Info@NationalCyberSecurity
Info@NationalCyberSecurity

Shhh! 3 Secret Cybersecurity Stocks Flying Below Wall Street’s Radar | #hacking | #cybersecurity | #infosec | #comptia | #pentest | #ransomware


Take a deep dive into top cybersecurity stocks in the ever expanding digital world

In 2022, the global cost of cybercrimes came in at $8.44 trillion, according to the Federal Bureau of Investigations (FBI) and the International Monetary Fund (IMF). By 2027, that could balloon to $23.84 trillion. Cybersecurity threats continue to mount in the face of unpreparedness by governments, large and small companies, schools and the average person. They serve as a key catalyst for cybersecurity stocks.

“A top Biden cybersecurity official urged the nation’s ports in a joint call on Wednesday to have their data encrypted, rapidly patch any vulnerabilities in critical systems, and have a well-trained cyber team as hacks targeting key U.S. infrastructure increase,” said CNBC on April 17th.

Alphabet‘s (NASDAQ:GOOG, NASDAQ:GOOGL) subsidiary cybersecurity firm Mandiant just said a January cyberattack of a water filtration plant in a small Texas town lead to a water tank overflowing. Attacks on small business are rising, with 74% attributed to the employee element. 

Unfortunately, our digital over-dependence means that our risk is greater than ever before with new attacks surfacing all the time. And just in case you think hackers can’t get to you, it’s already happened. They’ve already been in your computer.

Until the cybersecurity threat diminishes – which is clearly not going to happen any time soon – you may want to invest in some of the top cybersecurity stocks. Those include Palo Alto Networks (NASDAQ:PANW), and some of the following top cybersecurity stocks flying below radar.

Radware (RDWR)

Source: Ico Maker / Shutterstock

Trading at $17 a share, Radware (NASDAQ:RDWR) develops, manufactures and markets cybersecurity and application delivery solutions for cloud, on-premises and software defined data centers worldwide. Most recently, it launched a new artificial intelligence-powered Domain Name Service (DNS) Distributed Denial-of-Service (DDoS) attack protection solution.

“For DNS service providers or companies that host their own DNS services, this can significantly shorten time to resolution and reduce total cost of ownership when countering even the most sophisticated DNS DDoS attack campaigns,” as noted in a company press release.

Furthermore, earnings have been solid. In its most recent quarter, the company posted earnings per share of 13 cents, which beat by a penny. Revenues of $65 million were down just over 12% year-over-year (YOY) but still beat expectations by $990,000. 

“We closed 2023 on a positive note with our cloud security business delivering 22% YOY ARR (annual recurring revenue) growth,” said Roy Zisapel, Radware’s President and Chief Executive Officer (CEO).

Mitek Systems (MITK)

An image of a hexagon network covering the world map with glowing data centers and shield symbols. Cybersecurity stocks

Source: BeeBright / Shutterstock

Trading at less than $13 a share, Mitek Systems (NASDAQ:MITK) is another top cybersecurity stock to consider. It specializes in identity verification, authentication, biometrics, image capture, fraud detection, instant identity verification and defense against threats, such as check fraud and deep fakes, as noted on the company’s site.

Earlier this year, Mitek launched MiControl, a fraud management console. It detects check fraud, reduces losses and further increases consumers’ online security. Even more impressive, it can help cut the time it takes for a fraud analyst to review and decide on action with a suspect check from about 10 minutes to about 90 seconds.

And while earnings were nothing to write home about recently, CEO Max Carnecchia said, “In the first quarter of last year we had a large one-time multi-year mobile deposit reorder that pulled forward about $7 million of future year revenue into that quarter, including $2.7 million that would have been recognized in fiscal Q1’24, creating a very difficult year over year comparison. It’s important to note that this quarter’s results are not representative of a business trend, in fact, to the contrary.”

“With our fiscal 2024 guidance, which we are reiterating today, we expect our Deposits product revenue to grow 10 to 12% YOY on a normalized basis and our Identity product revenue to grow 10 to 12% YOY,” he added.

SuperCom (SPCB)

An image of the word cybersecurity overlaid over a pixelated background, images of locks and shields and virus icons surrounding it

Source: BeeBright / Shutterstock

Trading at less than a quarter, SuperCom (NASDAQ:SPCB) provides digital identity, Internet of Things (IoT) and connectivity. And they offer cybersecurity products and solutions to governments and private and public organizations worldwide. Most recently, it received about $5 million in new orders from European governments. 

Additionally, full-year 2023 and Q4 earnings have been explosive. For 2023, its revenue increased by 51% to $26.6 million. This represents its third year of consecutive revenue growth. Revenue in Europe umped 85% to $17.7 million. IoT revenue was up 52%. Gross profits were up 60% to $10.2 million. EBITDA rocketed 2,350% higher to $4.8 million.

In its fourth quarter, revenue jumped 11% to $5.7 million. Gross profit was up 44% to $2.3 million. Gross margins came in at 41.4% from 32%. EBITDA jumped 43% to $1.1 million. Finally, analysts at Maxim Group have a buy rating to SPCB with a $1 price target.

On the date of publication, Ian Cooper did not have (either directly or indirectly) any positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Ian Cooper, a contributor to InvestorPlace.com, has been analyzing stocks and options for web-based advisories since 1999.

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