Recently, Americans have been notably pessimistic. Gallup reported “overwhelmingly high” levels of pessimism in mid-October, a sentiment echoed by the University of Michigan. However, the public’s perceptions do not entirely align with the reality of the financial, economic and monetary landscape. As the final month of 2023 approaches, the year is proving to be robust with contributing factors to this positive outlook being the the resilience of the stock market. Furthermore, the growth trajectory is particularly promising for sectors like wearable technology. This is spelling great things or wearable tech stocks.

As technological innovations continue to drive consumer demand, stocks in the wearable technology industry are expected to flourish, reflecting the evolving preferences and lifestyles of consumers in the digital age. These three wearable tech stocks are set to do just that.

Garmin Limited (GRMN)

Garmin Limited (NYSE:GRMN) is a technological instruments company, specializing in GPS navigation and wearable technology across a wide array of industries. Yahoo! Finance has four analysts predicting a one-year price range on GRMN to be between $100.00 and $135.00, with a mean of $118.50.

GRMN boasts strong financials. The company reports $1.28 million in revenue in Q3 2023, a 12% one-year CAGR. GRMN demonstrates its profitability through its 20.1% gross profit margin and shows signs of being undervalued with a 1.41 EPS, which grew 13.7% YoY. Management has improved operational and company margins, as seen through cash from operations and free cash flow which grew 131.9% and 136.3% respectively.

Garmin shows growth potential through an acquisition and headquarters expansion, positioning the company for growth. Garmin has completed its acquisition of JL Audio, a private design and manufacturing company of audio solutions. The company will be able to upgrade its navigation and wearable technology ecosystem by integrating bespoke JL audio solutions. Garmin is planning on expanding its Canada headquarters, adding a 22,000-square-foot floor. Management expects the expansion to double its workforce, helping it further develop its new product line: biosensors for cyclists.

Garmin is the wearable technology stock that investors don’t want to miss out on because of its strong financials, an acquisition that improves its ecosystem of instruments and more mentioned above.

Qualcomm (QCOM)

Qualcomm Inc (NASDAQ:QCOM) is a global semiconductor and telecommunications equipment giant, making waves in the industry. Here’s a concise guide on why Qualcomm is a savvy choice for your investment portfolio.

Despite a challenging smartphone market, Q2 2023 revenue of $9.28 billion exceeded estimates by $150 million, showcasing Qualcomm’s resilience. While down 17% YoY, the company’s commitment to diversification and a strong revenue forecast indicate a promising future.

Qualcomm’s stronghold lies in its extensive patent portfolio, particularly in 5G. With a minimal variable cost, the company boasts a 70% operating margin, positioning it as a leader in wireless communication technologies.

With a price-to-earnings ratio of 13.35, Qualcomm appears undervalued compared to industry competitors. Forecasted revenue and earnings growth, along with a strong return on equity forecast at 71.14%, make Qualcomm a promising buy.

Qualcomm Inc is not just a semiconductor company; it’s a strategic investment with a promising future. With strong financials, a significant role in the 5G revolution, and a commitment to societal impact, Qualcomm stands out as a smart addition to your investment portfolio.

GoPro, Inc. (GPRO)

GoPro, Inc. (NASDAQ:GPRO) has faced a tumultuous journey, marked by a year-to-date decline. However, recent sentiments suggest a potential turnaround.

GoPro’s hardware business, centered on a niche market of sports enthusiasts, has struggled amid economic downturns. With declining topline and shipment figures, the company’s inability to expand beyond its small customer base is evident, causing the stock to plummet from its 2014 peak of $82.

Amid these challenges, GoPro’s subscription business stands out as a positive omen. With two million subscribers contributing $100 million in annual recurring revenue, the model has positively impacted the company’s bottom line. While skepticism looms over the sustainability of the subscription model, this is pure falsehood as GoPro, 

GoPro’s subscription model is a stronghold. The sustainability of the model and the churn rate are both extremely strong. In the current environment, investors may find more certainty in other companies however, this is a strong opportunity with a high probability of success.

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

The researchers contributing to this article did not hold (either directly or indirectly) any positions in the securities mentioned in this article.