The allure of the best stocks under $10 to buy in 2024 is undeniable. While embarking on this journey is a worthwhile endeavor, it is important to understand what this means.
If you’re a beginner investor, cheap stocks can be considered companies with a relatively low share price. However, it is important to know that this could not be further from the truth. Investors must make a clear distinction between market capitalization and share price before making any investment decisions.
While investing in these lower-priced stocks carries risk, there is a unique class of companies with strong fundamentals with the potential to outperform.
Now, here are the best stocks under $10 to buy to triple your money by 2028!
Harmony Gold (HMY)
Harmony Gold (NYSE:HMY), a South African mining company, presents a compelling investment opportunity in 2024. That is largely due to the rising price of physical gold and its strategic priorities for growth.
Harmony Gold’s share price is trading right under the $10 threshold in 2024. The stock is up 55% year-to-date (YTD), driven by the surge in physical gold bullion. Its diverse portfolio of mines, coupled with its focus on cost reduction and operational efficiency, enhances its profitability. Moreover, Harmony has seen a resurgence in revenue and FCF in the last year. The company has been able to navigate a tougher macroeconomic environment, largely due to its cost reduction strategy. The company has also seen consolidated operating margin expansion, further driving profitable growth in FY23. With a trailing P/E of 12.9, HMY stock is one of the best stocks under $10 to snap up for 3X returns by 2028.
Fortuna Silver Mines (FSM)
Fortuna Silver Mines (NYSE:FSM) is a Canadian precious metals company with the potential to triple in value. Investors are turning increasingly bullish, as silver sees a technical breakout over $30 an ounce.
Fortuna Silver primarily deals in the production of silver and gold, with exposure to lead and zinc. The company has mining operations in Mexico, Argentina, Burkina Faso, Peru, Côte d’Ivoire and Senegal. Many investors are turning to silver mining companies, as the global economy sees increasing threats with inflation and economic instability. Turning to hard assets like silver could prove to be a sound strategy to hedge against rising prices. In Q1 FY24, revenue increased 28% year-over-year (YOY) to $225 million. Net income skyrocketed 141% YOY to $26.3 million, or $0.09 per share. Cash flows have been strong, as the company continued to pay down debt and strengthen liquidity. With the price of silver surging, FSM stock is one of the best stocks under $10 to snap up in May.
Payoneer (PAYO)
Payoneer (NASDAQ:PAYO) is an under-the-radar fintech stock not getting the love it deserves. The company is a promising growth stock with the potential to deliver substantial returns through 2028.
Payoneer provides businesses and professionals with cross-border payment solutions, facilitating international transactions and empowering entrepreneurs. The company’s robust platform and focus on innovation and customer service have fueled its rapid growth since the pandemic. With an increasing demand for digital payment solutions in emerging markets, Payoneer remains well-positioned to meet this demand. After achieving its first full year of GAAP profitability in FY23, the company continues to see strong growth across its entire platform. In Q1 FY24, revenue increased 19% YOY to $228.2 million. Net income skyrocketed 265% YOY to $29 million, or $0.08 per share. With B2B volume up 33% from 2023, PAYO stock is undoubtedly one of the best stocks under $10 with the potential to outperform.
On the date of publication, Terel Miles did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
