If you like to buy low and sell high, then picking value stocks can be fun and profitable. There’s nothing more enjoyable than getting into a stock that the market has overlooked and watching it turn around and shoot higher.

Identifying value stocks often means checking for essential metrics. These can include the 52-week high and low, as well as the trailing 12-month price-to-earnings ratio. Just as importantly, it can mean investigating the fundamentals of the companies and ensuring that they’re involved in a growth-oriented market sector.

Here are five names that fit the criteria we’ll be watching out for:

• Big Lots (NYSE:BIG)
• Gray Television (NYSE:GTN)
• AllianceBernstein (NYSE:AB)
• Spirit Airlines (NYSE:SAVE)
• Foot Locker (NYSE:FL)

Okay, value hunters, get your watch lists ready. We’re going to dig into these five value stocks that many folks are missing out on.

Value Stock to Buy: Big Lots (BIG)

Brick-and-mortar retailer Big Lots is known for discounts, but did you know that BIG stock is trading at a discount that places it among the most promising value stocks to consider today? BIG’s trailing 12-month price-to-earnings ratio of 5.11x isn’t big at all, which means that the stock is cheap compared to the company’s income.

It’s also worth noting that Big Lots is in a very strong, cash-positive position. Available liquidity is an essential but underappreciated part of assessing a company’s value. Big Lots recently reported approximately $890 million in cash and short-term investments.

Not only that, but no amounts have been drawn on Big Lots’ $700 million revolving credit facility. As you can see, access to capital is not a problem for Big Lots. Granted, roughly $170 million in expected tax payments haven’t been factored into the foregoing stats. Nevertheless, it’s evident that Big Lots is prepared to weather the pandemic-precipitated economic storm.

Just recently, five analysts’ current-quarter earnings estimates for Big Lots have increased. These upward revisions have ranged from 80 cents to $2.37. It’s no secret that some experts are bracing for an outstanding quarter for Big Lots. So, don’t be shocked if BIG stock attains the $43 area in the near future.

Gray Television (GTN)

Television broadcast company Gray Television is a media superstar waiting to be discovered. The company’s TV stations reach 24% of television-viewing households in the United States. With election season ready to head into the final stretch, advertising revenues could ramp up and that’s net bullish for GTN stock.

Much of the bearish sentiment surrounding Gray Television is, without a doubt, related to the novel coronavirus pandemic. Some companies’ budgets are strained, and media advertising is often considered a discretionary expense.

It’s somewhat understandable, then, that the trading community put some price pressure on GTN stock. Yet, it’s conceivable that investors sold off the shares to an excessive degree. A recovery in the broader economy could easily send the stock price back up to the $20 level or higher.

Value seekers will appreciated the stock’s trailing 12-month price-to-earnings ratio of just 7.42x. And, GTN stock has room to run when we consider its 52-week high of $23.07. With that in mind, Gray Television could be the best value name you’ve never heard of.

AllianceBernstein (AB)

Hat-tip to InvestorPlace advisor Neil George for turning me on to this surprising value-investing opportunity. A highly respected asset-management company that traders don’t often talk about, AllianceBernstein offers an excellent forward annual dividend yield of almost 9%.

As George duly notes, “the shares are held by 16 members of the company’s management team.” This indicates conviction among AllianceBernstein’s insiders. Regarding the essential value metrics, AB stock sports a trailing 12-month price-to-earnings ratio of 10.65x.

That number should perk up the ears of value seekers, but it’s also nice to know that you’d be investing in a large and growing company. In fact, by the end of May, AllianceBernstein had $596 billion in estimated assets under management.

Better yet, that figure increased by 0.7% to a clean $600 billion by June’s end. Could this be a sign that AllianceBernstein is faring well and the financial sector is in recovery mode? It’s an idea worth considering, but either way, the data suggests that value hunters shouldn’t miss out on AB stock.

Spirit Airlines (SAVE)

It’s an airline that isn’t a red-hot discussion topic among traders, but Spirit Airlines offers a rare value proposition. It’s also in a possible growth market as airlines could receive more government stimulus funds and the nation’s recovery from the pandemic should boost Spirit’s bottom line eventually.

In fact, the United States Treasury specifically included Spirit Airlines when it finalized the loan terms for an assistance package worth nearly $50 billion. This was done as part of the broad-based stimulus plan commonly known as the CARES Act.

Treasury Secretary Steven T. Mnuchin characterized the stimulus funds directed towards the five named airlines as “much-needed financial assistance.” This indicates that the government is eager to help out Spirit Airlines and the aviation sector in general.

Beyond the government assistance, the data speaks volumes as SAVE stock has a trailing 12-month price-to-earnings ratio of 4.55x. It’s also much closer to the 52-week low of $7.01 than SAVE’s 52-week high price of $55.21. Judging by those metrics, you might consider saving your money for SAVE shares, but don’t wait too long, as the price could trend upwards very soon.

Foot Locker (FL)

Could shoe sales be viewed as a growth opportunity? Maybe or maybe not, but Foot Locker has been bolstering its online presence, and few traders would deny the strength of e-commerce. Meanwhile, value investors should observe that FL stock (pardon the pun) “sports” a trailing 12-month price-to-earnings ratio of 14.3x and is nowhere near its 52-week high of $47.86.

Whatever you do, please don’t think of Foot Locker as a “mall store” company. Foot Locker’s value proposition is enhanced by the company’s willingness to adapt to changing times. Indeed, the company has specifically cited building “a more powerful Digital business with customer-focused channel connectivity” as a strategic priority.

Foot Locker also cited European expansion opportunities as well as pursuit of the company’s Women’s and Kids’ businesses as priorities. As the pool of consumers for athletic wear diversifies, so does Foot Locker in its outreach efforts, and that’s certainly not a bad thing.

Wedbush analyst Christopher Svezia seems to model significant upside for FL stock as he maintained his “Outperform” rating while assigning an ambitious price target of $34. Svezia’s bull case is justified as Foot Locker is making progress in paying off its debts. That being the case, those seeking value stocks can take a position in FL stock today and prepare for a turnaround in this (please forgive me) “sole survivor.”

David Moadel has provided compelling content – and crossed the occasional line – on behalf of Crush the Street, Market Realist, TalkMarkets, Finom Group, Benzinga, and (of course) InvestorPlace.com. He also serves as the chief analyst and market researcher for Portfolio Wealth Global and hosts the popular financial YouTube channel Looking at the Markets. As of this writing, he did not hold a position in any of the aforementioned securities.