Cheap stocks are always popular, and it is with good reason. Not everyone has a sizeable investment account and cheap stocks allow you to distribute your money around. Instead of investing everything into one or two shares of a tech giant or renewable energy company, you can take that same amount of cash and diversify.
Doing so makes investing more interesting. It also protects you from a catastrophic loss should one of those expensive stocks suddenly drop in value.
In light of this, Maxim Manturov, Head of Investment Research at Freedom Finance Europe, outlines seven stocks with high potential that can be purchased for under £30. They cover a diverse range of industries from tech to mining, so there’s something here for everyone.
Array Technologies, Inc.
Array Technologies manufactures and supplies solar tracking systems and related products for customers in the United States and other countries. Its product line includes DuraTrack HZ v3, a single axis sun tracking system, and SmarTrack, a machine learning software used to determine the optimal position of a solar array in real time to increase energy production. The average target price is at £17.17, which means a 29% yield potential.
Ford
Ford is a renowned US car manufacturer based in Michigan that has been in the market since 1903. Ford’s latest report has been extremely promising: the company beat the Wall Street’s expectations, with many leading analysts increasing the year’s target price. The consumers are delighted with Ford this year, most likely due to the new line of electric vehicles. The average target price is at £11.89, which means around 27.3% yield potential.
Opendoor Technologies Inc.
A market leader in the online real estate sector, also known as iBuying. The company operates a digital platform for residential real estate in the US that allows the consumers to buy and sell housing online. Founded back in 2014, the company has its maximum target price at £22.02, which means around 55.2% yield potential.
Social Finance, Inc.
This financial service company that operates an online financial service platform. In particular, it offers private student loans, personal loans, auto loan refinancing, home loans, mortgages and investments, and insurance products for renters, homeowners, cars, and others. SoFi is one of the fintech companies with the most potential out there. In case it is successful, it may take a dominant position in the financial technology market, as it combines multiple services into a single application. The average target price is at £17.91, which means around 60.7% yield potential.
Fisker Inc
An early stage US electric vehicle manufacturer founded by Henrik Fisker in 2016, is actually a relaunch of the Fisker brand, formerly known as Fisker Automotive founded back in 2007, which produced Fisker Karma. Its flagship products are Fisker EMotion, an all-electric sedan that will have a 400-mile range, and an electric mass market SUV called the Fisker Ocean that should be released in late 2022. The average target price is at £15.12, which means around 54% yield potential.
AST SpaceMobile
AST SpaceMobile is a young Texas-based AST company founded in 2017, is focused on creating a satellite network, SpaceMobile, designed to deliver broadband access from space directly to smartphones. ASTS is launching a space-based satellite network that allows any phone, without any modification of hardware, software, or apps, to be able to directly connect to satellites. The average target price is at £23.45, which means around 181% yield potential.
Viant Technology Inc
Operating as an adware company, the flagship product of which is Adelphic, an enterprise software platform that enables marketers and their ad agencies to plan, buy, and measure ads through various channels. The company also offers a cloud-based self-service portal that gives customers transparency and control over their ad campaigns. The average target price is at £27.52, which means around 222% yield potential.