This article originally appeared on Traders Reserve.

Investors often like to buy cheap stocks because they can pick up a lot of shares for a little bit of money. But cheap stocks don’t always equal “good stocks.” In fact, if a stock’s shares are trading for a low price, there’s often a good reason for it.

On the other hand, some cheap stocks are cheap because Wall Street just isn’t paying much attention to them yet, which gives you a chance to buy low and then sell high once the rest of the investment world catches on. For example, there’s not a lot of hype or analyst coverage on equities trading for under $10 a share, and that means there are numerous hidden gems out there waiting to be unearthed. The trick is finding the quality cheap stocks.

Here are four cheap stock picks currently flying under the radar that you should buy now:

Cheap Stock to Buy – General Maritime (GMR)

Shipping company General Maritime Corp. (NYSE: GMR) specializes in transporting crude oil and petroleum products by sea. As of last year, the company operated 31 vessels with a combined total dead weight tonnage capacity of 3.9 million. The company’s customers include oil companies, oil producers, oil traders and vessel owners.

There’s been a significant amount of insider buying in GMR shares of late, and that could be the catalyst for a move higher in the stock. GMR shares are currently trading at $2.30, which is near the bottom of the stock’s 52-week range.

Cheap Stock to Buy – Vantage Drilling (VTG)

The high price of crude oil has caused a big boom in companies in the offshore drilling sector. One solid, low-priced stock in this space is Vantage Drilling Company (AMEX: VTG). VTG specializes in deepwater oil and natural gas drilling, and it contracts its services with government-owned and multinational oil and natural gas companies, as well as independent producers. Vantage has a new fleet of mobile drillers and drill ships that have produced strong growth and impressive revenues. The stock is up nearly 80% from its 2010 low, with shares trading around $1.90.

Cheap Stock to Buy – Synovus Financial (SNV)

Financial services holding company Synovus Financial Corp. (NYSE: SNV) provides commercial and retail banking services, as well as investment, financial management, insurance and mortgage services to customers throughout the growing economies of the Southeast, including Georgia, Alabama, South Carolina, Florida and Tennessee. The regional firm has managed to stake its claim in the space, and it’s now the sixth largest financial firm in the Southeast as ranked by customer deposits.

SNV shares are up nearly 40% since falling to their December 2010 lows about four months ago, and this low-priced gem is currently trading around $2.70.

Cheap Stock to Buy – MoneyGram International (MGI)

Another kind of financial services firm caters to people who either have no access to banks, or people who simply don’t want to go the traditional banking route. This segment of the financial services world is catered to by MoneyGram International (NYSE: MGI). In 2009, the Federal Deposit Insurance Corporation (FDIC) conducted an industry inquiry, and the agency determined that approximately one-fourth of Americans are what they called “unbanked” or “under banked.” What this means is that money transfer services is a big business, and that’s certainly been reflected in the recent trend in this cheap stock.

MGI shares are up nearly 70% since falling to their 2010 lows, and at about $3.45, this is one cheap stock that could send you big money.

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