers.

The company’s long-term prospects for Dragonfly inspection tools also remain intact, with qualification by two key high-bandwidth memory and foundry logic customers. Management had expected the qualification to take three to six months. Stifel expects the faster-than-expected qualification to act as a catalyst, strengthening the company’s sentiment in the second half of the year.

In addition, the research firm expects Onto Innovation to benefit from the strengthening demand for G3 advanced packaging inspection in high-bandwidth memory and foundry logic systems. Consequently, advanced packaging inspection revenue is expected to grow by more than 50%, and overall revenue to grow by more than 30%.

Onto Innovation Inc. (NYSE:ONTO) is a leading U.S. semiconductor company that designs and builds the advanced equipment and software required to manufacture microchips. Their technology enables chipmakers to inspect microscopic defects, measure nanoscale chip structures, and automate production processes, thereby improving overall yield and reliability.