Internet of Things (IoT) is recognized alongside blockchain technology and artificial intelligence as the technologies of the future. IoT stocks could be one of the biggest investment opportunities of the next decade.
This industry is one of the fastest-growing in the world. Many companies use IoT technology to connect mobile devices, computers, home appliances, and other smart systems.
According to Statista, the IoT industry could reach a valuation of $1.7 trillion by 2019. The space is growing at a fantastic rate, so investors are looking to get involved now.
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Four Best IoT Stocks to Buy Right Now
The semiconductor industry has been crucial to the growth of IoT as companies in the sector use the technology in manufacturing their products. The IoT stocks experienced a tough couple of weeks but are slowly recovering. Here are the best IoT stocks to buy now.
NXP Semiconductor (NXPI)
NXP Semiconductor has been one of the best-performing stocks in the IoT industry since the beginning of 2019. The stock is currently trading at $118.26 per share, up by 57% year-to-date, and could rise even higher in the next two months.
The company provides a wide range of IoT solutions such as Rapid IoT Prototyping Kit, IoT Gateway Solution, and i.MX Applications Processors. NXP’s work in chips for automotive, consumer, and industrial usage means that IoT plays an essential role in their products.
Late last month, NXP reported its third-quarter 2019 earnings, and it surpassed analysts’ expectations. The EPS was $2.42, which is higher than the $1.93 estimated by most analysts. Their quarterly revenue of $2.27 billion surpassed the consensus estimate of $2.24 billion.
Qualcomm’s stock was down by 0.044% in pre-session trading on Tuesday, following Monday’s loss of 2.33%. This could be a perfect time to buy the stock. Qualcomm performed excellently in 2019 and its upward trend is still intact.
Qualcomm manufactured and shipped over one billion IoT devices so far. The firm offers turnkey IoT solutions to companies around the world. Its latest 5G-compatible Snapdragon processor will also boost its IoT market share.
In October, Qualcomm partnered with Microsoft to design mobile hardware for Azure’s IoT operating system. The company also launched its 9205 LTE modem recently, its newest IoT component. The chipset will allow devices to reliably maintain steady network connections.
Skyworks Solutions (SWKS)
Another semiconductor company, Skyworks, focuses on cellular IoT solutions. Their mobile solutions are popular in the IoT sector because they facilitate highly-efficient, reliable long-range connectivity.
The company will release its fourth-quarter fiscal 2019 report on November 12. Skyworks is expecting a revenue between $815 million and $835 million. Wall Street estimates that revenues will decline by 18.2% from its fourth-quarter earnings last year.
Despite the possible revenue decline, Skyworks performed well over the past few days and gained 2% since the start of November. The stock could surge higher over the coming weeks if the U.S. and China reach a preliminary, ‘phase-one’ agreement, especially if tariffs are scaled back.
AT&T is one of the leaders in the race for 5G deployment, which is vital for the mass adoption of IoT systems. Although it is hard to predict who be first to market, AT&T seems like a strong candidate to be among the early adopters. In addition, it has an excellent dividend that currently yields around 5.1%.
AT&T is actively involved in the development of smart and efficient cities. The AT&T IoT platform is enabling cities to leverage the power of near real-time information to develop cleaner, safer, and more efficient cities.
This company had an excellent 2019 so far, and it could continue its run if the market continues to rally. AT&T also pays an excellent dividend yield.
More On The Best IoT Stocks
IoT technology is taking center stage in the 5G and semiconductor industries, and companies are bolstering their products and services to break into the market. For more on IoT stocks and all the latest stock market news, follow The Dork on Facebook and Twitter. Also, don’t forget to sign up for Dork Alerts to get all the latest hot stock picks, insights, and analysis delivered right to your inbox.