3 Technology Stocks Blasting Higher in 2023

Super Micro Computer Inc. (SMCI) Analysis

First is Super Micro Computer (SMCI) which distributes and manufactures server and storage systems. The stock is up over 98% in 2023, but more impressive is its 54% climb in May alone.

Healthy institutional accumulation has likely helped vault the shares higher, which you can see below. Since last year the shares have seen relentless unusually large volume inflows (green bars):

Source: www.mapsignals.com

Source: www.mapsignals.com

With a forward P/E of 15.1, the stock may appear attractive. The constant demand for the shares could also keep the uptrend in tact near-term.

One thing is for sure, the shares have been in demand lately.

Rambus Inc. (RMBS) Analysis

Next up is Rambus Inc. (RMBS) which is a large semiconductor company. The stock has jumped 29% in May alone.

Large accumulation in the shares has likely helped the uptrend. Since last year there’ve been many instances where the stock jumped in price alongside outsized volumes. That can mean there’s institutional interest:

Source: www.mapsignals.com

Source: www.mapsignals.com

Follow the Big Money! The 12-month forward P/E is pegged at 31X according to FactSet.

This price action suggests investors are expecting growth for the company in 2023.

Copart Inc. (CPRT) Analysis

The number 3 tech firm racing higher this year is Copart Inc. (CPRT). This online auction company has built a powerful auction-style sales technology.

The stock has been a major outperformer recently, jumping 46% in 2023. The shares have seen 13 large inflow signals YTD:

Source: www.mapsignals.com

Source: www.mapsignals.com

There’s no question the stock could be extended at these levels. However, this is one of the most in-demand stocks according to MAPsignals research.

Our algos search for institutional footprints, that can identify the most powerful stocks in the market. We showcase stocks like this on a weekly basis.

Bottom Line

SMCI, RMBS, & CPRT represent 3 of the top performing technology stocks so far in 2023. Healthy institutional accumulation signals make these stocks worthy of extra attention.

To learn more about MAPsignals’ institutional process please visit: www.mapsignals.com

Disclosure: As of the time of this writing, the author holds no positions in SMCI, RMBS, or CPRT at the time of this writing.



This article was originally posted on FX Empire


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