Quite frankly, the best $1 stocks to buy now are only for people with “stupid” money. By that, I mean you’re swimming so deeply in green-tinted paper that you need to lose some of that cash, just to feel alive again. Otherwise, let the editor-in-chief be furious with me – you don’t want to touch these names.
Of course, every time I provide this caveat, readers gulp this stuff up. Even though we’re dealing with August 2023 stocks, the meme-trade phenomenon that catapulted to life during the early phase of the Covid-19 crisis continues to this day. So, in some sense, whether I warn people off or not, the demand for highly speculative market ideas may be permanent.
However, just listing off a bunch of cheap stocks to buy under a buck is easy to do. To help maybe improve your odds by a tiny fraction, I enlisted the help of investment data aggregator Gurufocus to filter out possibly enticing names. So, if you want to gamble, be my guest.
Lizhi (LIZI)
Trading hands at 84 cents per share, Lizhi (NASDAQ:LIZI) claims to have created a comprehensive audio-based social ecosystem with a global presence. Per the English-language section of its website – Lizhi is based in China like all these best $1 stocks – aims to cater to users’ interests in audio entertainment and social networking through its product portfolios.
According to Grand View Research, the global social networking app market reached a valuation of $49.09 billion last year. Further, experts project that the segment will expand at a compound annual growth rate (CAGR) of 26.2% from 2023 to 2030. At the culmination of the forecast period, the industry should generate revenue of $310.37 billion.
Considering that LIZI carries a market capitalization of less than $34 million, it could be one of the August 2023 stocks to consider (with pocket change). Financially, I’m not entirely sure you should trust the data that’s available. Nevertheless, on paper, Lizhi enjoys a three-year revenue growth rate (per-share basis) of 17.9%. That’s above 68.73% of its competitors. So yeah, it could be one of the cheap stocks to buy.
CN Energy (CNEY)
A truly risky idea among the best $1 stocks to buy now, CN Energy (NASDAQ:CNEY) shares trade hands at only 19 cents at the time of writing. Since the beginning of the year, CNEY fell more than 74%, a staggering result. Also, in the past 365 days, shares gave up nearly 93% of their equity value. I can’t emphasize this enough: you should only acquire CNEY with pocket change that you can easily afford to lose. Chances are, you will lose.
Now, with the bad news out of the way, CN Energy does seem interesting on the surface level. Per its website, the company is a high-tech enterprise specializing in the cogeneration of high-quality wood-activated carbon, clean energy, and heat.
According to Grand View Research, the global activated carbon market reached a valuation of $3.62 billion in 2022. Moreover, experts project that the sector will expand at a CAGR of 2.6% from 2023 to 2030. By the end of the forecast period, the segment should print revenue of $4.45 billion. Again, take these figures with a grain of salt. However, CN Energy benefits from a strong balance sheet, particularly its cash-to-debt ratio of 4.3X. Also, its three-year revenue growth rate impresses at 38.2%. Therefore, it’s another idea for August 2023 stocks for speculators.
Bon Natural Life (BON)
Changing hands at 63 cents a pop, I suppose Bon Natural Life (NASDAQ:BON) is one of the more “normal” ideas for the best $1 stocks to buy now. However, just cause it trades at double-digit cents doesn’t mean much. Since the start of the year, BON gave up nearly 44% of its equity value. In the past 365 days, the security cratered to the tune of over 64%. Yikes.
According to the Investor Relations section of its website, Bon Natural Life manufactures personal care ingredients, such as plant-extracted fragrance compounds to perfume and fragrance products to natural health supplements.
Relying on my go-to resource Grand View Research, the global organic personal care market reached a valuation of $21.82 billion last year. Further, experts project that the sector will expand at a CAGR of 9.4% from this year to 2030. At the culmination point, the industry should hit revenue of $44.77 billion. As for the financial status, BON might seem too cheap based on a trailing earnings multiple of 0.85. However, it demonstrates decent strengths in the balance sheet. As well, it prints strong revenue growth and excellent profit margins.
Penny Stocks
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On the date of publication, Josh Enomoto did not have (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.