Finding penny stocks via analyst recommendations can be a good strategy for some. However, when making a list of penny stocks to buy, the best scenario is to use a combination of analyst recommendations and your due diligence. So if you’re looking for a few cheap stocks to put on your watchlist, let’s first talk about some tips and tricks to avoid taking in losses. 

When starting to trade penny stocks, it’s easy to watch your account become red very quickly. And, if you don’t have a trading education to back your strategy, these losses can add up even faster. So before you even start making a watchlist, there are a few things to consider. The most important of these is what industry does it work in and where is that industry headed. 

For example, we’ve seen trends with reopening penny stocks, tech and biotech penny stocks, and others, as the pandemic has run its course. While these trends may not last forever, they can have a large and swift effect on the trajectory of a given penny stock. Second, investors need to look at a company’s financials. This information can be found on a recent balance sheet or in corporate updates/filings. 

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Lastly, investors can use analyst recommendations to see what pro-traders think about a company. While these price targets can be useful, they should also be taken with a grain of salt. With all of this out of the way, let’s look at three analyst recommended penny stocks that shot up during after hours on April 29th. 

  1. Great Panther Mining Ltd. (NYSE: GPL)  
  2. Hall of Fame Resort & Entertainment Co. (NASDAQ: HOFV
  3. Salem Media Group Inc. (NASDAQ: SALM

Great Panther Mining Ltd. (NYSE: GPL) 

Rating: Buy

Price Target: $2.50

Brokerage: H.C. Wainwright

Great Panther Mining Ltd. is a mining penny stock. It works in the discovery and production of gold and silver, based in Latin America. This includes mining operations in Brazil, Mexico, and Peru. To date, it has three operational gold and silver mines, four exploration projects, and an advanced development project in the works. It is also actively exploring a range of other opportunities in the countries mentioned above. 

One of the benefits of GPL and other mining penny stocks is that it offers exposure to precious metals, without actually investing in them. While news from these companies is usually along the lines of new projects, an important aspect to consider is the financials. Only a few weeks ago, GPL announced its first-quarter 2021 production results. In these, it managed to produce roughly 30,556 gold equivalent ounces and 360,070 silver ounces. 

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Rob Henderson, CEO of Great Panther Mining stated that “I am pleased to report that operations continue safely despite Covid-19 and we remain on track with our proposed guidance for the year. Our safety protocols are being meticulously executed to protect our workforce and the communities that we operate in.

As previously stated, the first quarter was planned to be a low production quarter due to heavy stripping. Production is expected to ramp up quarter-over-quarter for the remainder of the year as mining progresses into sectors with lower stripe ratios.” With this exciting information in mind, GPL continues to present an interesting opportunity to investors. Whether this makes it a penny stock to watch is up to you. 

Penny_Stocks_to_Watch_Great Panther Mining Ltd. (GPL Stock Chart)

Hall of Fame Resort & Entertainment Co. (NASDAQ: HOFV) 

Rating: Buy

Price Target: N/A

Brokerage: Maxim Group

Hall of Fame Entertainment & Resort Co. is a penny stock that we’ve been covering a lot over the past few months. While it is a reopening stock, it offers much more than that. Over the past few months, the average dollar volume for HOFV stock has increased dramatically. This is a clear signal of increased investor attention. So why the sudden shift for HOFV? Well, the company operates as a sports entertainment business, utilizing its partnership with the National Football Museum’s, Pro Football Hall of Fame. 

Aside from it building a massive sports-centered entertainment venue, the company recently dipped its toes into the NFT market. Only a few weeks ago, it partnered with Dolphin Entertainment Inc. and Elite Holdings LLC. to develop, market, and sell NFTs. For those unfamiliar, NFTs or non-fungible tokens are a digital way to prove ownership using blockchain. Its tokens will be used with the H2H Legend, a group of pro-football players, to offer one-of-a-kind collectibles. 

CEO Michael Crawford stated that “as an organization that operates at the intersection of sports and entertainment, it is our responsibility to leverage the access we have to unique content to build one-of-a-kind fan engagement opportunities across all of our business verticals. The demand for NFTs associated with sports has already been overwhelming.” While its role as a blockchain penny stock is not necessarily the main driving force for its growth, it is something to consider. Whether this makes it a penny stock to watch, however, is up to you.  

Penny_Stocks_to_Watch_Hall of Fame Resort & Entertainment Inc. (HOFV Stock Chart)

Salem Media Group Inc. (NASDAQ: SALM) 

Rating: Buy

Price Target: $2.00

Brokerage: Noble Financial 

While you may not have heard of SALM stock, the company has made some big moves in the past few months. For those unfamiliar, Salem Media is as its name suggests, a multimedia company. It specializes in Christian and conservative content, which is distributed via radio, digital media, book, and newsletter publishing methods. The company states that millions of listeners tune in to its programs daily. Ahead of its Q1 2021 financial results which will be reported on May 6th, what else is new with Salem? 

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Well, to understand it we first have to preface by saying its audience is a niche market. But, the dedication that its listeners have is almost unparalleled. Only recently, the company announced that famed gospel personality, Greg Goodman, would be returning to the Singing News Top 10 Program.

“Greg Goodman is one of the most respected radio personalities in Southern Gospel. We are excited to have him return to the network to host the Top 20 Countdown.” 

The General Manager of the program, Kevin Anderson

In the past six months, shares of the media company have returned more than 150% to investors as of the end of April. This includes its over 6% gain on April 29th. Because of the pandemic, media companies have seen heightened attention in the past few months. Whether this will have a lasting impact on SALM stock remains to be seen. So for now, will SALM be on your watchlist?

Penny_Stocks_to_Watch_Salem Media Group Inc. (SALM Stock Chart)

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