Insights

2 beaten down ASX tech shares to buy this week

Nanosonics Ltd (ASX:NAN) and this ASX tech share could be top options for investors looking for exposure to the beaten down tech sector…
The post 2 beaten down ASX tech shares to buy this week appeared first on The Motley Fool Australia. –

asx tech shares

Are you looking to take advantage of recent weakness in the tech sector? If you are, then you might want to consider buying one of these beaten down tech shares.

Here’s why they could be top options right now:

Appen Ltd (ASX: APX)

The first tech share to look at is Appen. It is a leading developer of high-quality, human annotated datasets for machine learning and artificial intelligence (AI).

Appen uses a million-strong crowd sourced team of experts to prepare the data that goes into the AI models of some of the largest tech companies and governments in the world.

Given how these markets are expected to continue their strong rise for many years to come, Appen looks well-placed to deliver above-average growth over the next decade.

Ord Minnett is positive on the company, particularly given the recent pullback in its share price. The broker has a buy rating and $24.75 price target on its shares. This compares to the current Appen share price of $16.38.

Nanosonics Ltd (ASX: NAN)

Nanosonics is a healthcare technology company with a focus on infection control. The company is currently a one-trick pony with its trophon EPR disinfection system for ultrasound probes. This technology is widely regarded as the best in its class and has been consistently winning market share in the United States and internationally over the last decade.

This has led to strong unit sales and even stronger recurring revenue growth over the period. The latter is due to the fact that its systems require consumables to function. This means that as its footprint grows, so too does demand for consumables.

Pleasingly, although it has been hit by countless delays, Nanosonics is planning to launch new products which have similar addressable markets. If they are even half as successful as the trophon system, then the future could be very bright for Nanosonics.

UBS currently has a buy rating and $7.00 price target on its shares. This compares to the latest Nanosonics share price of $5.67.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of February 15th 2021

More reading

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Appen Ltd and Nanosonics Limited. The Motley Fool Australia has recommended Nanosonics Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post 2 beaten down ASX tech shares to buy this week appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!