In this piece, we will take a look at five cheap new stocks to buy. If you want to take a deeper look at the recent dynamics in the IPO sector, then read 11 Cheap New Stocks To Buy.
5. Corporación Inmobiliaria Vesta, S.A.B. de C.V. (NYSE:VTMX)
Price To Trailing Earnings Ratio: 8.95
Corporación Inmobiliaria Vesta, S.A.B. de C.V. (NYSE:VTMX) is a Mexican real estate company headquartered in Mexico City, Mexico. It’s one of the more recent new stocks on our list, as the shares IPO’d in June this year. Back then, the American Depository Shares (ADS) were priced at $31 per piece, and since then, they’ve gained more than $3 on the market. The firm’s third quarter earnings saw it revise its 2023 revenue guidance and post a 24% annual revenue growth.
4. TXO Partners L.P. (NYSE:TXO)
Price To Trailing Earnings Ratio: 8.54
TXO Partners L.P. (NYSE:TXO) is another small American energy company. The shares were listed for sale in January 2023 at a $20 share price. They’ve shed $1.3 since then, but on a positive note, TXO Partners L.P. (NYSE:TXO) is the first stock on our list that has been rated Strong Buy on average by analysts. Additionally, they’ve set an average share price target of $30.67, for a sizeable upside over the current share price of $18.7.
As of Q2 2023 end, just one among the 910 hedge funds tracked by Insider Monkey were TXO Partners L.P. (NYSE:TXO)’s investors.
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3. GigaCloud Technology Inc. (NASDAQ:GCT)
Price To Trailing Earnings Ratio: 7.95
GigaCloud Technology Inc. (NASDAQ:GCT) is a rare technology company on our list. The stock went public in August 2022, and was priced at $12.25 per share. Right now, the stock is trading at $9.14, and the firm expanded its portfolio in November 2023 when it bought a home furnishing distributor.
By the end of this year’s second quarter, three out of the 910 hedge funds part of Insider Monkey’s database were GigaCloud Technology Inc. (NASDAQ:GCT)’s investors.
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2. Corebridge Financial, Inc. (NYSE:CRBG)
Price To Trailing Earnings Ratio: 3.35
Corebridge Financial, Inc. (NYSE:CRBG) is an American financial company that provides insurance and retirement products. Its shares IPO’d in September 2022, and were priced at $21 per share. Right now, they’re trading at $19.60, but a high rate environment has helped Corebridge Financial, Inc. (NYSE:CRBG) as it has beaten analyst EPS estimates in all four of its latest quarters.
During this year’s June quarter, 26 out of the 910 hedge funds surveyed by Insider Monkey had bought and owned Corebridge Financial, Inc. (NYSE:CRBG)’s shares.
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1. Seadrill Limited (NYSE:SDRL)
Price To Trailing Earnings Ratio: 0.67
Seadrill Limited (NYSE:SDRL) is a drilling services provider that deals with offshore oil equipment. Its shares were listed on the NYSE in October 2022, and since then they have gained a hefty 63% on the market. Analysts still believe that there is a lot of upside to the stock, as they have set an average share price target of $55.
Insider Monkey dug through 910 hedge funds for their investments during this year’s June quarter and found 30 Seadrill Limited (NYSE:SDRL) investors. Paul Singer’s Elliott Management owns the largest stake among these, which is worth $291 million.
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Disclosure: None. You can also take a look at Morgan Stanley’s 15 Stock Picks for 2023 and 13 Cheap Energy Stocks To Buy.
