5 Cheap Rising Stocks to Buy

3. Super Micro Computer, Inc. (NASDAQ:SMCI)

Number of Hedge Fund Holders: 34

California-based IT company Super Micro Computer, Inc. (NASDAQ:SMCI) ranks 3rd in our list of cheap rising stocks to buy. Super Micro Computer, Inc. (NASDAQ:SMCI) has gained about 14% in the past month through April 4. Much of this rally is fueled by the latest AI boom and Super Micro Computer, Inc. (NASDAQ:SMCI)’s smart moves to cash the latest trend. In March, Super Micro Computer, Inc. (NASDAQ:SMCI) announced the launch of its AI development platform, powered by NVIDIA. Super Micro Computer, Inc. (NASDAQ:SMCI) said this platform is an application-optimized system for developing and running AI-based software.

In January, Super Micro Computer, Inc. (NASDAQ:SMCI) posted its fiscal Q2 results. Adjusted EPS in the quarter came in at $3.26 beating estimates by $0.23. Revenue in the quarter increased by 54% year over year to reach $1.8 billion, beating estimates by $20 million.

As of the end of the fourth quarter of 2022, 34 hedge funds tracked by Insider Monkey reported having stakes in Super Micro Computer, Inc. (NASDAQ:SMCI). The biggest stakeholder of Super Micro Computer, Inc. (NASDAQ:SMCI) was David Brown’s Hawk Ridge Management which owns a $93 million stake.