In this article, we will take a look at the 5 cheap new stocks to buy. To see more such companies, go directly to 13 Cheap New Stocks To Buy.
5. Ikena Oncology, Inc. (NASDAQ:IKNA)
Price: $3.25
Price Decline Over the Past Six Months: 18%
Number of Hedge Fund Holders: 8
Ikena Oncology, Inc. (NASDAQ:IKNA) is a Boston, Massachusetts-based company with a strong pipeline. Ikena Oncology, Inc. (NASDAQ:IKNA) went public in 2021. In November last year, Ikena Oncology, Inc. (NASDAQ:IKNA) posted strong Q3 results. Ikena Oncology, Inc. (NASDAQ:IKNA) said its GAAP EPS in the quarter came in at -$0.48, beating analyst estimates by $0.01. Revenue in the quarter jumped a whopping 70% to reach $6.4 million, surpassing estimates by $2.08 million.
As of the end of the third quarter, Ikena Oncology, Inc. (NASDAQ:IKNA) had $174.4 million in cash, cash equivalents, and marketable securities.
As of the end of the third quarter, 8 funds in Insider Monkey’s database had stakes in the company.
4. Nextdoor Holdings, Inc. (NSYE:KIND)
Price: $2.12
Price Decline Over the Past Six Months: 33%
Number of Hedge Fund Holders: 22
Nextdoor Holdings, Inc. (NSYE:KIND) is a San Francisco-based company that makes platforms to connect neighborhoods. Nextdoor Holdings, Inc. (NSYE:KIND) has a differentiated product that is used by people to connect with others living close to them. Nextdoor Holdings, Inc. (NSYE:KIND)’s platform has useful applications because people use it to find babysitters, sell household items, sell or buy services and organize community events.
For the third quarter, Nextdoor Holdings, Inc. (NSYE:KIND) said its revenue jumped 2.4% to come in at $53.95 million, beating the estimates by $0.13 million.
Nextdoor Holdings went public in November 2021. A total of 22 hedge funds in Insider Monkey’s database had stakes in Nextdoor Holdings, Inc. (NSYE:KIND), compared to 21 funds in the previous quarter.
3. Velo3D, Inc. (NYSE:VLD)
Price: $2.11
Price Decline Over the Past Six Months: 16%
Number of Hedge Fund Holders: 11
Velo3D, Inc. (NYSE:VLD) is operating in the futuristic metal 3D printing industry. But it’s not an ordinary 3D printing company. It makes high-end parts for spaceships and rocket engines. Major space companies, including SpaceX, use Velo3D, Inc. (NYSE:VLD) products in their spaceships. Velo3D, Inc. (NYSE:VLD)’s is operating in a niche market where it’s difficult for its competitors to beat it. For example, Velo3D, Inc. (NYSE:VLD) can make complex parts using its PBF technology, which its competitors don’t have.
As of the end of the third quarter, 11 hedge funds tracked by Insider Monkey reported having stakes in Velo3D, Inc. (NYSE:VLD), compared to 18 funds in the previous quarter.
2. Innovative Eyewear, Inc. (NASDAQ:LUCY)
Price: $1.27
Price Decline Over the Past Six Months: 75%
Number of Hedge Fund Holders: 3
Innovative Eyewear, Inc. (NASDAQ:LUCY) is a Florida-based company that went public in 2022. Innovative Eyewear, Inc. (NASDAQ:LUCY) sells eye glasses and smart glasses. In December, Innovative Eyewear, Inc. (NASDAQ:LUCY) entered into a partnership with Authentic Brands Group to license Eddie Bauer outdoor smart eyewear.
3 hedge funds in our database had stakes in Innovative Eyewear, Inc. (NASDAQ:LUCY) as of the end of the third quarter. The total value of these stakes was $882,000.
1. Bright Green Corporation (NASDAQ:BGXX)
Price: $0.49
Price Decline Over the Past Six Months: 74%
Number of Hedge Fund Holders: 4
New Mexico-based Bright Green Corporation (NASDAQ:BGXX) is a cannabis company which ranks 1st in our list of the cheap new stocks to buy. Bright Green Corporation (NASDAQ:BGXX) plans to offer cannabis products like cannabis flower, pre-rolls, concentrates, vape pens, capsules, tinctures, edibles, topicals, and other cannabis-related products. Back in September 2022, Bright Green Corporation (NASDAQ:BGXX) gained about 9% in premarket trading after the company entered into a securities purchase agreement with institutional investors to purchase 9,523,810 shares of common stock and warrants, at a purchase price of $1.05/share and accompanying warrant.
In November, Bright Green Corporation (NASDAQ:BGXX) posted its third-quarter results after which Bright Green Corporation (NASDAQ:BGXX) gained over 2%. Bright Green Corporation (NASDAQ:BGXX) said it ended the period with $4.06 million in cash, an increase from its cash position of $178,973 at the end of June 30, 2022.
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