5 Cheap Hot Stocks to Buy Now

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1. Olympic Steel, Inc. (NASDAQ:ZEUS)

PE Ratio as of January 6: 3.37

Performance (Q4 2022): 32.93%

Number of Hedge Fund Holders: 10

Olympic Steel, Inc. (NASDAQ:ZEUS) is a leading global processor and distributor of metal products. The company does business through three segments: Carbon Flat Products, Specialty Metals Flat Products, and Tubular & Pipe Products. As of January 6, the stock is trading at a PE multiple of 3x. Moreover, the stock returned over 32% to investors in the fourth quarter of 2022. Olympic Steel, Inc. (NASDAQ:ZEUS) is an ideal candidate for investors in search of cheap hot stocks.

Olympic Steel, Inc. (NASDAQ:ZEUS) is making strides in its industry. On January 3, the company announced the acquisition of Kansas-based manufacturer of venting products, Metal-Fab Inc., for $131 million.

At the close of the third quarter of 2022, 10 hedge funds held stakes in Olympic Steel, Inc. (NASDAQ:ZEUS). The total value of these stakes amounted to $12.4 million. As of September 30, Royce & Associates is the top investor in the company and has disclosed a position worth $5.2 million.

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