After some shuffling of its business in the last couple of years, small IoT (Internet of Things) chip stock Semtech (NASDAQ: SMTC) has fully completed a boom-to-bust cycle. After nearly doubling in value from 2020 to late 2021, Semtech stock is now down more than 80% from those late 2021 all-time-highs and remains near multi-decade lows.

Management is predicting sales to remain relatively stable in the next quarter, but profit margins to dip further as global economic worry mounts. By some measures, though, Semtech stock could be a great long-term value. Is the stock worth investing in right now?

Semtech is a chip designer and components assembler for IoT systems, and also has some software that helps customers manage their networks of IoT devices. Currently, the company broadly organizes its business into three sections: Infrastructure (cloud data center, 5G and other wireless network equipment, broadband internet equipment), Industrial (sensors for manufacturing machinery, factory automation, automotive chips, video chips), and High-end Consumer (connectivity chips for PCs, smartphones, other consumer electronics).

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Source Fool.com