Cheap Stocks to Buy Now if You Have $100 to Spend

  • These cheap stocks to buy for $100 can bring attractive returns without breaking the bank.
  • Nokia (NOK): Strong quarterly results over the past few quarters are a testament that its turnaround is complete,
  • Ford (F): EVs are the future of the automotive sector, and Ford is going all in.
  • SoFi Technologies (SOFI): Its strong borrower base and status as an online bank ensures double-digit growth.
  • Kinross Gold (KGC): It continues to grow its net assets at a strong pace with an incredible 3.7% yield.
  • Workhorse Group (WKHS): Its project with the U.S. Department of Agriculture and other public sector entities points to an encouraging future.
  • American Airlines (AAL): Robust second quarter results point to a bright future ahead.
  • Lloyds Banking Group (LYG): Solid retail business should help offset losses.
Cheap Stocks to Buy Now if You Have $100 to Spend

Source: Toasted Pictures /

The specter of rising interest and inflation rates have broken investors’ spirits so far this year. High growth stocks, particularly, have sold off sharply and are trading at multi-year lows. Hence, investors have an excellent opportunity to scoop multiple cheap stocks in building their portfolios. However, there are good opportunities even with a lower budget. Let’s take a look at seven cheap stocks to buy for $100.

The U.S. entered a bear market back in June when the S&P 500 reached a 20% decline from January’s all-time record high. It’s uncertain how long the bear market could last; therefore, investors are likely to shy away from high-flying stocks in the current challenging economic environment and inflation rising.

Therefore, there will be plenty of high-quality stocks trading at remarkably cheap valuations for investors to add to their portfolios. Here are seven cheap stocks to buy for $100.

NOK Nokia $5.18
F Ford $14
SOFI SoFi Technologies $6.16
KGC Kinross Gold $3.34
WKHS Workhorse Group $3.10
AAL American Airlines $13.52
LYG Lloyds Banking Group $2.17

Nokia (NOK)

Dark clouds over Nokia brand name on top of a building in Helsinki, Finland

Source: RistoH /

Telecommunications giant Nokia (NYSE:NOK) has been one of the most prolific comeback stories in the tech sector. The once-famed smartphone maker had been struggling for direction, but its management’s efforts have now resulted in it becoming a major 5G play. Its massive order backlog, a growing list of partnerships and product demand are a testament to the notion.

It recently posted its strong quarterly results, where revenues increased by a healthy 11.1%, beating estimates by $295 million. Additionally, network infrastructure sales increased by 12%, with an incredible operating margin of 12.2%. Free cash flow conversion was 25% to 55% of comparable operating profit. Also, it reaffirmed its robust sales outlook of $23.9 billion to $25.1 billion.

Despite these positive developments, the stock is dirt cheap and offers substantial upside.

Ford (F)

Ford logo badge on grill of car

Source: JuliusKielaitis /

Automotive giant Ford (NYSE:F) has witnessed a substantial share price erosion due to recalls and other related short-term troubles that have damaged its share price.

Moreover, investors are nervous about Ford going all-out in its transition from an internal combustion engine to a battery electric vehicle manufacturer. It is investing heavily in its future manufacturing capacity and plans to exit the market in the future.

Sales of its BEV are showing strong promise already, as it plans to spend $50 billion on building its BEV business by 2026. Initial sales of its flagship EV F-150 Lightning have been stellar, with plans to scale production to 200,000 annually. If it turns out as popular as its CEO Jim Farley envisages, 200,000 sales per annum are just the beginning.

SoFi Technologies (SOFI)

SoFi headquarters. SOFI stock.

Source: Michael Vi / Shutterstock

SoFi Technologies (NASDAQ:SOFI) is a one-stop-shop fintech platform that has been incredibly popular with high-income earners. Perhaps its biggest competitive advantage is that its borrowers have remarkably high FICO credit scores and high average annual incomes. Moreover, now that it’s a bank, it can effectively side-step high costs of debt and the securitization market in funding loans.

Recent results from the company are solid. In its first quarter, top-line expansion has been spectacular, where the enterprise saw record adjusted net sales of $322 million, a 49% bump from the prior-year period. These results are well ahead of the management guidance and beat consensus estimates.

Looking ahead, I expect the company to post double-digit growth for the foreseeable future as it continues to expand.

Kinross Gold (KGC)

An image of multiple gold bars

Source: Shutterstock

Kinross Gold (NYSE:KGC) established itself as a large gold miner with properties in the U.S., Mauritania, Ghana, Brazil, Chile and others. Last year, production fell short of its guidance due to the fire at its mill in Mauritania. Moreover, the Russia/Ukraine invasion led to the divestment of its Russian assets for little money.

Kinross guided for 2022 annual gold production of 2.15 million ounces, which is higher than its production from last year. Despite the challenges, production is expected to hold up remarkably well going forward.

Moreover, it continues to increase its net assets to continue expanding at a sustainable pace for the foreseeable future. The risks are priced in its share price at this time, and with a 3.7% yield, it remains an attractive pick.

Workhorse Group (WKHS)

A Workhorse (<a class=

Source: rblfmr /

Workhorse Group (NASDAQ:WKHS) is an up-and-coming EV company specializing in the design and production of high-performance BEV and cloud-based telematics performance systems. It offers sustainable solutions to the commercial transport sector and is expected to reach its commercialization stage by late 2022.

Moreover, it expects to be producing its W56 and W34 models within the next couple of years, and if it can successfully roll out its projects, it will lead to massive cash flow generation and sales growth.

It has enough liquidity to finance its future development and manufacturing. Moreover, it recently entered into a lucrative agreement with the U.S. Department of Agriculture and is exploring more projects with the federal government. It has $167 million in cash, which should be enough to maintain its liquidity position.

American Airlines (AAL)

An American Airlines (<a class=

Source: GagliardiPhotography /

American Airlines (NASDAQ:AAL) and other airliners have struggled immensely due to the pandemic-led slowdown. It compelled airlines to cut costs and take up massive debt at this time. Moreover, their fledgling comeback was cut short by high fuel and labor costs, making investors worried about the future.

However, in the past couple of quarters, its revenues have risen at a breathtaking pace, which points to a more encouraging future ahead. In its second quarter, it reported sales of $13.42 billion, representing an 80.1% growth from the prior-year period.

Moreover, due to pent-up demand, the airliner expects its third-quarter sales to be 10% to 12% higher compared to the third quarter of 2019, despite operating on an 8% to 10% lower capacity.

Lloyds Banking Group (LYG)

Lloyds Bank (<a class=

Source: Tomasz Bidermann /

Lloyds Banking Group (NYSE:LYG) is the largest bank in the U.K. and boasts an impressive core deposit franchise and an efficient operator. It has become a major deposit gatherer in a concentrated market.

Its leading position in the domestic market makes it a highly efficient operator, with its cost/income ratio below 60%. Moreover, its tangible return on equity has comfortably surpassed the 10% mark and should exceed 11% this year.

Its strong retail business is likely to offset any losses elsewhere. Additionally, with a healthy dividend yield of over 4.6%, it is a screaming buy at current levels.

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 Publishing Guidelines.

Muslim Farooque is a keen investor and an optimist at heart. A life-long gamer and tech enthusiast, he has a particular affinity for analyzing technology stocks. Muslim holds a bachelor’s of science degree in applied accounting from Oxford Brookes University.

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