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Many investors believe low price stocks are dead, even those that trade on the New York Stock Exchange (NYSE:NYX). But look at Flotek Industries Inc. (NYSE:FTK), the Houston based drilling supply company. The stock traded between 1.06 to 1.36 during the month of July last year. It closed at 6.53 on Friday. This is a 516% increase from its low in less than a year.

Or how about Global Ship Lease, Inc. (NYSE:GSL), which 14 months ago was trading at 1.05, and last summer traded between 2.25 and 3.00 and now is at 7.34, more than doubling since July. The real estate investment company, Newcastle Investment Corp. (NYSE:NCT), went from 2.42 six months ago to 8.47, a 250% increase.

According to, there are over 20 stocks that are trading for less than three dollars a share on the NYSE, five of which pay dividends.

These low priced NYSE gems include such companies as Jackson Hewitt Tax Service Inc. (JTX). It is tax season, after all. The stock closed at 1.17 last Friday and trades at 14.6 times forward earnings. Investors should be aware that the company generated significant negative earnings and carries a large amount of debt. The company's earnings call is scheduled for Thursday, March 10.

The medical device company, Theragenics Corp. (NYSE:TGX), sells for 1.71 below its book value of 2.41. The stock has a forward price to earnings ratio of 21.4, and had a revenue increase of 10.6% for the latest quarter.

Magnetek Inc. (NASDAQ:MAG), a two dollar a share stock, is a provider of digital power control systems. The stock trades at nine times forward earnings and posted a 35.5% increase in revenues for the latest quarter.

Do your homework before investing in these as many have been generating negative earnings and have low market caps.

Disclosure: Author did not own any of the above at the time the article was written.