6 Stocks to Buy for Under $1

Penny stock investing is a great way to diversify your portfolio, and can also make you money when done properly. Because of their low trading price, penny stocks can often fly under the radar despite being very strong buys.

That's the case with these six low-priced bargains that are trading for about $1 right now but receive my highest possible grade - an A for Strong Buy - in my proprietary Portfolio Grader stock ranking tool.

Let's take a look at these six penny stocks to buy now:

Spanish Broadcasting System Inc. ( SBSA )

Market Cap: $72.8 million

Industry: Media

Hispanic-controlled media and entertainment company Spanish Broadcasting System Inc. (NASDAQ: SBSA ) operates 21 radio stations and two television stations in the U.S. and Puerto Rico. SBSA also owns and operates and, along with websites for its various radio stations. This penny stock has had a productive 2010, and is up 43.6% since the beginning of January. Additionally, SBSA's stock has boasted an impressive 52-week change of 522%.

Newtek Business Services Inc. ( NEWT )

Market Cap: $43.3 million

Industry: IT Services

Newtek Business Services Inc. (NASDAQ: NEWT ) provides business services to the small and medium sized business market. This holding company allows businesses to obtain electronic payment processing, ecommerce services, Web hosting, Web design and development, business lending, accounts receivable financing, insurance services and payroll. This penny stock has performed well in 2010 and is up 23.5% year-to-date, which has analysts pleased.

RF Monolithics Inc. ( RFMI )

Market Cap: $13.9 million

Industry: Electronic Equipment

Technology company RF Monolithics Inc. (NASDAQ: RFMI ) designs, develops and manufactures technology-enabled wireless connectivity products for its clients. RFMI's stock has been up and down throughout 2010, but currently has a year-to-date increase of 29.3%. Additionally, in its last income statement, RF reported a 33.5% quarterly revenue growth year-over-year.

Tower Semiconductor Ltd. ( TSEM )

Market Cap: $282.5 million

Industry: Semiconductors

Tower Semiconductor Ltd. (NASDAQ: TSEM ) is a manufacturer of semiconductors. In addition to producing semiconductors, this penny stock also provides design and technical services for its customers. Tower has made large strides throughout 2010, and has seen a gain of 46.4% since January. Having outperformed its last earnings estimate by 367%, Tower has become a very strong penny stock in 2010.

Comstock Homebuilding Cos. Inc. ( CHCI )

Market Cap: $28.8 million

Industry: Household Durables

Comstock Homebuilding Companies, Inc. (NASDAQ: CHCI ) is a real estate development company that builds for-sale residential and mixed use products. Comstock builds a variety of properties, including single-family homes, townhouses, mid-rise condominiums, high-rise multi-family condominiums and mixed-use (residential and commercial) developments. This penny stock has seen huge gains in 2010, and currently has a year-to-day return of nearly 89%.

Manhattan Bridge Capital Inc. ( LOAN )

Market Cap: $5.2 million

Industry: Financial Services

Manhattan Bridge Capital, Inc. (NASDAQ: LOAN ) is a financial service company providing short term secured non-banking commercial loans, to small businesses. One of Manhattan Bridge's subsidiaries, DAG Interactive, operates a website that allows retail businesses and other service providers to reach customers and clients for their goods and services in an effective way. With a 50% gain since the start of 2010, Manhattan Bridge Capital is currently a very strong penny stock.

About Portfolio Grader: Every Sunday, renowned growth stock adviser Louis Navellier runs a fundamental analysis on the top 5,000 Wall Street companies. Armed with this research, Navellier offers a rating for each company reflected as a simple letter grade, with A being "strong buy" and F being "strong sell." Portfolio Grader's stock data is free and open to the public, and can be accessed online here

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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