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Investing in fallen angels (stocks that have been out of favor for a long time) is always a high-risk proposition. That's why it is appropriate for aggressive investors. But with high risk comes high rewards.

Here we have identified five stocks that trade near multi-year lows, offering investors the potential for high gains, especially if the market for the products and services of these companies rebounds:

Company

Market Cap

Operating Margin

Dividend

Navios Maritime Partners (NMM)

$858 million

41.75%

10.80%

Diana Shipping (DSX)

$650m

43.2%

-

Echelon Corporation (ELON)

$206m

-7.16%

--

Cardica (CRDC)

$63m

--

--

Tsakos Navigation (TNP)

$241m

3.20%

9.10%

A fallen angel of the Greek sovereign debt crisis is Tsakos Navigation. Tsakos is a large oil tanker owner and operator with solid financials and an experienced management team. The company has $262 million in cash and $91million free cash flow and pays an 11.6% dividend.

Another fallen angel of the Greek crisis is Diana Shipping. A leader in dry bulk shipping with a PE of 5.59, an operating profit of near 50, and $373 million in cash. Diana Shipping is a major beneficiary of a rebound in the Chinese economy.

A third fallen angel of the Greek crisis is Navios Maritime Partners. This is a diverse shipping company with a PE of 12.69, a profit margin of 42.7%, and a dividend of 9.60%.

Echelon Corporation is a good play in the smart grid. Echelon has an electricity network that applies digital technology to monitor and regulate the demand for and the supply of electricity. Network infrastructure products from Echelon Corporation, for instance, connect everyday appliances, such as air conditioners, with thermostats and electric meters, allowing both utility companies and customers to monitor and adjust energy demand from remote locations. Echelon's alliances with Cisco Systems (NASDAQ:CSCO), IBM (NYSE:IBM), and General Electric (NYSE:GE) make it a good candidate.

Cardica is a start up that's still losing money. Cardica is a highly speculative stock, but it offers great promise as it is in the development stage of an endoscopic micro-cutter product line for use by thoracic, bariatric, colorectal and general surgeons in robotic surgery. Cardica's alliance with robotic surgery leader Intuitive Surgical (NASDAQ:ISRG) raises the chances for launching a blockbuster product or even becoming an acquisition target.

Source: 5 Fallen Angels Under The Radar And Ready For A Rebound