Yes. As a rule of thumb, cheaper stocks are worth less than expensive ones because the market assesses them as having worse prospects. This is why a high P/E can indicate that a stock has quality earnings, while low P/E stocks can be considered dubious. People generally get what they pay for, and these are only sometimes the best examples of stocks on sale to purchase.
A key to understanding why cheaper stocks are priced the way they are comes from the discounted cash flow (DCF) valuation model. This model seeks to assign an absolute dollar value to a stock today based on projected earnings and other assumptions that will unfold starting from years in the future into perpetuity. Wall Street relies on the model as it loosely tells us how much cash a business could provide investors, with free cash flow being the company's concrete, intrinsic value.
Therefore, a company's stock price reflects a series of assumptions and projections about its future cash-generation potential and not just its ability to produce cash today.