It's widely assumed that stocks trading below $10 are out of favor, but that's not always the case. There are dozens of stocks with single-digit prices that have already more than doubled in 2020. 

Genius Brands International (NASDAQ:GNUS), Waitr Holdings (NASDAQ:WTRH), and LightInTheBox Holding (NYSE:LITB) are three stocks that have all more than doubled this year. And they are still available for less than $10 a share. Let's take a closer look at the three low-priced market beaters. 

A stack of coins growing as it leads to a sprouting plant.

Image source: Getty Images.

Genius Brands

Producing entertainment content for kids is paying off for Genius Brands, as long as you know where to draw the starting line. The stock has plummeted 90% since a short-lived spike in June, but it's more than quadrupled since the start of 2020. 

Genius Brands has been a victim of its own hype since skyrocketing more than 40-fold earlier this year. It has played up some of its new content deals that have turned out to be less impressive, but at the end of the day Genius Brands is better off with its growing content portfolio than it was when the year began. 

The launch of Kartoon Channel!, a potentially promising partnership with Stan Lee's POW! Entertainment, and the success of its Rainbow Rangers series inspiring a new toy line make 2020 a year to remember -- as long as you owned the stock at the beginning of the year and not near its peak in early June.

Waitr Holdings

We're ordering a lot of takeout and delivery from restaurants these days, and Waitr Holdings is cashing in by serving the rural markets that the major third-party delivery apps are ignoring. Waitr's diner base may be small -- just a little over 2 million active diners are on the platform -- but it's certainly a growing app in the new normal. Waitr's revenue rose 18% in its latest quarter, more than double the pace the few analysts following the stock were expecting. Waitr also surprised the market with its first profitable quarter. 

Wall Street is starting to notice. Analysts at FBR initiated coverage of the stock with a buy rating and an $8 price target this summer, suggesting that it can double again even from current levels. The bullish thesis plays up Waitr as a potential buyout target, and it's easy to see why with Grubhub and Postmates recently agreeing to acquisition offers. Despite its low price tag, Waitr is one of this year's hottest stocks, nearly a 13-bagger after starting out the year as an obscure penny stock.

LightInTheBox 

Low stock prices don't necessarily mean low growth rates. If Waitr's better-than-expected 18% growth doesn't impress you, try LightInTheBox on for size. The global online retailer of Chinese-sourced goods saw its stock shoot 96% higher in its latest quarter. The pandemic has helped accelerate the migration of shoppers to online hubs, and customers are sticking around. LightInTheBox sees its top line growing by 59% to 83% in the current quarter. 

It's also not just Waitr in the black these days. LightInTheBox has been profitable in each of the past four quarters, and its trailing earnings multiple -- like its stock price -- is also in the single digits. There are obviously big risks when it comes to investing in China stocks, but if LightInTheBox can keep growing profitably the potential rewards are also high.