The S&P 500 is off to a forgettable start this year, but that creates multiple buying opportunities if you’re looking for cheap stocks.

Savvy investors will want to pick up cheap stocks, which offer a healthy upside in the future. Luckily, the broad-based pullback has created an opportunity for investors to pick up multiple stocks with chump change.

Cheap stocks typically belong to undervalued companies with strong fundamentals but seem to have fallen out of favor with investors. Understanding investor sentiment can be tricky, and many high-potential stocks end up facing the short end of the stick.

These cheap stocks have a combined value of less than $100. These companies have a robust outlook ahead and could potentially offer massive gains down the road.

• Nokia (NYSE:NOK)
• Newmark Group (NASDAQ:NMRK)
• Telefónica (NYSE:TEF)
• Ford (NYSE:F)
• American Airlines (NASDAQ:AAL)
• SoFi Technologies (NASDAQ:SOFI)
• Viatris (NASDAQ:VTRS)

Cheap Stocks To Buy: Nokia (NOK)          

Finnish telecommunications giant Nokia has had to do a lot of soul searching in the past few years. However, it’s finally got a grip of where it wants to be by establishing itself as a top 5G play.

Though NOK stock has been a sluggish mover, it can offer healthy long-term returns if it can continue achieving its goals.

5G roll-out is expected to last significantly longer, and wireless access will grow by 100% into 2023. Therefore, Nokia can continue reaping the rewards of its investments for years to come. Moreover, the company has struck multiple deals with various entities globally, making it one of the most sought-after 5G companies.

Supply chain issues and other macro-economic headwinds are a concern, but are unlikely to stop its growth story.

Newmark Group (NMRK)

Newmark is a real estate services provider spun off from BGC Partners (NASDAQ:BGCP). Its products include loan sales, agency leasing, investment management, and other services.

The commercial real estate broker has been growing at a rapid pace of late. Its year-over-year expansion in its top and bottom lines is over 22%.

Inorganic growth has been a key reason for its remarkable performance. Moreover, its revenue base is highly diversified with a mix of diverse and recurring income streams. Hence, its business is remarkably solid and offers better prospects than its peers.

Telefónica (TEF)

Telefonica is one of the top European and Latin American telecommunications providers with a multi-country focus. In many of its markets, it has established a dominant presence and is a market leader in some. Though there are reasons for the market abandoning TEF stock, it remains gross undervalued in many ways.

After selling off its European and South American towers to American Tower (NYSE:AMT) for roughly $9.41 billion in cash, the business has become more streamlined than ever before. American Tower has agreed to buy-out 30,772 tower sites, while Telefonica ill maintain current lease agreements in transmitting from those towers.

Nevertheless, the business has become asset-light and will enable the company to improve its fundamentals. Additionally, the Telco offers a superb dividend yield of over 7%.

Cheap Stocks To Buy: Ford (F)

Automobile giant Ford finds itself in unfamiliar territory as a cheap stock. However, the reality is that the going has been remarkably tough over the past year, marked by Covid-disruptions.

Ford’s business was affected immensely, but with the pandemic fade, things are looking more exciting in the future.

More importantly, it announced a bold reorganization by splitting into multiple business units. The goal is to unlock greater value for its investors and focus on its EV strategy. It plans to produce a whopping 2 million EVs in 2026 and anticipates a $3 billion in costs reduction from the reorganization efforts.

F stock looks like an exciting investment over the next few years.

American Airlines (AAL)

American Airlines was pulverized during the pandemic sparking bankruptcy concerns. However, it has bounced back well from industry headwinds and is now looking towards full recovery.

It expects leisure travel to encompass business travel soon, resulting in a massive revenue bump. Leisure travel sales have already topped 2019 levels and domestic revenues during the fourth quarter last year.

The Russia/Ukraine war and the resultant increase in oil prices have dampened investor sentiment, which will weigh down AAL stock in the interim. However, I expect AAL stock to start picking up the pace as soon as the macro-economic situation eases out.

SoFi Technologies (SOFI)

SoFi Technologies is one of the hottest personal finance companies today. With its innovative offerings, its growth rates have soared late but unfortunately haven’t translated into share price gains.

In its most recent quarter, its sales grew by a fantastic 54%, along with an 84% growth in memberships. The company has increased its customer count by almost four times in the last two years.

More importantly, it recently received regulatory approval for its bank charter, which effectively allows it to cut out the middle man in its lending business. Consequently, analysts have bumped its revenue and earnings estimates by a considerable margin.

SOFI stock is perhaps the most exciting fintech investment at this time.

Cheap Stocks To Buy: Viatris (VTRS)

Viatris is a top healthcare company specializing in prescription drugs, complex generic drugs, active pharma ingredients, biosimilars, and others. The business has performed exceptionally well of late, boasting double-digit growth in its sales and earnings.

In 2021, it reported a colossal increase in revenues to $17.8 billion, representing 51% from the prior year. Similarly, its free cash flows were robust, growing over 250% in 2020. Additionally, its EBITDA margins improved 132% on a year-over-year basis.

VTRS is likely to pay out quarterly dividends of 12 cents for every share, with a 9% increase from the previous year in the fiscal year 2022. Therefore, there is plenty to like about VTRS stock, and it’s best to scoop it up while it trades at a throw-away price.

On the date of publication, Muslim Farooque did not have (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.