7 Cheap Stocks to Buy Now if You Have $100 to Spend
As the market continues to drop, there are still plenty of cheap stocks for investors to load up on. These low-priced shares are trading at record lows, and you could pick a bunch of them for just a $100 bill. Investors are always on the lookout for a good deal, and with so many cheap stocks available in the current bear market, it’s an ideal time to build a robust long-term portfolio. With stocks at multi-year lows, you can find a fair number of cheap stocks to buy for $100.
Multiple stocks have shed a ton of value due to their weakening fundamentals and future outlooks. On the flip side, we have a fair few stocks that have been swept away by the bear market despite boasting incredible fundamentals. Doing your due diligence on which cheap stocks are best seems daunting, but don’t worry; we have you covered! Without further ado, let’s look at seven of the top cheap stocks to buy for $100.
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Cheap Stocks to Buy for $100: AvePoint (AVPT)
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AvePoint (NASDAQ:AVPT) is a software-as-a-service business offering various services such as data management, protection, and migration in Microsoft Office 365. It went public last year following a merger with shell Apex Technology Acquisition. Like other SPAC companies, its stock has been pummeled at the market this year, and it trades at just three times forward sales.
AvePoint facilitates the ease of use and user experience of Microsoft’s (NASDAQ:MSFT) products. Though Microsoft could produce these services in-house, it’s been more profitable for the business to outsource these services to firms such as AvePoint. This is evidenced in stellar late results for AvePoint, where it’s generated double-digit revenue growth with over a 100% net retention rate. Microsoft sees AvePoint as a firm that has helped expand its overall addressable market, which bodes well for AVPT stock over the long term.
Nokia (NOK)
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Nokia (NYSE:NOK) has come a long way from a struggling smartphone marker to a leading telecommunications player. It continues to execute its turnaround plans effectively, reporting stellar top-line expansion across its core business segments. Its network infrastructure and cloud segments have demonstrated spectacular growth in the past several quarters and continue to push Nokia ahead in the 5G race.
It recently reported its third-quarter results, where its sales increased by 16% from the prior-year period and a comparable earnings growth of 19%. Moreover, it’s making a habit of beating analyst estimates, with the third quarter being the eighth consecutive time it’s beaten analyst estimates. Moreover, the firm has done remarkably well in diversifying its customer base and growing its enterprise sales. Revenues from the enterprise segment have soared roughly 50% since 2018. Overall, NOK stock is considerably cheap relative to its immense growth potential and is poised for long-term success.
Cheap Stocks to Buy for $100: Ambev (ABEV)
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Ambev (NYSE:ABEV) is the South American arm of the world’s top brewing giant Anheuser-Busch InBev SA (NYSE:BUD). It’s been sluggish in bouncing back from the pandemic-led headwinds; however, recent results point to a resurgence. The beer market in Brazil has been resilient and has helped Ambev post strong results of late. Moreover, with the FIFA World Cup coming up, its brands will likely witness strong momentum.
It is imperative, though, for Ambev to improve its sales volume to take pressure off prices. As we advance, its core markets will remain robust, resulting in incredible sales for the foreseeable future. Its cash flows need to protect its dividend, though, but it is unlikely to be cut given its incredible liquidity positioning.
American Airlines (AAL)
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American Airlines (NASDAQ:AAL) is among the top legacy carriers in the U.S. that were on the brink of bankruptcy during the height of the pandemic. However, the tables have turned completely, with AAL benefitting from the massive pent-up demand for travel in the post-pandemic world. Its recent quarterly results have been tremendous and point to more upside ahead for the business.
AAL recently reported its third-quarter results, where its revenues soared over 50%. Moreover, its occupancy levels nearly matched pre-pandemic levels, showing that the pandemic no longer impacts travel plans. Additionally, the company is executing its plans to pay down $15 billion of its debt by the conclusion of 2025. AAL is excellently growing sales, limiting costs, and executing well in the Latin American region. All the while, its stock still trades at just 0.2 times forward sales.
Cheap Stocks to Buy for $100: SoFi Technologies (SOFI)
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SoFi Technologies (NASDAQ:SOFI) operates as a personal finance business that has made amazing strides in expanding its burgeoning ecosystem. It has seen incredible momentum in its customer and lending segment, and the resumption of student loans will be a major catalyst for EBITDA expansion. Despite a phenomenal outlook, its shares have taken a major haircut and now boast a significantly better risk/reward trade-off.
Its third-quarter results show a 50% bump in its top line, and the rock-solid growth was due to product innovation and the increase in its products and services. It wrapped up the third quarter with 4.7 million customer accounts, a 424,000 increase on a sequential basis. Based on its results, it should speed past five million accounts by the end of the year, leading to meaningful improvement in its stock price.
Nio (NIO)
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Nio (NYSE:NIO) has been the most popular Chinese electric vehicle (EV) stock, soaring to record heights over the past few years. It has grown its deliveries by triple-digit margins in a short amount of time and has now become an EV juggernaut. Macroeconomic troubles and its Covid-19-led disruptions have weighed down its business this year, resulting in its stock plummeting over 70%.
It would appear that Nio was past its supply-chain woes delivering record deliveries in the past couple of months. However, another production disruption has likely ended investors’ hopes of seeing a record fourth quarter. Nevertheless, I feel investors focus too much on the short-term and ignore its incredible long-term potential in the sphere. There’s plenty to look forward to with Nio, including new models and its foray into Europe to ignore the stock at current price levels.
Cheap Stocks to Buy for $100: The Original Bark Company (BARK)
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The Original Bark Company (NYSE:BARK) sells its popular branded product line to dog owners. The budding pet business generates the bulk of its sales through direct-to-consumer subscription boxes, a model that has proven to be profitable and consistent. It’s moving towards profitability briskly, with its management cutting operational expenses by healthy margins each quarter.
BARK’s subscription business is generating incredible fundamentals, and its management reports that customer acquisition costs haven’t increased much in recent quarters. Moreover, it operates in a typically stable sector through recessions, which suggests it won’t have much of a problem navigating the current economic climate. Moreover, cross-selling opportunities through new and existing products will further expand its revenue base and improve profitability.
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Read More: Penny Stocks — How to Profit Without Getting Scammed
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.
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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