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5 Growth Stocks Under $10 to Scoop Up Now
After a shaky start to 2024, as a wave of strong economic data tamped down expectations for imminent rate cuts, growth stocks have been off to the races this year. The Vanguard Growth ETF (VUG), with over $106 billion in assets under management, is up 3.2% YTD - outperforming the 1.9% rise in the broad-based S&P 500 SPDR (SPY).
While some of the best-known growth stocks have already outpaced Wall Street's consensus price target estimates, here we've rounded up 5 low-priced growth stocks - all trading under $10 - that still have plenty of room to rise, according to analysts.
1. Compugen Stock
Founded in 1993, Compugen (CGEN) is an Israeli clinical-stage drug discovery and development company. It develops cancer immunotherapy drugs by identifying novel drug targets and biological pathways using its proprietary artificial intelligence (AI)-powered computational platform, “Compass.” Its market cap currently stands at $161.1 million.
Over the past year, Compugen stock has rallied 116%.
Moreover, the company's projected forward revenue growth of 50.46% is well above the healthcare sector median of 8.91%.
Overall, 3 analysts have unanimously deemed the stock a “Strong Buy,” with the mean target price of $5 denoting an upside potential of 169% from current levels.
2. Globalstar Stock
Formed as a joint venture between Loral Corporation and Qualcomm (QCOM) in 1991, Globalstar (GSAT) is a satellite communications company that operates a low Earth orbit (LEO) satellite constellation for satellite phone and low-speed data communications. It currently commands a market cap of $3.3 billion.
Over the past year, Globalstar stock has gained 29%.
Globalstar's forward revenue growth is pegged at 25.66%, compared to the communications services sector median of 3.82%.
Analysts have deemed the stock a “Strong Buy” with a mean target price of $4.18. This denotes an upside potential of roughly 147% from current levels. Out of 4 analysts covering the stock, 3 have a “Strong Buy” rating, and 1 has a “Hold” rating.
3. Bitfarms Stock
Founded in 2017, Bitfarms (BITF) is a Bitcoin (BTCUSD) mining company that owns and operates vertically integrated mining farms with in-house management, electrical engineering, installation, and on-site repair. It also focuses on clean energy for its operations, as it utilizes hydroelectricity as the primary power source for its facilities.
Commanding a market cap of $698.4 million, Bitfarms stock is up more than 71% over the past year.
The company's estimated forward revenue growth of 15.78% is roughly double the tech sector median of 7.62%.
Overall, analysts have a rating of “Strong Buy” for the stock, with a mean target price of $3.75. This denotes an upside potential of 85.6% from current levels. Out of 5 analysts covering the stock, 4 have a “Strong Buy” rating and 1 has a “Moderate Buy” rating.
4. Indie Semiconductor Stock
Founded in 2017, Indie Semiconductor (INDI) designs and manufactures innovative analog and mixed-signal semiconductors specifically for the automotive industry. Its focus areas are advanced driver assistance systems (ADAS), user experience (UX) features, and electric vehicle (EV) battery management and charging solutions.
With a market cap of $1.3 billion, Indie Semiconductor stock is down 2.2% over the past year.
Its forward revenue growth of 91.89% is well above the sector median of 7.62%.
Overall, analysts have a mean target price of $13.36, which implies an upside potential of 82.2% from current levels. Out of 7 analysts covering the stock, all of them have a “Strong Buy” rating.
5. Kosmos Energy Stock
We conclude our list with Kosmos Energy (KOS), a full-cycle independent oil and gas exploration and production company that focuses on deepwater operations along the Atlantic Margins. It has assets in Ghana, the U.S., Equatorial Guinea, and Mauritania/Senegal, primarily.
Its market cap currently stands at $2.9 billion, and its stock is down 20.5% over the past year.
The company's projected forward revenue growth of 16.17% compares favorably to the energy sector median of 12.75%.
Analysts have a rating of “Strong Buy” for KOS, with a mean target price of $9.26. This denotes an upside potential of about 47.9% from current levels. Out of 7 analysts covering the stock, 6 have a “Strong Buy” rating and 1 has a “Hold” rating.
On the date of publication, Pathikrit Bose did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
