5 Oversold Tech Stocks To Buy

4. IPG Photonics Corporation (NASDAQ:IPGP)

14-day RSI as of August 2: 24.07

IPG Photonics Corporation (NASDAQ:IPGP) is a Massachusetts-based company that develops optical fiber lasers. The company manufactures its products in the United States, Germany, and Italy and serves globally.

IPG Photonics Corporation (NASDAQ:IPGP) released its Q2 earnings report on August 1, reporting GAAP EPS of $1.31 compared to $1.38 analyst estimates. The company generated a revenue of $340 million showing an almost 10% year-over-year decline. Despite the decline, Raymond James analyst Brian Gesuale upgraded IPG Photonics Corporation (NASDAQ:IPGP) stock to Strong Buy from Outperform with a $170 price target. The analyst wrote:

“Importantly, our expectation of a robust EV battery capacity tailwind is still intact and all checks continue to point to a multi-year upgrade cycle that will position IPGP for sustainable growth through the end of the decade – a dynamic we believe is largely underappreciated in Street models.”

For the full year 2023, IPG Photonics Corporation (NASDAQ:IPGP) provided a revenue outlook of $300 million to $330 million and earnings per diluted share in the range of $0.85 to $1.15.