Axcelis Technologies Inc (ACLS)

[peterquinnvet]

The next semiconductor growth stock investors should buy now and hold is Axcelis Technologies ( ACLS 7.66% ). In a similar fashion to Cohu, Axcelis provides crucial equipment to semiconductor producers. Its ion implanters are essential to the fabrication process for chipmakers, and investors are taking notice of the company's value to the industry.

Since hitting its pandemic-low price in March 2020, Axcelis stock has soared by over 350%, making it one of the best performers in the entire sector. It has backed this up with a solid operational performance, nearly doubling its earnings per share to $2.88 in 2021, thanks to soaring demand for equipment in its Purion Power Series line.

That line of ion implantation equipment is used to fabricate chips for a wide range of segments including automotive, mobile, and even artificial intelligence. The company has released a series of announcements since September 2021 informing investors of large shipments of its Purion Power Series products to semiconductor producers across the globe.

Axcelis is so confident in its position that it just announced a share buyback program, with the goal to return $100 million to shareholders -- adding yet another reason to buy its stock.

https://www.fool.com/investing/2022/03/08/5-semiconductor-growth-stocks-to-buy-now-and-hold/