Are you looking for high-growth stocks at a low price? If so, then you should consider stocks under $10. These cheap stocks can offer big potential returns, especially for investors willing to take on a bit more risk.
Of course, not all stocks under $10 are created equal. Some are penny stocks with a higher risk of failure, while others are undervalued companies with the potential to become the most high-performing assets of the year.
In this article, we will take a look at 10 stocks under $10 to keep an eye for in early 2024. We will consider factors such as the company’s earnings, dividend yield, and analyst ratings to help you make informed investment decisions.
We will also discuss some of the risks associated with investing in stocks under $10, such as volatility and liquidity. However, we may have reasons to believe that the potential rewards outweigh the risks for investors who are willing to do their research and invest wisely.
So, if you are looking for a way to boost your returns, then be sure to read on and learn more about the ten most interesting stocks under $10 to buy in 2024!
Panasonic Holdings Corp. (PCRFY) may not be the first name that pops into your head when you see an electric vehicle,but this Japanese giant is a major force behind the scenes, offering investors high growth potential. Panasonic is a leading supplier of batteries for electric vehicles, working with top automakers like Tesla. As the EV market continues its explosive growth, Panasonic is positioned for a great ride.
With the automotive industry shifting heavily towards electrification, investing in companies with a strong foothold in the EV supply chain could be a wise move. The stock’s price currently hovers around $10, making it an accessible option for investors looking to grab a piece of the electric vehicle revolution and also enjoy a robust dividend yield of 2.34%. Besides that, the company is also aiming for diversification, intending to produce batteries for drones and factory robots as well.
Even though Nokia Corp. (NOK) might not be the flashiest tech stock on the market, this Finnish telecom giant can still be a hidden gem for value investors. With a current stock price of around $3.55 and a YTD up of 3.96%, NOK offers an attractive entry point for investors seeking a potential upside.
Nokia is a leading player in the 5G market, with a strong track record of innovation and deployment. As 5G adoption continues to accelerate, the company is on track to benefit from this growth in the coming months.
Nokia also has a solid financial position, with improving free cash flow and a manageable debt load. This financial strength gives the company the flexibility to invest in growth initiatives and return value to shareholders in 2024 and 2025.
Overall, analysts are bullish on NOK, including CFRA Research, with an average price target of $4.60, implying a potential upside of over 29%.
Telefonica SA (TEF) is another interesting option among other undervalued stocks to add to your portfolio. This Spanish telecom giant is currently trading at $4.00 per share.
Telefonica SA boasts an impressive 8.4% dividend yield, offering a steady stream of passive income for its shareholders. The company has also undertaken strategic restructuring deals to reduce debt, consolidate its business, and improve its balance sheet, positioning TEF for future growth. The company operates in high-growth markets like Brazil and Germany, where it holds strong market positions.
Several analysts are bullish on TEF, with an average price target of $4.25, implying a potential upside of over 5%.
Alight (ALIT) is another company to join the ranks of the best cheap stocks under $10. Currently trading at $8.86 with a YTD of 5.41%, this healthcare-focused software company has the potential to be an excellent addition to your portfolio.Alight specializes in cloud-based HR solutions that help businesses streamline their operations. Its strong Q3 results and positive outlook have sent ALIT stock soaring, and analysts are optimists.
ALIT’s attractive price at current levels makes it a tempting option, especially compared to its high-growth SaaS peers listed on the NASDAQ. Wall Street forecasts a solid growth trajectory, with consensus estimates projecting steady revenue growth in the high single digits for the coming years. Analysts also anticipate significant earnings expansion,potentially outpacing sales growth for ALIT.
With a compelling valuation – a price/sales ratio barely over 1.5 times and a forward price-to-earnings ratio of around 10.6 times – Alight appears undervalued in comparison to other rapidly growing software companies. This undervaluation, along with the company’s proven track record and a demonstrated commitment to innovation, could translate into significant upside as the broader market recognizes ALIT’s potential.
Ceragon Networks (CRNT) specializes in wireless backhaul solutions, a critical piece of communication infrastructure,and its recent performance has been nothing short of spectacular. CRNT’s stock has surged by an impressive 53.76% in 2023 alone, with a YTD of 35.05%, showcasing the company’s strong momentum.
Ceragon holds a leading position in the global market, providing cutting-edge wireless networking solutions to clients in over 130 countries. This widespread reach positions the company to benefit from the increasing demand for robust connectivity and 5G rollouts, especially in rapidly developing markets.
The company’s acquisition of Siklu in Q4 2023 enhances its presence in North America, while its strong Q3 results demonstrate that Ceragon is regaining its footing. Rising revenue, a return to profitability, and record order backlogs signal a promising future for Ceragon. The recent $150 million agreement with a global integrator to support India’s infrastructure expansion further solidifies CRNT’s growth prospects.
With substantial investments in wireless infrastructure planned globally, including in North America, Ceragon is perfectly positioned to capitalize on these strong industry tailwinds. If you prioritize high-growth stocks with the potential to outperform the S&P 500 index, Ceragon Networks (CRNT) is definitely among the best stocks to buy in early 2024.
If you’re not only focused on stocks with the greatest potential for high growth but are also willing to explore the booming healthcare sector, consider taking a closer look at Trxade Health Inc. (MEDS). This innovative health services IT company is transforming the retail pharmacy experience in the U.S. with cutting-edge technologies that optimize drug procurement, streamline prescription journeys, and enhance patient engagement.
Trxade Health’s impressive stock performance in 2023 is a testament to its explosive growth potential, boasting a YTD of 52.09% and a gain of 43.51% since February 2023. The company operates multiple segments within the pharmaceutical industry, including a B2B marketplace, licensed retail and wholesale operations, and solutions that improve patient experiences.
Its diversified approach and commitment to digitalization position Trxade Health to capture significant market share within the rapidly expanding healthcare technology space. The company’s strong focus on streamlining complex pharmaceutical supply chains and improving access to medications could attract increasing attention from investors seeking opportunities within the healthcare sector.
Nordic American Tankers (NAT), a leading operator of Suezmax crude oil tankers, could be an attractive addition to your portfolio if you’re looking for a stock with exposure to the global shipping industry. NAT’s impressive performance over the last five years, with a gain of 74.13%, speaks to its resilience and hints at possible future gains year-over-year.
With strong global demand for oil and ongoing geopolitical tensions, the outlook for the crude oil tanker market appears favorable. This bodes well for NAT, as higher shipping rates translate directly into increased earnings outlooks and net profit. The company’s focus on maintaining a modern fleet and reducing its debt further strengthens its financial position and positions it for future growth.
Besides its growth potential, NAT is also known for its commitment to rewarding shareholders. It offers a generous dividend yield, currently at 5.84%, providing a steady income stream. NAT’s focus on debt reduction strengthens its potential for sustained payouts over time.
While the shipping industry can be cyclical, with rates fluctuating over time, NAT’s commitment to improving operational efficiency and financial strength should translate to solid long-term performance. Its consistent growth across the past few years offers evidence of the company’s sound management and focus on value creation.
Another great option to invest in the booming EV market is Polestar Automotive (PSNY), which is surely a key player in the list of top 10 stocks to buy in 2024. This innovative automaker is rapidly expanding its EV lineup and has significant potential for growth in the upcoming years.
Polestar’s commitment to producing sleek, high-performance electric vehicles has already translated into impressive delivery growth. In just two years, the company’s deliveries increased by a factor of five, demonstrating strong adoption of its current offerings. The imminent launch of several new luxury models promises to drive further sales growth and boost profitability.
Analysts are bullish on Polestar’s prospects. Its focus on the European market, known for its favorable EV policies,positions the company for sustained success. Keep in mind that stocks often see volatility, particularly in rapidly growing industries like EVs. However, Polestar’s growth trajectory, new model pipeline, and commitment to innovation position it admirably for long-term success.
SurgePays (SURG), a Brazilian fintech company focused on providing essential financial services to underserved communities, offers an attractive investment opportunity for growth-oriented investors. The company’s focus on the development of innovative financial solutions, coupled with its current undervaluation, suggests significant potential for future appreciation.
The company maintains an overall healthy balance sheet with minimal debt, demonstrating strong financial health.Additionally, its consistently profitable operations underscore the company’s operational efficiency and solid growth trajectory.
While past underperformance might have created investor hesitation, SurgePays’ strong fundamentals and focus on expansion should appeal to investors seeking long-term value. The company’s CEO holds a significant stake, which signals a commitment to maximizing shareholder value. With newly raised capital likely to accelerate growth through strategic acquisitions, the potential for a turnaround is extremely significant.
Arlo Technologies (ARLO) definitely deserves a closer look if you’re interested in the booming smart home and security market. This innovative company specializes in wireless cameras, security lights, and baby monitors, offering a seamless experience for users seeking to protect their families and property.
This company’s focus on innovation is evident in its expanding portfolio. Its Arlo Total Security subscription service, offering comprehensive professional monitoring at an attractive price point, is likely to see increasing demand.
With the smart home market poised for continued expansion, Arlo’s focus on cloud-based platforms, cutting-edge AI, and user-friendly technology positions the company to capitalize on these trends. The recent upward revision of earnings estimates indicates that analysts are bullish on the company’s future prospects.
Company |
Industry of Relevance |
Reasons to Buy |
| Panasonic Holdings Corp. (PCRFY) | Automotive (EV Supply Chain) | Leading EV battery supplier, strong growth in EV market, aiming for diversification |
| Nokia Corp. (NOK) | Telecommunications | Leading 5G player, solid financials, attractive valuation |
| Telefonica SA (TEF) | Telecommunications | High dividend yield, strategic restructuring, growth markets |
| Alight (ALIT) | Healthcare Software | Strong growth prospects, attractive valuation, positive outlook |
| Ceragon Networks (CRNT) | Wireless Backhaul Solutions | Explosive growth, global leader, strong momentum, infrastructure tailwinds |
| Trxade Health Inc. (MEDS) | Healthcare Technology | High growth potential, diversified healthcare segments, focus on tech innovation |
| Nordic American Tankers (NAT) | Oil Shipping | Favorable market outlook, strong financials, dividend payer, debt reduction focus |
| Polestar Automotive Holding UK PLC (PSNY) | Automotive (Electric Vehicles) | Rapid growth, new model pipeline, focus on EU market, analyst optimism |
| SurgePays (SURG) | Fintech | Undervalued, strong fundamentals, focus on expansion, CEO commitment |
| Arlo Technologies Inc. (ARLO) | Smart Home and Security | Expanding portfolio, focus on innovation, positive outlook, growth potential in smart homes |
