3 Cheap Stocks to Buy Under $10 in March
High-quality stocks to buy under $10 may be few and far between. But they do exist. Advanced Micro Devices (NASDAQ:AMD), for example, dropped to a low of $9.90 in 2019. By 2021, it was at $152 for a win of 1,435%. Even Netflix (NASDAQ:NFLX), Apple (NASDAQ:AAPL), and Amazon (NASDAQ:AMZN) briefly traded under $10 before exploding. While finding the next behemoth may be tough, they do exist. You just have to spend a good amount of time, effort, and patience finding them. In fact, here are three stocks trading well under $10 a share to get you started.
SoundHound AI (SOUN)
One of the hottest stocks to buy under $10 is SoundHound (NASDAQ:SOUN), which is developing conversational AI technology. It could also be a big winner with a potential $1.8 trillion artificial intelligence boom. So far, SOUN is working with major automakers, integrating voice assistants into vehicles, which could be substantial. That’s because SoundHound AI expects 90% of new cars to have voice assistants.
Even better, SoundHound has an impressive list of customers, including Qualcomm (NASDAQ:QCOM), Kia, Mercedes-Benz (OTCMKTS:DMLRY), Honda (NYSE:HMC), Netflix, Pandora (OTCMKTS:PANDY), Vizio (NYSE:VZIO), Motorola (NYSE:MSI), MasterCard (NYSE:MA), Square (NYSE:SQ), and many more. And it’s projecting profitability this year. According to Keyvan Mohajer, CEO and Co-founder: “We are reducing costs while prioritizing our highest sources of revenue growth. With over $300M in cumulative bookings backlog, SoundHound is entering the year on a positive revenue trajectory, with a strong base of global customers shipping products using our industry-leading voice AI technology.”
The recent selloff after its Q4 earnings report provides an excellent entry point.
Luminar Technologies (LAZR)
Or, take a look at lidar stocks like Luminar Technologies (NASDAQ:LAZR). At less than $10, the company is focused on building sensors that can be used in autonomous vehicles, for example. After all, lidar is an essential piece of the self-driving puzzle. It’s what allows their computers to take a 3D image of the area around them. Essentially, it’s the eyes and ears of autonomous vehicles that keep the car from hitting objects, such as people.
Management also expects LAZR to support Level 3 through 5 autonomous vehicles, with level 5 referring to no human interaction in the vehicle, according to the Society of Automotive Engineers. That’s even more impressive once you consider that by 2025, about eight million autonomous or semi-autonomous vehicles will be on the roads, according to ABI Research.
Standard Lithium (SLI)
By now, most of you are familiar with the lithium story. There’s short supply, and massive demand because of the electric vehicle boom. Plus, there’s the fact that governments all over the world want millions of EVs on the roads to reduce emissions and save the world.
As lithium demand pushes aggressively higher, so are stocks like Standard Lithium (NYSEMKT:SLI), which is focused on its 150,000-acre project located in the Smackover brine region of Arkansas – which is known to hold some of the richest lithium resources. Also. according to a 2020 press release from the company, “No new lithium mine has been built in the United States in almost 60 years and the country currently produces less than 2% of global lithium production. Standard Lithium’s south Arkansas lithium project represents the most immediate opportunity to change that.”
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On the date of publication, Ian Cooper did not have (either directly or indirectly) any positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.