3 Best Internet of Things Stocks To Buy

3 Best Internet of Things Stocks To Buy

Let's make sure we're on the same page. The Internet of Things (IoT) is a network of physical objects that are interconnected and exchange information without human help. The IoT includes a lot of "things." The list includes objects such as automobiles, security systems, light bulbs, appliances, and computers. This is a major growth market, with analysts predicting revenue in the IoT will reach $1 trillion by 2022. It's time for you to get your piece of this pie.

GARMIN LTD (NASDAQ: GRMN)

GARMIN LTD
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Garmin has made a great recovery since its automotive GPS products began to decline. Garmin is focused on four product categories: aviation, marine, outdoor, and fitness. These categories delivered over 85% of Garmin's revenue in 2020, which is expected to hit $4 billion. Garmin continues to grow products within these four categories, such as updated training monitoring devices for individual and team sports. It is also expanding products designed for boating and RVs, two activities that have shown increased participation as a result of the pandemic.

Garmin has no debt and its 2020 gross profit margin of 59% is higher than Apple, which is at 38%.

SENSATA TECHNOLOGY (NYSE: ST)

SENSATA TECHNOLOGY
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Sensata designs and manufactures sensors and electronic controls, supplying companies that are in the automotive, aviation, electronic, and semiconductor fields. Its contributions to the IoT are thermal controls, motor controls, and pressure switches, among others. Sensata offers a wide range of products to companies throughout the US, Europe, and Asia.

Sensata has annual revenue of $3 billion with a net income of $164 million. Its market cap is $8.57 billion.

SILICON LABORATORIES INC (NASDAQ: SLAB)

SILICON LABORATORIES INC
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Silicon Labs is a fabless company that designs semiconductors and other silicon products which it then sells to manufacturers. Its share price increased over 75% between April 2020 and April 2021. One reason for the increase is the sale of Silicon Labs' infrastructure and automotive business for $2.3 billion, announced in April 2021.

Silicon Labs had 1Q21 revenue of $256 million, up 19% from 1Q20. It is projecting 2Q21 revenue to hit $262 million.

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