Ready to buy penny stocks but not sure where to begin? Assuming you understand the basics of trading penny stocks, your next step is finding some to trade. The best place to start is by creating a watch list. Disclaimer: If you’re a seasoned pro, this section may be boring, so feel free to move on to the next section: Best Penny Stocks To Buy [according to analysts].

So how do you put together a list of penny stocks to watch? In most cases, identifying a particular theme can help focus your efforts. Let’s say you found a company that just released big news, which was a catalyst for a significant price move. You might look for other penny stocks with news; that’s a theme.

What if you saw a paper company like Resolute Forest Products (NYSE: RFP) acquired by another leading paper company like it did today? You might look at “sympathy” trade ideas, which may see sentiment-driven trading. In this case, it would be a focus on other paper product manufacturers.

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The same idea holds regarding recent trends in the biotech sector. The bottom line is that there are plenty of thematic strategies to follow – even rumors or “Reddit stocks” – remember that the first place to begin is with a watch list.

Penny Stocks To Buy According To Analysts

This leads us to today’s theme: penny stocks with a bullish analyst outlook. This article takes a deeper dive into a few companies that have seen a favorable view given by research firms. Though they aren’t always accurate, analyst sentiment can help give you a bit more insight into specific companies and help add more detail to your due diligence process.

Best Penny Stocks To Buy [according to analysts]

  1. Inter & Co. Inc. (NASDAQ: INTR)
  2. Canaan Inc. (NASDAQ: CAN)
  3. LiveOne Inc. (NASDAQ: LVO)
best penny stocks to buy right now analysts insiders

Penny Stocks To Buy According To UBS: Inter & Co. Inc. (NASDAQ: INTR)

Brazilian-based Inter & Co recently listed its shares on the NASDAQ exchange in June. Its focus is on “Super App” development catering to financing and non-financial consumers in the US and Brazil. With more than 20 million customers, Inter & Co has funneled multiple offerings into a single application, including banking services, investments, insurance, and retail.

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In a debut update, João Vitor Menin, Inter&Co’s CEO, laid out the high-level plan for Inter & Co:

“We are proud of our technology, our team and our achievement of surpassing 20 million customers, but this is only the beginning. We believe the best is yet to come. As Inter&Co becomes a fully listed U.S. company, we will gain access to the largest capital market in the world, remaining focused on further strengthening our market and financial positioning while delivering profitable growth.”

UBS INTR Stock Forecast: Buy, $6

What do analysts think about INTR stock? A slew of ratings came out following the US debut of Inter & Co. One company, UBS, gave a Buy rating and slapped a $6 target on the penny stock. Based on the $3.02 close on July 5, that target is nearly 100% higher.

Penny Stocks To Buy According To HC Wainwright: Canaan Inc. (NASDAQ: CAN)

Cryptocurrency and blockchain technology stocks haven’t fared well thanks to the Bitcoin crash in 2022. However, that doesn’t mean operations have entirely ceased, and these businesses are shutting down. Bitcoin miner Canaan Inc., for example, is down but not out. In a recent update, the company revealed that it is actually spending money to buy back millions of outstanding warrants that would’ve otherwise added to potential dilution in the market.

The company’s revenue has grown more than 230% year-over-year during the first quarter of 2022. Canaan reported $213.9 million with an EPS of $0.41. CEONangeng Zhang explicitly stated that the company plans to pursue growth even with the recent Bitcoin price headwinds. In the Q1 earnings update, Zhang said, “Looking ahead, while we are cognizant of the near-term headwinds, we are confident that our extensive experience, increasingly globalized operations, and execution capabilities put us in a solid position to navigate the current period of uncertainty.”

HC Wainwright CAN Stock Forecast: Buy, $5

What do analysts think about CAN stock? HC Wainwright currently has a Buy rating on the penny stock and a $5 price target. Based on Tuesday’s close of $3.46, that target sits 44% higher.

LiveOne Inc. (NASDAQ: LVO)

Music entertainment technology platform LiveOne is another one of the penny stocks analysts are bullish on. It offers live and virtual events as well as premium experiences via memberships. With more than 2.3 million members and more than 2,900 artists streamed, LiveOne has begun establishing itself as an influential force in media.

This week the company announced a multi-year partnership with Zync, an in-car entertainment platform. The two will work on streaming LiveOne’s content on Zync-enabled Mercedes -Benz vehicles later this year. Dermot McCormack, President, LiveOne, also explained that “ZYNC customers will have the opportunity to unlock a universe of digital experiences from LiveOne, including live concerts, vodcasts, pay-per-view events, festivals, and virtual meet and greets. This partnership truly elevates the time spent in our cars and gives consumers the ultimate personalized immersive in-car experience.”

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HC Wainwright LVO Stock Forecast: Buy, $4

LVO is another one of the penny stocks that HC Wainwright analysts are bullish on. The firm has a Buy rating and a $4 price target, which is 300% higher than where LVO stock closed on July 5th.

Penny Stocks To Buy According to Analysts

When it comes to analysts, it’s essential to understand that they aren’t the only factor to put into your due diligence strategy. But it doesn’t hurt to see why a Wall Street research firm might be optimistic about particular companies. In this article, we looked at a few stocks under $5 that analysts have high hopes for. Heading into the rest of the year, it will be interesting to see if their targets and expectations are met. Leave a comment below with your outlook if any of these are on your list of penny stocks in 2022.

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