Nine Cheap Stocks Worth Considering for 2024

Navigating the world of low-priced stocks, often referred to as penny stocks, can be a daunting task. With a vast array of options trading for $5 or less per share on major American exchanges, finding that hidden gem can seem like searching for a needle in a haystack. It's important to exercise caution, especially with the stock market showing signs of a potential bear market. However, there are still opportunities for prudent speculations among these low-priced stocks.

Here are nine cheap stocks that have the potential to deliver strong returns heading into 2024:

1. Banco Santander SA (SAN)

• Banco Santander is a prominent banking franchise with a significant presence in Spain and across Latin America. Despite past challenges, some divisions of Santander, such as Santander Mexico, are performing well. SAN stock has shown promise, with a 25.8% rally this year as of October 5, trading at just 5.3 times forward earnings.

2. Ambev SA (ABEV)

• Ambev is the South American division of Anheuser-Busch InBev SA/NV (BUD). Unlike its parent company, Ambev has navigated 2023 without the issues facing BUD. With Argentina's upcoming election favoring a pro-business candidate, ABEV could see improved valuations and business prospects. The stock trades at a low multiple of 12.6 times forward earnings and offers a 5.8% dividend yield.

3. Enel Chile SA (ENIC)

• Enel Chile is a major electricity producer and distributor in Chile. It faced several challenges in recent years but has started to rebound in 2023 amid improving weather and political conditions. ENIC stock, trading at 7.7 times forward earnings, offers room for additional upside.

4. B2gold Corp. (BTG)

• As gold prices face recent volatility due to rising interest rates, B2gold provides diversified exposure to the precious metal. With mining operations in Mali, Namibia, and the Philippines, BTG shares trade at 9.9 times forward earnings and offer a 5.5% dividend yield.

5. Rocket Lab USA Inc. (RKLB)

• Rocket Lab operates in the growing field of launch services and space systems solutions, with strong revenue growth expected in the coming years. Analysts project RKLB to reach profitability in 2025. The company's financials and position in a booming industry make it a compelling option.

6. JetBlue Airways Corp. (JBLU)

• The airline industry has faced recent challenges due to rising oil prices, labor tensions, and economic factors. JBLU stock reflects these issues but may be poised for a significant rebound after a 32% decline over the past six months.

7. Olaplex Holdings Inc. (OLPX)

• Olaplex is a consumer wellness company focused on hair care and beauty products. While its rapid growth has slowed with the reopening of the global economy, the stock has experienced a steep decline of around 80% over the past year, making it a potential value opportunity.

8. Grupo Aval Acciones y Valores SA (AVAL)

• Grupo Aval is one of Colombia's largest financial groups, with limited competition in a highly profitable industry. Favorable economic conditions in Colombia and a potential rate-cutting cycle make AVAL an attractive prospect, with shares still trading below 2020 lows.

9. Perimeter Solutions SA (PRM)

• Perimeter Solutions specializes in products used in firefighting, such as fire suppressants and firefighting foams. The company, which went public via a SPAC merger, has a strong market share within its core products. Though it has faced challenges due to a wet spring season, its long-term prospects remain promising.

Please note that investing in low-priced stocks carries inherent risks, and thorough research and due diligence are essential before making any investment decisions.

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