10 Top-Performing US Stocks Under $2 to Buy in March 2024 (2024)

1. Electrameccanica Vehicles Corp

Canada-based ElectraMeccanica Vehicles is an electric vehicle manufacturer operating in two segments, Electric Vehicles, and Custom Build Vehicles. Its flagship product SOLO is a one-seater, all-electric commuter that costs $18,000 – delivering a rather more accessible product compared to its competitors.

The company’s 52-week stock range was $2.44 and $0.57 and is forecasted to reach $4.28 over the next 12 months. According to the estimates, the company is currently being traded at 49.2% below its fair value and its revenue is expected to grow by 85% per year. It's also important to note that, hydrogen stocksare currently trading under $2, making them an attractive investment opportunity for those looking to capitalize on the growing demand for renewable energy sources.

2. Globalstar

Globalstar is a US-based mobile satellite communications company with operations spread out globally operating. This organization is servicing a lot of industries including but not limited to transportation, energy, commercial maritime, agriculture, safety, and forestry.

The company has recently received a substantial investment from Apple to develop emergency SOS via satellite services for iPhone 14 holders.

The 52-week stock valuation for the company share was between $2.98 and $0.91 and is forecasted to reach $3.57 over the next 12 months – which signals an increase of over 169% from its latest price.

3. Globus Maritime Limited

A global marine transportation company, Globus Maritime provides dry bulk shipping services worldwide. The outfit owns and manages a fleet of vessels for iron ore, coal, grain, steel products, cement, alumina, and other dry bulk cargo transportation.

Despite its plummeting stock value, the company’s P/E ratio of 0.6, which is way below the US market average of 14.9. The stock’s 52-week range was between $2.66 and $1.03, with a 12-month forecast of $3.57 – an increase of 210.44% from its current value.

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4. Xeris Biopharma Holdings

Xeris Biopharma Holdings is a growth-oriented pharmaceutical company specializing in the development and commercialization of unique treatments for patients with endocrinology, neurology, and gastroenterology-related illnesses.

One of its flagship products, Gvoke, is the first FDA-approved ready-to-use stable liquid glucagon used for the treatment of severe hypoglycemia.

The company achieved record net product revenue of $29.6m in Q3 ‘22, scoring a 31% year-on-year increase. The 52-week range of stock valuation was between $0.97 and $2.95, and analysts forecast for value to reach $5.36 within 12 months.

5. Vacasa

Vasaca is a leading rental property management company operating over 350,000 houses in more than 400 destinations across North America, Belize, and Costa Rica. The company’s revenue has grown by over 44% over the last year.

The stock has been volatile over the last year, with a 52-week range of between $1.08 and $9.38, and is projected to climb up to $4.11 over the next 12 months – an increase of 143.92% from the latest price.

6. Cidara Therapeutics

San Diego-headquartered biotechnology company specializes in the development of novel therapeutics for the treatment of fungal and viral infections. The outfit mainly focuses on the development of therapies for the treatment of serious fungal infections.

A recent FDA hearing voted favorably for the approval of the development and commercialization of rezafungin used for often fatal invasive Candida infections, for which no new drugs have been approved in over 10 years.

The company stock has been fairly volatile in the past few months, with the 52-week range being between $0.4 and $1.6. Should the market appreciate the company’s new soon-to-be FDA-approved offering, the stock is expected to climb up. The stock’s current rating is a “buy” from 10 analysts, with the value forecast to go up $6.46 in 12 months.

7. 22nd Century Group

An agricultural biotechnology company, 22nd Century Group is focused on genetic engineering and plant breeding. The company's main focus is on developing proprietary tobacco plants with very low nicotine content, as well as hemp/cannabis plants with unique cannabinoid profiles.

In the past year, the stock valuation ranged between $0.82 and $2.71, and 11 analysts are in agreement the price will rise by 325.44% to peak at $4.85 within the next 12 months. The company’s earnings are projected to grow 47.78% per year.

8. WM Technology

Formerly known as Weedmaps, WM Technology is an e-commerce, compliance, and advertising provider for outfits operating in the cannabis industry across North America. The firm operates a website and mobile application allowing customers to find and rate cannabis dispensaries, as well as order cannabis products for delivery or pickup.

More than half of the company’s revenue comes from California, where large-scale black market operations hinder its success and it has been slow in expanding its operations elsewhere. Yet, the outfit holds a relatively strong balance sheet with the earnings expected to grow 42.81% per year. It is estimated that the company is currently being traded at 61.4% below its fair value.

The stock has been fairly volatile with the 52-week range being between $0.80 and $8.35 and is expected to climb up to $4.07 within the next 12 months.

9. Spire Global

Spire Global is a San Francisco-based technology company that uses a network of satellites to gather data on global ship and aircraft movements, as well as weather patterns and other environmental data.

The collected data is used to provide insights for industries such as shipping, aviation, and insurance, as well as for government agencies.

The company’s revenue has grown over 104% over the last year, and the estimations show that it is being traded over 90% below its fair value. Over the past year, its valuation ranged between $0.86 and $3.52 and is expected to climb up to $3.24. 14 analysts rate the stock as “buy”.

10. Myomo

Myomo is a wearable medical robotics company focusing on the development and commercialization of devices that can restore function to the limbs of individuals suffering from neurological conditions such as stroke, spinal cord injury, and traumatic brain injury.

Its flagship product, MyoPro, is a myoelectric-controlled upper limb brace that uses the patient’s own muscle signals to control movement.

The stock has been highly volatile in the past few months with a 52-week average of between $0.36 and $8.07. The stock is forecast to climb up to $8.19, scoring a 1,583.11% increase from its current price, within the next 12 months.

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