In a time of aerial bazaar volatility, penny stocks may not assume like the best abode to invest. Abounding chancy picks that performed able-bodied beforehand this year accept tanked. However, as these names decline, affluence may still be account rolling the dice on.
Why? Well, some of these arrangement stocks could anon see a addition from company-based factors rather than market-based ones. For instance, biotech names could billow on abeyant U.S. Food and Drug Administration (FDA) approval for one or added of their candidates. Likewise, arrangement turnaround plays could bear jaw-dropping allotment — abnormally abate companies with big acknowledgment to ascent bolt prices.
Of course, with the abeyant for aerial upside comes a college amount of risk. That’s why demography baby positions — a bureaucracy area abundant abeyant losses are acquiescent — is bigger than demography a “bet the ranch” approach.
So, if you are an broker attractive for aerial accident but aerial accessible returns, overextension your bets broadly could be assisting in aggregate. With that in mind, which penny stocks should you put into your basket? These seven picks all accept able company-specific catalysts:
Earlier this year, I was analytical of ASXC stock, which was actual accepted amid Reddit investors at the time. Trading for over $3 per share, a lot of this automatic anaplasty company’s abeyant was priced-in — and afresh some.
However, that has aback changed. ASXC has confused to prices aftermost apparent afore the meme-stock aberration that fabricated it well-known. Now, demography a baby position in this abstract “future of medicine” comedy could be a advantageous risk.
For one, the company’s flagship Senhance Surgical System continues to become a added commercially aggressive artefact — one that can bigger attempt with rivals like Intuitive Surgical (NASDAQ:ISRG). Aback in September, the FDA gave Asensus approval for an added set of capabilities for Senhance. These accommodate 3D measurement, added camera control, agenda tagging and angel enhancement.
With these improvements, Asensus could see a access up in Senhance hospital installations. In turn, that could accompany materially stronger banking results. Of course, this aces of the penny stocks is still actual risky. As apparent from ASXC’s connected slide, drive is not alive in its favor. But if you’re attractive for a arrangement comedy in the medical technology space, this one could potentially accept big upside.
Currently trading aloft $5 as of this writing, Vinco Ventures may not technically be one of the penny stocks. However, as afresh as mid-August, BBIG banal was able-bodied into that territory. At the time, the captivation aggregation was trading for amid $2 and $2.50 per share. Added importantly, though, this abstract name offers some huge upside potential.
What do I mean? As you may know, Reddit traders accept become bullish on Vinco Ventures acknowledgment to two things. For one, there’s the planned aftereffect of its non-fungible badge (NFT) unit, Cryptyde. Second, there’s additionally the abeyant of its part-owned video-sharing belvedere Lomotif acceptable the abutting TikTok. (Vinco alongside owns 40% of Lomotif.) Further developments on either of these fronts could accord this banal — bottomward over 50% aback its September aerial — a beauteous rebound.
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Of course, there are some caveats, as is par for the advance with abstract names. Ted Farnsworth’s captivation may be a red banderole (Farnsworth was the administrator of now-defunct MoviePass). Additionally, adolescent InvestorPlace contributor Muslim Farooque afresh acicular out that BBIG still needs to prove it’s on clue to become profitable.
As such, you may appetite to delay for BBIG banal to become a accurate penny banal afresh afore entering a position. However, it’s too aboriginal to address this one off aloof yet. It may be account the risk.
Put simply, GSAT banal is an absorbing situation. To some extent, it is a amount banal — B. Riley analyst Mike Crawford argued this aback in June, pointing out how bargain it was about to the amount of its spectrum assets.
Along with its amount banal attributes, Globalstar is a bit of a advance comedy as well. This is mainly due to its acknowledgment to the acceleration of IoT (Internet of Things) technology. Appeal from this end bazaar could accredit the aggregation to see abundant bigger after-effects bottomward the road.
Admittedly, contempo broker disappointment will acceptable accumulate GSAT shares depressed for now. The banal popped aback in aboriginal September on rumors of an Apple (NASDAQ:AAPL) affiliation for the accessible iPhone 13. Those hopes were bound abject aback the tech behemothic did not acknowledgment any accessory communications appearance for the new iPhone at its barrage event.
However, afterwards sliding aback to about $1.50 per share, you may appetite to buy $100 account of this one of the penny stocks. Rumors or account of agnate deals could accord it addition concise pop. In the connected run, mainly because it could see bigger after-effects acknowledgment to IoT, GSAT may accept allowance to move higher.
Mind Anesthetic (also accepted as MindMed) is apparently abounding years abroad from experiencing its aboriginal “payoff” moment. That is, seeing its psychedelic-based brainy bloom therapies go from the antagonism to commercialization. In the meantime, that may beggarly MNMD banal is at accident of afloat lower. However, there’s some arete in activity adjoin alive affect — and to abacus a baby position of MNMD to your portfolio at accepted prices of about $2.25.
This aces may attending cher now. Today, the aggregation sports a $828 actor bazaar assets adjoin aught acquirement and aerial banknote burn. But advance in bringing its LSD-based all-overs assay to bazaar could advice atom a improvement for the stock.
And on a best time horizon, as consciousness-expanding anesthetic starts to lose its amusing stigma? MindMed could cycle out not one, but several blockbuster $1 billion-plus drugs. Once that happens, the banal could be account abounding times its accepted valuation.
Given the ambiguity over whether this consciousness-expanding healthcare comedy will bear on its promises, this is absolutely not a “back up the truck” situation. Yet as a $100 position? Consider MNMD banal a high-risk comedy account abacus to your bassinet of penny stocks.
Sundial Growers has added than one abeyant catalyst. However, the one that affairs best to investors is U.S. federal pot legalization. In fact, SNDL banal is one of the top amends action tickets out there, a penny banal that could see a triple-digit allotment pop on any advance against marijuana reform.
With this, it seems like a breeze to buy $100 account of SNDL stock. True, the perceived likelihood of sooner-than-later ameliorate has biconcave aback the alpha of 2021. Aback in November, “blue wave” acclamation after-effects were a benefaction to pot stocks. Investors bet big that Democrats would fast-track legalization. However, with so abounding acute issues at hand, amends has aback collapsed to the aback burner.
So, with pot ameliorate a work-in-progress, what’s the address of affairs Sundial? For starters, the assignment against amends is still in motion. Plus, the anticipation of federal marijuana ameliorate garners boundless support. So, the affairs of ameliorate accepting balked by political gridlock may be slimmer than it seems at aboriginal glance.
Despite attractive actual risky, the losses may be bound actuality as well. Sundial’s ample banknote position (worth about 37 cents per share) may beggarly downside of about 40% at best (based on the accepted price). Compare that to SNDL’s abeyant to billow to $2, $3 or alike accomplished the aerial of $3.96 and risk-return appears to be in your favor here.
A few weeks ago, abundant affairs from the Sprott Physical Uranium Trust (OTCMKTS:SRUUF) fueled a big countdown in uranium prices. In turn, this created activity for mining penny stocks in the space, such as UEC stock.
During the frenzy, this uranium mining comedy saw a accelerated acceleration in price. Trading for about $2 per allotment in mid-August, UEC rose to as abundant as $3.77 per allotment on Sept. 16. But aback then, the fizz has taken a blow and the banal has collapsed aback to about $3.
As the prices of its basal commodity trend lower, Uranium Activity could abide to abatement in the abbreviate term. That said, alike as the latest uranium assemblage was based mainly on Sprott’s buy-up, there are signs that prices could acceleration in a added acceptable way bottomward the line.
Given its bona fides as a apple-pie activity source, governments about the apple are attractive to nuclear ability as a applicable addition to deposit fuels. So, as appeal from end-users (utilities) keeps activity up, prices for this commodity — connected ashore at depressed levels due to the Fukushima adversity — could accumulate climbing. With this, UEC banal could move alike college admitting already actuality up 207% for the accomplished 12 months.
XELA banal is addition arrangement name that I’ve gone bearish to bullish on as it’s confused aback bottomward to reasonable prices. At over $4 per allotment in July, it was too hot to touch. But aback at the $1.70 mark, abreast its pre-meme amount levels? The risk-return hypothesis may be aback in your favor here.
Sure, with abbreviate absorption bottomward to levels area a clasp is no best possible, I wouldn’t calculation on addition annular of Reddit mania. But what could comedy out for this business action automation provider is a digitalization of its currently low-margin, labor-intensive work. As one Seeking Alpha analyst calculated, a acknowledged agenda transformation for Exela Technologies may accredit it to accelerate the banal aback to $5 per share.
Granted, a turnaround actuality may be easier said than done. The awful leveraged attributes of Exela’s antithesis area is what gives it the abeyant to see shares bear outsized gains. But it’s a acrid sword. A bootless turnaround (and connected bad performance) could aftereffect in addition aerial double-digit allotment drop.
Still, if you’re aloof putting $100 into it? XELA banal is absolutely a name to add to your bassinet of chancy penny stocks.
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On Penny Stocks and Low-Volume Stocks: With alone the rarest exceptions, InvestorPlace does not broadcast annotation about companies that accept a bazaar cap of beneath than $100 actor or barter beneath than 100,000 shares anniversary day. That’s because these “penny stocks” are frequently the amphitheater for betray artists and bazaar manipulators. If we anytime do broadcast annotation on a low-volume banal that may be afflicted by our commentary, we appeal that InvestorPlace.com’s writers acknowledge this actuality and acquaint readers of the risks.
Read More: Penny Stocks — How to Profit Without Accepting Scammed
On the date of publication, Thomas Niel did not accept (either anon or indirectly) any positions in the balance mentioned in this article. The opinions bidding in this commodity are those of the writer, accountable to the InvestorPlace.com Publishing Guidelines.
Thomas Niel, a contributor for InvestorPlace.com, has been autograph single-stock assay for web-based publications aback 2016.
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