5 Most Undervalued Cloud Stocks Under $10 According To Hedge Funds

In this article, we will take a look at the 5 most undervalued cloud stocks under $10 according to hedge funds. To see more such companies, go directly to 10 Most Undervalued Cloud Stocks Under $10 According To Hedge Funds.

5. AvePoint, Inc. (NASDAQ:AVPT)

Number of Hedge Funds: 14

AvePoint, Inc. (NASDAQ:AVPT) is a New Jersey-based software company that sells solutions that help companies migrate, manage and protect data in Microsoft 365. AvePoint, Inc. (NASDAQ:AVPT)’s Cloud platforms helps companies save a lot of costs in Cloud management and backups. According to AvePoint, Inc. (NASDAQ:AVPT)’s own estimates, a 5,000-user customer of Cloud Backup can save as much as $2 for every $1 spent compared to customers using self-hosted backup solutions.

AvePoint, Inc. (NASDAQ:AVPT) has a client retention rate of 100%. In the third quarter, AvePoint, Inc. (NASDAQ:AVPT)’s revenue jumped about 16% on a YoY basis. SaaS revenue in the period was $30 million, which shows a 34% YoY growth. Total ARR in the period also saw a 30% growth.

For the fourth quarter, the cloud company said it expects revenue of $63 million to $65 million. This would show a 22% growth on a constant currency basis.

A total of 14 hedge funds tracked by Insider Monkey have stakes in AvePoint, Inc. (NASDAQ:AVPT) as of the end of the third quarter of 2022. The total worth of these stakes was over $36 million.