10 Cheapest Stocks With Biggest Upside

Published on December 19, 2022 at 8:17 am by Usman Kabir in Hedge Funds, News

In this article, we discuss the 10 cheapest stocks with the biggest upside. If you want to read about some more cheapest stocks with the biggest upside, go directly to 5 Cheapest Stocks With Biggest Upside.

According to the advance estimate released by the Bureau of Economic Analysis in late October 2022, the real gross domestic product (GDP) in the US increased at an annual rate of 2.6 percent in the third quarter of 2022. The increase in real GDP reflected increases in exports, consumer spending, nonresidential fixed investment, federal government spending, and state and local government spending, which were partly offset by decreases in residential fixed investment and private inventory investment.

The stock market has been witnessing high volumes as the latest numbers from the Bureau of Economic Analysis indicate that the US economy grew an annualized 2.9% at the end of 2022, better than the initial estimate of 2.6%, and beating forecasts of 2.7%. The performance reflects the upward revisions to consumer and business spending and net trade. The biggest positive contribution came from net trade, as imports sank more while exports rose more. The nonresidential investment jumped at a faster 5.1% which is better than the expected 3.7%.

Considering the expenditure side, personal consumption expenditures account for 68% of total GDP, out of which purchases of goods constitute 23% and services 45%. Moreover, private investment accounts for 16% of GDP and government consumption and investment for 18%. The figures paint a warmer picture for the US economy considering the slowdown witnessed in the first two quarters of the year, boosting stocks like NVIDIA Corporation (NASDAQ:NVDA), Advanced Micro Devices, Inc. (NASDAQ:AMD), and Freeport-McMoRan Inc. (NYSE:FCX).

As far as the global economy is concerned, it is still adjusting to the pandemic shock and the subsequent policy response. In 2023, the US economy will continue to face a rather different set of risks, according to a recent Bloomberg report which shows that a recession is effectively certain in the next 12 months. Likewise, analysis published by Financial Times shows that economists are thinking about a recession likely to happen in the US, with the probability of such a recession being more than 60%.

Moreover, tightening financial conditions, persistent inflation and expectations of a hawkish Federal Reserve are raising the risk of a contraction as well. These uncertainties are fanning the flames of inflation and nudging the Fed toward an even more aggressive policy path. However, there is hope that the cyclical sector of the US market still contains plausible soft-landing potential, a combination of an outcome where job openings are falling while the unemployment rate remains low.

As the stock market recovers from a dismal 2022 and prepares for an uncertain 2023, investors eager for an entry point into the stock world should consider investing in some cheap stocks that have explosive growth potential. These options can provide investors with some balanced risk/reward profiles in a market where investments in value stocks are soaring and putting money into prominent growth stocks carries much higher levels of risk. Some of these options are discussed below.

Investing in the US market is also advisable since it is the largest and the most accessible market in the world. No other market is as liquid as the US stock market. The number of listed companies in the US far outnumber those in other parts of the world. The NASDAQ and the New York Stock Exchange also represent one of the single biggest concentrations of money in global history. This means that they have a large market capitalization and high transaction volumes, boosting chances of solid returns.

Photo by Ruben Sukatendel on Unsplash

Our Methodology

The companies that have upcoming growth catalysts and were priced under $50 per share, as of December 18, were selected for the list. Special importance was assigned to outlining the basic business fundamentals and analyst ratings for each firm to provide readers with some context so they can make more informed investment choices. Data from around 900 elite hedge funds tracked by Insider Monkey in the third quarter of 2022 was used to identify the number of hedge funds that hold stakes in each firm.

Cheapest Stocks With Biggest Upside

10. Sunlands Technology Group (NYSE:STG)

Number of Hedge Fund Holders: N/A

Share Price as of December 18: $6.65

Sunlands Technology Group (NYSE:STG) provides online education services in the People’s Republic of China. On November 23, the firm posted earnings for the third quarter of 2022, reporting earnings per share of $3.38. The revenue over the period was $81 million, down more than 3% compared to the revenue over the same period last year. However, the firm revealed that new student enrollments were 134,987, representing a more than 44% increase compared to the prior year.

Sunlands Technology Group (NYSE:STG) is one of the Chinese stocks in the US that has gained recently as fears of delisting ease following deals between US and Chinese authorities with regards to auditing. Goldman Sachs has called these deals regulatory breakthroughs.

Unlike NVIDIA Corporation (NASDAQ:NVDA), Advanced Micro Devices, Inc. (NASDAQ:AMD), and Freeport-McMoRan Inc. (NYSE:FCX), Sunlands Technology Group (NYSE:STG) is one of the more affordable stocks to buy right now.

9. Globus Maritime Limited (NASDAQ:GLBS)

Number of Hedge Fund Holders: 3

Share Price as of December 18: $1.12

Globus Maritime Limited (NASDAQ:GLBS) is an integrated dry bulk shipping company that provides marine transportation services worldwide. On August 25, CIT, a division of First Citizens Bank, announced that it has expanded its financing to support the growth of Globus Maritime’s dry-bulk shipping portfolio. CIT increased its lending to $52.25 million by adding $18 million. In addition to securing new financing, the firm has also posted encouraging third quarter results recently.

In the third quarter, the firm posted earnings per share of $0.21. The revenue over the period was close to $16 million, up more than 24% compared to the revenue over the same period last year and beating analyst estimates by $2.9 million.

Among the hedge funds being tracked by Insider Monkey, Washington-based firm Sabby Capital is a leading shareholder in Globus Maritime Limited (NASDAQ:GLBS) with 509,659 shares worth more than $638,000.

At the end of the third quarter of 2022, 3 hedge funds in the database of Insider Monkey held stakes worth $876,000 in Globus Maritime Limited (NASDAQ:GLBS), compared to 3 in the previous quarter worth $1.7 million.

8. BEST Inc. (NYSE:BEST)

Number of Hedge Fund Holders: 3

Share Price as of December 18: $0.65

BEST Inc. (NYSE:BEST) operates as a smart supply chain service provider in China. The firm provides a range of software-as-a-service solutions in the industry, including in sectors such as network and route optimization, swap bodies, sorting line automation, smart warehouses, and store management. The stock has benefited from a deal between Chinese and US authorities that have eased delisting fears for Chinese firms in the US. The firm posted more than $285 million in revenue in the third quarter of 2022.

At the end of the third quarter of 2022, 3 hedge funds in the database of Insider Monkey held stakes worth $68,000 in BEST Inc. (NYSE:BEST), compared to 3 in the previous quarter worth $160,000.

Among the hedge funds being tracked by Insider Monkey, New York-based firm Renaissance Technologies is a leading shareholder in BEST Inc. (NYSE:BEST) with 74,400 shares worth more than $51,000.

7. AcelRx Pharmaceuticals, Inc. (NASDAQ:ACRX)

Number of Hedge Fund Holders: 5

Share Price as of December 18: $2.39

AcelRx Pharmaceuticals, Inc. (NASDAQ:ACRX), a specialty pharmaceutical company, focuses on the development and commercialization of therapies for the treatment of acute pain. On December 8, AcelRx Pharmaceutical’s stock was soaring after its sublingual sufentanil tablets for postoperative pain management showed lower pain scores, and fewer rescue doses and a shorter hospital stay in patients compared to those receiving continuous femoral nerve block. The firm also posted a 217% year-on-year increase in DSUVIA sales in Q3.

At the end of the third quarter of 2022, 5 hedge funds in the database of Insider Monkey held stakes worth $1.5 million in AcelRx Pharmaceuticals, Inc. (NASDAQ:ACRX), compared to 3 the preceding quarter worth $1.8 million.

Among the hedge funds being tracked by Insider Monkey, New York-based firm Millennium Management is a leading shareholder in AcelRx Pharmaceuticals, Inc. (NASDAQ:ACRX) with 197,000 shares worth more than $41,000.

6. Navios Maritime Holdings Inc. (NYSE:NM)

Number of Hedge Fund Holders: 7

Share Price as of December 18: $1.73

Navios Maritime Holdings Inc. (NYSE:NM) operates as a seaborne shipping and logistics company in North America, Australia, Europe, Asia, South America, and internationally. On September 14, Navios Maritime Holdings said that it commenced a tender offer to buy up to $20 million of the outstanding series G and series H American depositary shares for cash. Navios Maritime’s shares have risen since the firm reported a 10.9% growth in the second quarter’s revenue to $159.2 million. The revenue from the dry bulk vessel operations increased by 4.6% to $90 million, broadly reflecting the increase in the time charter and freight market during the quarter.

At the end of the third quarter of 2022, 7 hedge funds in the database of Insider Monkey held stakes worth $31.6 million in Navios Maritime Holdings Inc. (NYSE:NM), compared to 7 in the previous quarter worth $17 million.

In contrast to NVIDIA Corporation (NASDAQ:NVDA), Advanced Micro Devices, Inc. (NASDAQ:AMD), and Freeport-McMoRan Inc. (NYSE:FCX), Navios Maritime Holdings Inc. (NYSE:NM) is one of the more affordable stocks to buy right now.

Click to continue reading and see 5 Cheapest Stocks With Biggest Upside.

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