Sometimes, the. most explosive opportunities can be found when you look for cheap stocks to buy.
- Digital Turbine (NASDAQ:APPS) traded at just $3.71 weeks ago. It’s now up to $26.84.
- Acadia Pharmaceuticals (NASDAQ:ACAD) once traded at 72 cents before hitting $49.81.
- Big 5 Sporting Goods (NASDAQ:BGFV) was left for dead at $1.85. It’s now up to $6.
- Limelight Networks (NASDAQ:LLNW) traded at $2.55 this year. It recently hit $8.
- Zynga (NASDAQ:ZNGA) traded at $3.62, and is now up to $9.12.
These are just some of the hundreds of cheap stocks to buy that have made investors a fortune.
Granted, some cheap stocks have been nothing but duds. But find the right one, with the right catalyst at the right time, and it could lead to your next double-, triple- or even quadruple-digit opportunity.
In fact, here’s a list of top cheap stocks to buy that could do the trick.
Cheap Stocks to Buy: Vuzix Corporation (VUZI)
Augmented reality is changing just about everything, which should create a sizable boon for AR stocks like Vuzix.
Such technology allows us to superimpose sounds, images, text over real-world scenarios. In medical training for example, AR allows us to bring 3D anatomical learning.
It’s even revolutionizing the auto industry, government, military and logistics, as such technology provides real-time data with real-life simulations. It also plays a major role in education, allowing for enhanced teaching, communication and interactive textbooks.
Better, the AR market is expected to grow from $10.9 billion in 2019 to more than $72.7 billion by 2024, according to MarketsandMarkets. Facebook (NASDAQ:FB), Microsoft (NASDAQ:MSFT), Alphabet (NASDAQ:GOOGL, NASDAQ:GOOG), and Qualcomm (NASDAQ:QCOM) are just a few of the multi-billion-dollar businesses investing in AR, as well.
Even better for the VUZI stock, second-quarter revenue was up 39% year over year, and 93% sequentially form the first quarter.
“We delivered a record $2.3 million of Vuzix smart glasses in the quarter, an increase of 183% year-over-year and 70% sequentially from our first quarter of 2020, primarily driven by interest from new customers and follow-on orders from existing customers whose business operations have been impacted by COVID-19,” said CEO Paul Travers.
New Gold (NGD)
Gold prices are rocketing higher. At the moment, the metal is up to $1,940 and could run to $2,500 soon. All as investors seek safety from the pandemic, a falling dollar, and as central banks flood economies with liquidity.
The run may be far from over. In fact, some analysts say gold could rally to $2,500 by the end of 2020, according to IG Bank contributor Kelvin Ong. Frank Holmes, CEO of U.S. Global Investors is far more bullish saying the metal could run to $4,000 in the next couple of years.
“If we look back over the past 20-and-a-half years of this century, gold has been up 80% of the time. But most people are so quick to be bearish on it. Gold is outperforming the S&P 500 by almost 3 to 1,’ said Holmes. “‘So, I think we are going to see in this cycle a greater adoption of gold as an important asset class, rebalanced once a quarter or once a year, but it should be in your portfolio.”
That’s great news for sub-$5 stocks like New Gold.
Better, “New Gold’s future will be supported by profitable operations, a stronger balance sheet, and as our current hedges expire at year end, we will be fully exposed to the strengthened gold price,” says CEO Renaud Adams.
The world has drastically changed with the pandemic. Along with it, security needs of businesses have changed, creating opportunity for Identiv.
In fact, its Hirsch Velocity with Contact Tracing can reportedly “pull a report of everyone who entered the same door who can then be notified to either get tested or self-quarantine. While this is useful during the days of COVID-19, it can also be used for other applications, such as the seasonal influenza. This means your office can be proactive in responding to potential outbreaks, while simultaneously providing your employees with the peace of mind that there are measures in place to keep them safe,” says the company.
Identiv’s Body Measurement Patch is also being used to check temperatures as stadiums and theme parks begin to reopen for business.
No wonder the company’s revenue was up 18% sequentially to $11.6 million. Recurring revenue was 8% of total revenue, or $1.5 million. Backlog orders jumped to $13 million, up 140% year over year, as well.
On the date of publication, Ian Cooper did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Ian Cooper, an InvestorPlace.com contributor, has been analyzing stocks and options for web-based advisories since 1999. As of this writing, Ian Cooper did not hold a position in any of the aforementioned securities.