3 Stocks Under $10 to Buy for Maximum Growth in 2024


  • These stocks are under $10 to buy and are ready to surge as their innovative initiatives drive superb growth potential. 
  • Bitfarms (BITF): The ongoing sentiment on Bitcoin highlights Bitfarms’ attractiveness, backed by hashrate increases and ambitious development plans.
  • Lithium Americas (LAC): With Thacker Pass, Lithium Americas is poised to become a pivotal player in lithium supply.
  • Payoneer (PAYO): Payoneer enhances global e-commerce through strategic partnerships and market expansion.
stocks under $10 to buy - 3 Stocks Under $10 to Buy for Maximum Growth in 2024

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When searching for the hidden treasures in the stock market, it’s easy to focus on the big-name companies with equally big price tags. However, it’s wise not to overlook stocks under $10 to buy. These options provide some much-needed diversification to your investment portfolio.

They say that every giant company was once a small business venture. Stocks priced below $10 are usually growth stocks. They are the active companies, the ones that are eager to grow and expand their market share. They are economical investments and have a lot of room for growth compared to expensive ones because you are investing right from when they are scaling up.

So, if you are ready to embrace volatility, then going for cheaper stocks is a great idea. Yes, these stocks are not without their risks, but the potential rewards are substantial if things work out. Therefore, let’s look at some of the best stocks under $10 to buy today.

Bitfarms (BITF)

Bitcoin and crypto mining farm. Big data center. High tech server computers at work. Bitfarms (BITF) mines crypto.
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Cryptocurrencies are on the rise, led by Bitcoin’s (BTC-USD) stellar rally in the past 12 months. This makes it a prime time to invest in crypto mining companies like Bitfarms (NASDAQ:BITF).

Bitfarms significantly elevated its game in the first quarter. With a zero-debt balance sheet and a robust $124 million cash reserve, the company is ambitiously planning to escalate its mining capacity from 7 exahashs per second (EH/s) to 21 EH/s by year’s end, and to a whopping 35 EH/s by 2025. This ramp-up indicates a significant increase in mining operations over the next few years.

In line with this expansion, Bitfarms sealed a deal recently to develop up to 120 MW of power capacity in Sharon, Pennsylvania. This move will elevate its total capacity to 648 MW by 2025, allowing it to process and verify blockchain transactions on a larger scale.  

Lastly, Bitfarms rejected a buyout offer from Riot Platforms (NASDAQ:RIOT), solidifying its position and showing confidence in its ability to innovate independently in the crypto-mining realm.

Lithium Americas (LAC)

lithium (LI) on the periodic table. top performing lithium stocks
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The world continues to rely heavily on lithium, and this trend isn’t likely to die soon. In this context, Lithium Americas (NYSE:LAC), a prominent North American lithium producer, has seen its stock decline by 57% this year. However, analysts are optimistic, forecasting a significant 151% upside potential for the stock. This optimism largely hinges on the success of its Thacker Pass project in Nevada, which makes LAC a potentially high-reward but risky investment.

Thacker Pass is a game-changer for LAC. It has an expected lifespan of 40 years and an after-tax net present value pegged at $5.7 billion. Once fully operational, both phases are expected to generate a potential $2 billion in annual EBITDA.

This idea earned a huge vote of confidence from the U.S. Department of Energy earlier this year, which provided a $2.26 billion conditional loan. Considering these aspects, LAC could be a top bet, trading just under 1.1 times forward book value.

Payoneer (PAYO)

Payoneer editorial. Illustrative photo for news about Payoneer - an American financial services company.
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Fintech continues to hook investors, and Payoneer (NASDAQ:PAYO) is leading the charge, grabbing attention with a 21% upswing in value over the past year. This platform offers payment processing and multi-currency account services primarily to freelancers and small to medium-sized enterprises.

Moreover, Payoneer strengthened its affiliations with key markets such as Amazon (NASDAQ:AMZN), Walmart (NYSE:WMT) and Etsy (NASDAQ:ETSY). Such collaborations simplify cross-border transactions, increase transaction volume, and attract additional merchants. It’s like Payoneer has discovered the right niche within the online selling market.

These efforts are strongly mirrored in Payoneer’s robust financials for Q1 2024. The firm reported a spectacular adjusted EBITDA of $65.2 million, resulting in a solid margin of 29.5%. Furthermore, Payoneer went public in 2021 with $100 million in quarterly revenues. Since then, it has escalated tremendously, with revenues of $228 million in Q1 2024. This trajectory indicates ongoing development and interest in investing in the future.

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On the date of publication, Nabeel Bukhari 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.

Nabeel Bukhari is a seasoned research analyst and keen investor. His expert insights help readers to skillfully tackle the complexities of the financial sector, with a particular focus on electric vehicles (EVs) and technology stocks. Nabeel holds a Bachelor of Laws degree from Bahria University.

Article printed from InvestorPlace Media, https://investorplace.com/2024/06/3-stocks-under-10-to-buy-for-maximum-growth-in-2024/.

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