Best cheap shares to watch out for in 2024

Entering into the world of stock markets is quite tough, especially with a low budget. Usually, very inexpensive stocks with great growth potential can pay off; this 2024 some shares are relatively cheap but carry huge growth potential. On the other hand, CFD trading offers another avenue for investors to leverage market movements. This article includes some of the best cheap stocks to watch and their potential, plus the reasons why they are good picks.

The Appeal of Cheap Shares

Penny stocks, which are also known as "cheap stocks," can be a very good investment for both novice and veteran investors; mostly selling under $5, these stocks give the investor a chance to get higher returns when the initial investment is relatively low. 

They are, however, high-risk investments due to the volatility of stocks and low market capitalization, so the selection needs to be cautiously made to get the benefits.

Research and due diligence are crucial when it comes to the world of penny stocks; it is important to consider the company's financial health, market position, growth potential, and sector trends. This, coupled with an appreciation of various other trading methodologies such as what CFD trading offers, can significantly improve the potential for safe risks and profitable investments.

Top Cheap Shares for 2024

1. Plug Power Inc. (PLUG)

Primarily, Plug Power Inc. supplies hydrogen fuel cell systems for material handling and stationary power. At this moment, when the world is switching over to cleaner forms of energy, Plug Power has become one of the clearest proxies for stock market enthusiasm. 

Swinging stock prices aside, Plug Power is a company in renewable energy technology with a real chance of growth, given its technology and partners.

The company’s move into green hydrogen production and distribution strengthens its market role. With global support for sustainable energy, Plug Power’s products are in high demand. Investors wanting to enter the renewable energy market at a low cost should watch Plug Power in 2024.

2. Sundial Growers Inc. (SNDL)

One of the Canadian purveyors companies of cannabis is Sundial Growers, Inc., which has vast potential in this fast-growing industry. After a bit of volatility recently and some strategic buys, as well as trying to emphasize premium cannabis, Sundial Growers looks to set up for growth; big opportunities and changing global policies are fueling a greater acceptance of both medical and recreational use.

Sundial has diversified its business to include financial services by providing capital to other cannabis companies. Diversifying the strategy in this way further multiplies revenue even as the dependence on cannabis sales proportionally decreases; Sundial Growers has all the reasons to be one of the stocks to watch in 2024, as the cannabis industry grows.

3. Ford Motor Company (F)

Ford Motor Company, one of the longest-running car manufacturers, is marking great milestones in this area. The company is thereby a serious contender against leaders like Tesla with cars like the Mustang Mach-E and F-150 Lightning; although starting with traditional cars has since become old news, it is Ford's further foray into EVs and investment in technology that makes the stock a good pick today.

The stock price is still reasonable for Ford, allowing a low-cost entry for investors in the developing EV market. This is well supported by a financially strong company with a drive to enhance EV production and growth prospects.

4. Palantir Technologies Inc. (PLTR)

Palantir Technologies Inc. is a data analytics company that has made a name for itself in both the government and enterprise spheres. Their software, such as Gotham and Foundry, allows organizations to sift through enormous datasets to make better decisions; although it is a new entrant in the public market, Palantir has won big contracts with government agencies and large firms.

Even without the previously mentioned market opportunity, data is growing increasingly vital to virtually all industries, and therefore, Palantir's growth potential may be high. The company's innovative technology and rapidly growing client network provide a path to success. That means investors looking to get into a tech stock with maximum upside should look to Palantir in 2024.

5. Nio Inc. (NIO)

Nio Inc. has become a leading Chinese electric vehicle manufacturer in the world. Nio has sought to create an unassailable wall in the Chinese market through its premium electric SUVs and battery-swapping technology but now it is expanding globally; the brand name itself represents qualities and innovations, that insulate it from competition with other EV manufacturers.

Nio is quite serious about gaining a lion's share in the market, considering aggressive sales and new product models, which include a sedan and a sports car. In the context of a big electric mobility turn, Nio stock is a good investment at a low price.

6. Aurora Cannabis Inc. (ACB)

While the company is facing some challenges, it is also a strong contender. Aurora Cannabis Inc. is one of the biggest in the cannabis industry; in that, a wide product portfolio and attention toward international growth supported by strategic buys form the solid base related to Aurora in the market, and the chances grow as more countries head toward the legalization of cannabis.

It has repeatedly proven to be a strong brand with a clear focus on research and development, which is the real secret ingredient for long-term success; while the stock is very volatile, the current price is a tremendous opportunity for big gains in the rapidly expanding cannabis market.

7. BlackBerry Limited (BB)

Now a leader in cybersecurity and IoT solutions, BlackBerry Limited was once famous for its phones. Sectors of the economy that rely heavily on the company's software are automotive, health, and finance, with BlackBerry software such as QNX and Cylance. Shifting to high-growth marketplaces has helped reinvigorate its business.

Under the big trend, security is becoming more important, and BlackBerry's knowledge and solutions now only put it in the right row to expand. Combining this with the low price and strong market potential, BlackBerry is a pick for 2024.

8. Sirius XM Holdings Inc. (SIRI)

Sirius XM Holdings Inc. is another top audio provider of both satellite radio and streaming services. Revenues are relatively stable with a wide base of subscribers, and now the company thrives with exclusive content. The purchase of Pandora widened the reach within streaming.

Sirius XM does not fall behind because of a focus on innovation, personalized content, and new partnerships; the low price of the stock makes for an easy entry point for investors who wish to get into media and entertainment.

9. Riot Platforms, Inc. (RIOT)

Riot Platforms, Inc. is one of the leading companies in the space of cryptocurrency mining with huge growth potential in digital assets. Advancing efficiently, Riot is well positioned for mining operational expansion and effectiveness; despite volatility within the crypto markets, the handling of Riot Technologies is built on a strong base of strategies and technology advances.

Additionally, the commitment to sustainable mining and renewable energy is also an added value for the company. For these reasons, Riot Platforms is a company that investors should be looking to invest in for inexpensive entry into the crypto market in 2024.

10. Aphria Inc. (APHA)

Major cannabis producer Aphria has merged with Tilray, thus creating a massive, global cannabis player that is now the largest producer in the world; the product range is now combined, which, together with the global network and cost focus, will be well-placed for growth. Aphria's business is vibrant in terms of finance and in the effort to expand markets.

With further acceptance of cannabis for both medical and recreational purposes as well as the forthcoming legalization, big opportunities arise. Aphria's affordably priced, ultimately valuable stock offers investors a chance to ride the growth in the cannabis industry up to 2024.

In summary, cheap shares may be very rewarding for people who take relatively higher risks for potentially bigger returns; these equities can be on the investment menu for 2024: Plug Power, Sundial Growers, Ford, Palantir Technologies, Nio, Aurora Cannabis, BlackBerry, Sirius XM, Riot Platforms, and finally, Aphria. These are companies very solidly placed within their respective industries with a strong growth outlook.

Due diligence on an investment and risk tolerance should always be considered with any investment one gets into; an individual can diversify their portfolio and stay updated regarding market trends to maximize the probability of success; an investor can reap significant benefits from the coming year by picking cheap shares that have a fundamentally good position and the potential for growth.