In this article, we discuss the 5 best growth stocks under $10. If you want to read our detailed analysis of these stocks, go directly to the 10 Best Growth Stocks Under $10.
5. Aurora Cannabis Inc. (NASDAQ: ACB)
Number of Hedge Fund Holders: 12
Price as of July 21, 2021: $7.32 per share
Aurora Cannabis Inc. (NASDAQ: ACB) is a Canadian company that makes and sells cannabis products. It is ranked fifth on our list of 10 best growth stocks under $10. On July 15, the firm delivered one of the largest shipments of cannabis to Israel, marking an important milestone for cannabis firms in the US that are keen to expand their business to markets outside the country. The firm delivered cannabis products worth C$8 million to Israel. In June, investment advisory Cantor Fitzgerald had backed the stock to benefit from reopening of stores after lockdowns.
On May 14, investment advisory Alliance Global told investors that the selloff of cannabis stocks was a buying opportunity. Aurora Cannabis Inc. (NASDAQ: ACB), one of the leading cannabis stocks, could gain from the growth catalysts for the industry identified by Alliance Global that include federal cannabis reform and adult-use sales.
At the end of the first quarter of 2021, 12 hedge funds in the database of Insider Monkey held stakes worth $488 million in Aurora Cannabis Inc. (NASDAQ: ACB), up from 10 the preceding quarter worth $146 million.
4. Viking Therapeutics, Inc. (NASDAQ: VKTX)
Number of Hedge Fund Holders: 13
Price as of July 21, 2021: $8.59 per share
Viking Therapeutics, Inc. (NASDAQ: VKTX) is placed fourth on our list of 10 best growth stocks under $10. The stock has returned 4.2% to investors over the past six months. The firm is based in California and makes and sells drugs. On June 17, the share of the company soared by close to 11% after it announced the results of a trial of VK0214, a potential treatment the firm is working on for a rare and often fatal metabolic disorder. The company has a market cap of more than $450 million.
On June 24, the share price of Viking Therapeutics, Inc. (NASDAQ: VKTX) jumped more than 7% after the firm announced that it had initiated a clinical trial for a treatment of X-linked adrenoleukodystrophy, a genetic disease that affects the nervous system.
Out of the hedge funds being tracked by Insider Monkey, California-based investment firm Park West Asset Management is a leading shareholder in Viking Therapeutics, Inc. (NASDAQ: VKTX) with 1.5 million shares worth more than $10 million.
3. Infinera Corporation (NASDAQ: INFN)
Number of Hedge Fund Holders: 20
Price as of July 21, 2021: $9.37 per share
Infinera Corporation (NASDAQ: INFN) is a firm that markets optical transport networking equipment. It is ranked third on our list of 10 best growth stocks under $10. The company’s shares have returned 32% to investors over the past year. On May 4, the firm posted earnings for the first three months of 2021, reporting earnings per share of -$0.03, beating market estimates by $0.03. The revenue over the period was more than $331 million, up 0.2% year-on-year and beating market estimates by $0.42 million.
On May 13, investment advisory Wolfe Research upgraded Infinera Corporation (NASDAQ: INFN) stock to Peer Perform from Underperform with a price target of $10. Jeff Kvaal, an analyst at the firm, identified the firm as a leader in the optical transmission industry.
Out of the hedge funds being tracked by Insider Monkey, California-based investment firm Oaktree Capital Management is a leading shareholder in the firm with 25.1 million shares worth more than $242 million.
2. Nokia Corporation (NYSE: NOK)
Number of Hedge Fund Holders: 21
Price as of July 21, 2021: $5.85 per share
Nokia Corporation (NYSE: NOK) stock has offered investors returns exceeding 31% over the course of the past year. It is placed second on our list of 10 best growth stocks under $10. The firm operates from Finland and markets mobile and fixed network solutions. On July 19, the company announced that it had won a 10% share in one of the three new 5G contracts that China had awarded. Chinese companies like Huawei and ZTE were awarded the majority of the new 5G contracts by Beijing.
On July 14, investment advisory JP Morgan upgraded Nokia Corporation (NYSE: NOK) stock to Overweight from Neutral. The price target on the stock was also increased to $7.8 from $4.3, underlining that the recent fiscal guidance increase by Nokia was the start of an upgrade cycle.
At the end of the first quarter of 2021, 21 hedge funds in the database of Insider Monkey held stakes worth $352 million in Nokia Corporation (NYSE: NOK), up from 19 in the previous quarter worth $186 million.
1. Sirius XM Holdings Inc. (NASDAQ: SIRI)
Number of Hedge Fund Holders: 24
Price as of July 21, 2021: $6.57 per share
Sirius XM Holdings Inc. (NASDAQ: SIRI) is ranked first on our list of 10 best growth stocks under $10. The company’s shares have offered investors returns exceeding 11% over the course of the past twelve months. The company provides online radio services and is based in New York. On April 28, the company posted earnings for the first quarter, reporting earnings per share of $0.07, beating market predictions by $0.01. The revenue over the period was more than $2 billion, up 5% year-on-year.
On May 27, investment advisory Morgan Stanley maintained an Equal Weight rating on Sirius XM Holdings Inc. (NASDAQ: SIRI) stock with a price target of $7.5, noting that the shares were cheap based on earnings results for the first quarter that easily beat market expectations.
Out of the hedge funds being tracked by Insider Monkey, Nebraska-based investment firm Berkshire Hathaway is a leading shareholder in Sirius XM Holdings Inc. (NASDAQ: SIRI) with 43 million shares worth more than $265 million.
You can also take a peek at 10 Best Dividend Stocks for Long Term and 10 Popular Penny Stocks on Robinhood.
