The 3 Most Undervalued Russell 2000 Stocks to Buy in March 2024

Core Viewpoint - The Russell 2000 Index is expected to perform well in 2024, with a projected return of about 9% in the first half and 15% over the next 12 months, driven by low valuations and an improving economic outlook [1]. Group 1: Russell 2000 Performance - The Russell 2000 Index closed 2023 with a 15.1% gain and is up approximately 4% year to date as of January 2, 2024 [1]. - Small-cap stocks within the Russell 2000 are currently trading at low valuations compared to historical levels, which is expected to drive returns [1]. Group 2: Arrowhead Pharmaceuticals (ARWR) - Arrowhead Pharmaceuticals has seen its stock price increase from $28.53 to $33.45, with potential for further growth due to speculation of being an acquisition target and ongoing development of 14 investigational medicines [2][3]. - The global drug development market is projected to reach $181.4 billion by 2032, which could significantly benefit Arrowhead, currently valued at $4.14 billion [3]. Group 3: Murphy Oil (MUR) - Murphy Oil's stock price has risen from around $39 to $41.12, with expectations for it to reach $44 and potentially $48 [5][6]. - The company has generated substantial free cash flow, returning about $150 million to shareholders through buybacks and retiring $500 million of debt [5][6]. Group 4: Duolingo Inc. (DUOL) - Duolingo's stock price increased from $177 to a high of $241.86, with a recent pullback to $213.53, but is expected to push higher [7]. - The company reported a fourth-quarter EPS of 26 cents, beating estimates by 10 cents, and revenue increased by 45.4% year over year [8]. - Daily active subscriptions surged to 26.9 million, a 65% increase quarter over quarter, indicating strong growth potential [8].