Focusing too much on stock prices can be a mistake for investors. That's evident through news of stock splits, which generate significant attention even though a split doesn't make a stock a more attractive buy. Shopify and Amazon recently deployed stock splits, but their businesses remain unchanged. A lower share price doesn't suddenly make a stock a deal.

Two stocks that may look incredibly cheap today are Sundial Growers (SNDL -0.55%) and fuboTV (FUBO -3.61%). At nowhere near even $5 a share, they could cost you less than a cup of coffee. But that doesn't mean these stocks are bargains.

1. Sundial Growers

Cannabis producer Sundial Growers has been a value-destroying investment over the years. Not only is its share price down 43% this year, but since 2020, it has cratered by 89%. That's far worse than the Horizons Marijuana Life Sciences ETF, which has fallen 60% during that period.

Sundial has struggled with growth and profitability, as have many pot stocks. There was a brief period in 2021 where it was a popular meme stock and soared to nearly $4 a share. But by and large, Sundial hasn't been a good investment. Its top line has been boosted mainly via acquisitions of late, and it has managed to produce adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) profits. However, burning through cash has been a problem, and Sundial has been a dilution machine over the years:

SNDL Shares Outstanding Chart

SNDL Shares Outstanding data by YCharts.

Unfortunately, it's not a problem that may end anytime soon. The company has been aggressive with respect to acquisitions, which may help the business become more diversified. But whether they will significantly improve its financials and make Sundial a more tenable investment is a big question mark.

Even at barely above $0.30 a share, the stock is trading at 13 times its revenue. Another Canadian-based marijuana company, Tilray Brands, trades at a multiple of just two. Even if Sundial's stock falls to a nickel, it still may not be worth buying.

2. fuboTV

FuboTV trades at a couple dollars more than Sundial, but it too has no shortage of problems. The biggest one I see is that its expenses are simply far too high. Its gross margin is consistently in the negative:

FUBO Gross Profit Margin (Quarterly) Chart

FUBO Gross Profit Margin (Quarterly) data by YCharts.

In the past year, the company has incurred net losses of $453 million on revenue of $761 million. The streaming company is either paying too much for content or not charging its subscribers enough. And until that drastically changes, this stock could continue falling in value. Year to date, its shares have crumbled by 84% as fuboTV has been one of the worst-performing stocks on the market this year.

At just 0.5 times revenue, investors arguably aren't paying a premium for the stock. However, given the risk it possesses and the potential for dilution, I wouldn't call fuboTV a cheap stock as it doesn't offer investors nearly enough value today to be a decent buy.