5 Best Cheap Stocks to Buy According to Michael Burry

2. Ingles Markets, Incorporated (NASDAQ: IMKTA)

Burry’s Stake Value: $9,248,000
Percentage of Michael Burry’s 13F Portfolio: 0.68%
Number of Hedge Fund Holders: 16

Scion Asset Management chief Michael Burry added significantly to his Ingles Markets, Incorporated (NASDAQ: IMKTA) position during the first quarter of 2021. The firm first initiated a position in consumer staples company in the December quarter last year. Although stock price soared almost 45% since the beginning of this year, low valuations hint further upside is ahead. Ingles Markets stock is trading around 5.6 times to earnings in the trailing twelve months while its price to book ratio is hovering just over 1.40. In addition to the share price upside potential, the company also offers a dividend yield of 1.06%.

Ingles Markets, Incorporated shares have seen a lot of action during the first quarter. Overall, hedge fund sentiment declined. The number of long hedge fund positions declined to 16 at the end of the first quarter compared to 20 positions in the prior quarter.