If you are a beginner investor in the stock market, it is natural to have concerns. However, you don’t need to start building a portfolio with a big amount. You can begin with a mere $100 and see it double in the coming year.
Whether you already have a portfolio and want to invest an additional $100 or are simply taking your first steps and looking for cheap stocks for $100, here are the three cheap stocks to buy this month for $100.
Li Auto (LI)
First, Li Auto (NASDAQ:LI) is one of the best EV companies right now and stands ready for a fantastic 2024.
In fact, the company impressed investors with its delivery numbers throughout the year, and its financials have proved its worth. The company is firing on all cylinders. Specifically, Li Auto delivered 41,030 vehicles in November, and its cumulative year-to-date (YTD) deliveries hit 325,677. This surpassed this year’s delivery goal of 300,000 cars.
A catalyst for Li Auto in 2024 is Li Mega, its fully electric vehicle which has already garnered huge interest and attention. With 10,000 pre-orders, the company understands the demands and needs of its users.
LI stock is exchanging hands for $34 and is up 64% YTD. So, if the company maintains the momentum throughout 2024, investor money could double. For now, it’s trading much lower than the 52-week high of $47. In fact, InvestorPlace colleague David Moadel suggests buying the stock in every dip.
SoFi Technologies (SOFI)
A hot fintech stock today, SoFi Technologies (NASDAQ:SOFI) could soar in 2024 and beyond. A game changer in the industry, the company wanted to transform traditional banking.
Today, it offers a one-stop solution for users, as seen in the growing number of active members. It added 717,000 new users in the recent quarter, emphasizing consumers prefer the platform over traditional banks.
Also, the resumption of student loan repayments will make a huge difference to the company’s business. It will see a rise in the demand for personal loans, so expect SoFi to report better quarterly numbers. While the company isn’t profitable yet, it is certain to achieve profitability in 2024.
In the third quarter, it saw the deposits increase to $15.7 billion from $7.3 billion in 2022. And, it achieved a revenue of $537 million, up 27% year over year (YOY). Currently, SoFi enjoys a solid market position. Notably, Ark Invest has consistently increased its stake in SOFI stock and recently bought 180K shares. One of the best cheap stocks to buy today, SOFI is exchanging hands for $7.95 and is a great deal below $10.
While it might take a while for the stock to move upward, the improvement in financials and the strong member growth will boost it. And, because of the 44 million student loan borrowers in the U.S., when student loan repayments resume, SoFi will be high in demand.
Coca-Cola (KO)
Finally, Global giant Coca-Cola (NYSE:KO) has a worldwide presence, and is moving toward healthier beverages to accomodate changing preferences of people.
Big reasons to invest in KO stock include its long history, global presence, and its ability to generate free cash flow. Further, the company is a dividend aristocrat, consistently paying dividends and buying back shares. Also, it enjoys a dividend yield of 3.10% and has paid a quarterly dividend of $0.46. And, management has raised dividends for 61 years steadily.
The company saw an 11% organic revenue growth in the recent quarter and a steady volume growth despite inflation and low consumer spending. Its volume growth across the global market speaks a lot about the company. It has a payout ratio of 68.68%, much better than market competitors.
KO is a top-rated stock that has low risk and potential to generate passive income. Exchanging hands for $59 today, it has generated over 20% returns in the past five years. This is one stock to buy and hold in your portfolio forever.
On the date of publication, Vandita Jadeja 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.