5 Cheap Hot Stocks to Buy Now

In this article, we will look at the 5 cheap hot stocks to buy now. If you want to explore similar stocks, you can check out 10 Cheap Hot Stocks to Buy Now.

5. Modine Manufacturing Company (NYSE:MOD)

PE Ratio as of January 6: 9.03

Performance (Q4 2022): 48.40%

Number of Hedge Fund Holders: 18

Modine Manufacturing Company (NYSE:MOD) is a global leader in thermal management technology and solutions, providing engineered components, systems and services to a wide range of industries. The company’s products are used in a wide range of industries, from automotive to commercial and industrial applications. At the end of Q3 2022, 18 hedge funds were long Modine Manufacturing Company (NYSE:MOD) and held stakes worth $110.7 million.

Modine Manufacturing Company (NYSE:MOD) is one of the best cheap hot stocks to buy now. The stock returned 48.40% to investors in the fourth quarter of 2022 and is trading at a PE multiple of 9x, as of January 6.

On December 6, CJS Securities analyst Stefanos Crist took coverage of Modine Manufacturing Company (NYSE:MOD) with an Outperform rating and a $25 price target.

As of September 30, Mario Gabelli’s GAMCO Investors is the top shareholder in Modine Manufacturing Company (NYSE:MOD) and has a position worth $41.5 million in the company.

4. Titan Machinery Inc. (NASDAQ:TITN)

PE Ratio as of January 6: 8.56

Performance (Q4 2022): 34.68%

Number of Hedge Fund Holders: 18

Titan Machinery Inc. (NASDAQ:TITN) provides a wide variety of agricultural and construction machinery, parts, and service to customers in the United States and Europe. The company operates as a network of full–service agricultural and construction equipment stores and dealerships throughout the United States and Europe. 

For investors looking for cheap hot stocks, Titan Machinery Inc. (NASDAQ:TITN) is worth considering. The stock gained over 34% in the fourth quarter of 2022 and, as of January 6, is trading at a TTM PE ratio of 8.56.

On December 13, B. Riley analyst Alex Rygiel took coverage of Titan Machinery Inc. (NASDAQ:TITN) with a Buy rating and a $48 price target.

At the close of the third quarter of 2022, Titan Machinery Inc. (NASDAQ:TITN) was a part of 18 investors’ portfolios that held collective stakes of $63.6 million in the company. Of those, ACK Asset Management was the largest investor in the company and disclosed a position worth $18.9 million.

3. Amkor Technology, Inc. (NASDAQ:AMKR)

PE Ratio as of January 6: 7.77

Performance (Q4 2022): 37.30%

Number of Hedge Fund Holders: 24

Amkor Technology, Inc. (NASDAQ:AMKR) is a global leader in semiconductor packaging and testing. In addition to being one of the best cheap hot stocks to buy now, Amkor Technology, Inc. (NASDAQ:AMKR) is also one of the best cheap semiconductor stock to buy now. As of January 6, the stock is trading at a PE multiple of 7x. Amkor Technology, Inc. (NASDAQ:AMKR) posted gains of over 37% in the fourth quarter of 2022.

Amkor Technology, Inc. (NASDAQ:AMKR) is the only growth stock that made it to the best cheap hot stocks to buy now. The stock’s attractive valuation and dividend yield justify its inclusion. Moreover, the company has a strong financial position and has an FCF of $171.5 million. As of January 6, the stock is offering a forward dividend yield of 1.25%.

At the end of Q3 2022, 24 elite money managers were eager on Amkor Technology, Inc. (NASDAQ:AMKR) and held collective stakes worth $118 million in the company. Of those, SW Investment Management was the largest shareholder in the company and held a position worth $51 million.

2. SunCoke Energy, Inc. (NYSE:SXC)

PE Ratio as of January 6: 7.12

Performance (Q4 2022): 36.25%

Number of Hedge Fund Holders: 17

SunCoke Energy, Inc. (NYSE:SXC) is a leading producer of metallurgical coke and coal products in the United States and Brazil. The company’s coke making facilities produce metallurgical coke, which is used primarily in the steel-making process. As of September 30, Jim Simons’ Renaissance Technologies is the most prominent investor in the company and has a position worth $16.3 million in the company.

In the fourth quarter of 2022 SunCoke Energy, Inc. (NYSE:SXC) gained more than 36% and, as of January 6, the stock is trading at a price multiple of 7x. For investors searching for cheap hot stocks, SunCoke Energy, Inc. (NYSE:SXC) is a good option to consider. The stock also pays a dividend and is yielding 3.73%, as of January 6.

At the end of Q3 2022, SunCoke Energy, Inc. (NYSE:SXC) was spotted on 17 investors’ portfolios that held collective positions worth $38.3 million in the company.

1. Olympic Steel, Inc. (NASDAQ:ZEUS)

PE Ratio as of January 6: 3.37

Performance (Q4 2022): 32.93%

Number of Hedge Fund Holders: 10

Olympic Steel, Inc. (NASDAQ:ZEUS) is a leading global processor and distributor of metal products. The company does business through three segments: Carbon Flat Products, Specialty Metals Flat Products, and Tubular & Pipe Products. As of January 6, the stock is trading at a PE multiple of 3x. Moreover, the stock returned over 32% to investors in the fourth quarter of 2022. Olympic Steel, Inc. (NASDAQ:ZEUS) is an ideal candidate for investors in search of cheap hot stocks.

Olympic Steel, Inc. (NASDAQ:ZEUS) is making strides in its industry. On January 3, the company announced the acquisition of Kansas-based manufacturer of venting products, Metal-Fab Inc., for $131 million.

At the close of the third quarter of 2022, 10 hedge funds held stakes in Olympic Steel, Inc. (NASDAQ:ZEUS). The total value of these stakes amounted to $12.4 million. As of September 30, Royce & Associates is the top investor in the company and has disclosed a position worth $5.2 million.

Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily enewsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below. You can also take a look at 15 Best Sin Stocks To Buy and 15 Biggest Nuclear Energy Companies in the World.