Low-priced stocks are attractive in the sense that it allows investors to build a diversified portfolio even with a small capital. It’s also untrue that low price stocks are purely speculative. With careful screening, investors can find dozens of stocks under $10 with sound fundamentals.

An added attraction is when low-priced stocks represent companies that are on a high-growth trajectory. Macroeconomic uncertainties have resulted in several stocks under $10 trading at significantly undervalued levels.

Amidst uncertainty and fear, it still may be wise to add a small portion of your portfolio to these high-growth cheap stocks to buy. My focus is on three such stocks that can triple within the next 24 months.

Driven by positive business developments and industry factors, these stocks are likely to close the valuation gap and surge higher.

Let’s discuss the specific catalysts that will drive these stocks under $10 higher.

Borr Drilling (BORR)

Borr Drilling (NYSE:BORR) is among the high-growth stocks under $10 that can potentially triple from current levels.

BORR stock has witnessed a strong rally of 70% in the last 12 months. The stock, however, remains undervalued at a forward PE of 8.2 considering the company’s growth potential.

As an overview, Borr Drilling has a fleet of 24 jack-up rigs with an average age of six years. With oil sustaining at higher levels, Borr Drilling has witnessed a strong order inflow of $1.7 billion in 2022.

This backlog provides clear revenue visibility. Additionally, the new contracts are at a higher day rate and significant EBITDA margin expansion is on the cards.

To put things into perspective, Borr Drilling has guided for revenue of $760 million and adjusted EBITDA of $380 million for the year. This implies a robust EBITDA margin of 50% and sets stage for strong growth in free cash flows. As long as they report healthy growth in the coming quarters, I expect BORR stock to remain in an uptrend.

Marathon Digital (MARA)

Bitcoin (BTC-USD) miners have been back in focus with the recent rally in the cryptocurrency. Mercuryo’s chief product officer believes Bitcoin can touch $35,000 towards the end of Q2. Assuming a scenario where the uptrend sustains, mining stocks remain undervalued.

Among stocks under $10, Marathon Digital (NASDAQ:MARA) stock looks attractive. MARA stock has surged by 160% for year-to-date 2023. However, considering the company’s expansion plans, the rally might just be the tip of the iceberg.

Marathon ended 2022 with a mining capacity of 9.1EH/s. On a year-on-year basis, capacity increased by 153%.

The best part of growth is still to come with the management guiding for capacity of 23EH/s by mid-2023. Even if they reach the capacity growth they have guided for, there is still plenty of potential for more growth.

Further, as Bitcoin trends higher, the value of digital assets in the balance sheet will swell. Additionally, Marathon is positioned to report significant EBITDA margin expansion in the coming quarters.

Panasonic Holdings (PCRFY)

Panasonic Holdings (OTCMKTS:PCRFY) looks attractive among stocks under $10 that are blue-chips. PCRFY stock has trended higher by 15% for year-to-date 2023. However, at a forward PE of 17.4, the stock remains attractive.

Besides the valuation, I am bullish on the company’s aggressive growth plans. After Nevada and Kansas, Panasonic is planning a third battery plant at Oklahoma. One plant is already operational with Kansas plant to commence operations in 2024. A third plans would potentially be operational in 2025. These investments will ensure that revenue growth sustains.

Panasonic is considering joint venture with Toyota (NYSE:TM) for a new manufacturing site in Japan. The key point is that the company is in an aggressive investment mode. This, coupled with the fact that Panasonic is an innovator, makes PCRFY stock attractive.

The overall EV sector has been depressed and this explains the sluggish movement in the stock. However, once sentiments reverse, PCRFY stock can quickly triple.

On the date of publication, Faisal Humayun did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.