5 Best Stocks Under $10 To Buy Right Now

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1. Algoma Steel Group Inc. (NASDAQ:ASTL)

Share Price as of October 21: $6.99

Number of Hedge Fund Holders: 45

Algoma Steel Group Inc. (NASDAQ:ASTL) is a leading steel manufacturer based in Canada. The company operates through two segments: Steel and Iron Ore. The company has a strong market position and is well-positioned to benefit from the continued growth of the Canadian economy. Shares of Algoma Steel Group Inc. (NASDAQ:ASTL) have pulled back in 2022 and are offering investors the chance to buy into weakness. As of October 21, the stock is trading at a PE ratio of 1.05 and is offering a forward dividend yield of 2.86%. Algoma Steel Group Inc. (NASDAQ:ASTL) has free cash flows of C$ 1.19 billion and a trailing twelve-month operating margin of 37.58%.

This September, BMO Capital analyst David Gagliano revised his price target on Algoma Steel Group Inc. (NASDAQ:ASTL) to C$14 from C$16 and reiterated an Outperform rating on the shares. On October 20, Stifel analyst Ian Gillies adjusted his price target on Algoma Steel Group Inc. (NASDAQ:ASTL) to C$10.75 from C$11.25 and maintained a Hold rating on the shares.

At the end of Q2 2022, 45 hedge funds were long Algoma Steel Group Inc. (NASDAQ:ASTL) and held stakes worth $446 million in the company. Of those, Contrarian Capital was the largest shareholder and held stakes worth $74 million in the company.

You can also take a look at 10 Best Dividend Stocks on Robinhood and 11 Best Metal Stocks To Buy Now.

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