3 Stocks Under $10 That Can Triple in 2024

Stocks to buy

If we look at penny stocks or stocks trading under $10, it’s been a mixed year in terms of returns. This is unlike 2021 when low-priced stocks had a broad-based rally. Therefore, careful stock selection is the key to achieving multibagger returns. Also, 2024 is likely to be a mixed bag for growth and penny stocks.

First, stay away from purely speculative names, even as likely expansionary monetary policies boost liquidity in the financial system.

Notably, two of the following stocks had a robust rally this year. However, these stocks may remain in an uptrend based on industry tailwinds and growth plans. So, a big rally should not be a deterrent to considering fresh exposure.

Let’s discuss the reasons to be bullish on these stocks under $10 that are likely to triple in 2024.

Archer Aviation (ACHR)

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Likely to skyrocket in 2024, Archer Aviation (NYSE:ACHR) is possibly the best name among flying car stocks to buy. ACHR already had a meaningful rally of 245% for year to date (YTD). However, with commercialization of electric vertical take-off and landing (eVTOL) aircraft in 2025, the stage is set for further upside.

Additionally, Archer has stitched local partnerships in the United Arab Emirates and India for commercialization of flying cars in 2026. More global partnerships may ensue in the coming quarters. This will provide a strong base for stellar revenue acceleration between 2025 and 2030.

Already, Archer has a backlog of $142 million from the U.S. Air Force. Recently, Air Chateau International signed an agreement to purchase 100 eVTOL for $500 million. Therefore, the backlog is swelling and adding to the growth momentum in 2025 and beyond.

Kinross Gold (KGC)

Source: T. Schneider / Shutterstock.com

Kinross Gold (NYSE:KGC) may be among the most undervalued of gold miners. The stock trades at a forward price-earnings ratio of 15 and offers a dividend yield of 1.99%. However, these metrics don’t provide a complete picture on the valuation story.

As of Q3 this year, Kinross reported a liquidity buffer of $2 billion. Further, based on operating cash flows for the quarter, the company can potentially deliver annual OCF of $1.6 to $2 billion. And this doesn’t take into consideration the recent surge in gold prices.

Hence, high financial flexibility positions Kinross for aggressive exploration activities besides pursuing potential acquisitions. At the same time, as gold trends higher, the company is positioned to increase dividends at a healthy rate.

Even with these positives, a big reason for the valuation gap is the fact that Kinross expects stable gold production through 2025. Any potential acquisition of assets will change the growth outlook and KGC stock will skyrocket.

Bitfarms Ltd.(BITF)

Source: PHOTOCREO Michal Bednarek / Shutterstock.com

Bitcoin (BTC-USD) has continued to remain in an uptrend, presenting multiple reasons to be bullish. These include halving, a potential spot Bitcoin ETF, and the likelihood of multiple rate cuts in 2024.

Bitcoin mining stocks have skyrocketed in the last few months. And, the rally will sustain if the cryptocurrency is headed for new all-time highs. Standard Chartered believe that the digital asset can touch $120,000 by the end of 2024. If this happens, Bitfarms Ltd.(NASDAQ:BITF) could triple from current levels of $2.8.

Notably, BITF has strong fundamentals. The company expects to be debt free by February 2024 and has a current liquidity buffer of $117 million. This provides flexibility to pursue aggressive expansion.

As of November, Bitfarms Ltd. reported mining capacity of 6.3EH/s. The target is to increase capacity to 17EH/s by the second half of 2024. This will translate into robust revenue and cash flow growth and supports the bullish thesis for BITF stock.

On the date of publication, Faisal Humayun 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.

Faisal Humayun is a senior research analyst with 12 years of industry experience in the field of credit research, equity research and financial modeling. Faisal has authored over 1,500 stock specific articles with focus on the technology, energy and commodities sector.

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