Time To Buy Penny Stocks After Analysts’ Latest Ratings?

This article discusses a few more penny stocks to buy, according to Wall Street analysts. This is a continuation of our article “7 Penny Stocks To Buy According To Top Wall Street Analysts,” & will look closer at recent catalysts. We’ll also look at any pending or upcoming events that might play a role in creating volatility in the stock market so you can use the info in your due diligence process.

Keep in mind that analyst ratings can be a great tool. But they shouldn’t be the only thing you use to determine if you’re buying or not. Plenty of other factors are typically at play, including current market conditions. That’s in light of certain ratings being made at specific points in the year.

One analyst giving their outlook earlier this year will have likely considered the market conditions at that time. But it doesn’t hurt to use what they’ve said to your potential advantage considering they might be focused on something you may have initially missed. Once you see what some of these companies are up to, you can decide if they deserve a place on your list of penny stocks to buy or if they should be avoided entirely. I’ll also include the complete list of 10 penny stocks to buy, according to analysts, at the end of the article.

best penny stocks to buy right now

Penny Stocks To Buy [According To Analysts]

Rubicon Technologies Inc. (RBT)

Shares of Rubicon have slid like most of the recent IPO stocks during the second half of the year. It made its debut, reaching highs of $7.94 but has since found itself trading well below the penny stock threshold. Earlier this week, RBT stock hit new lows of $1.06, but recent trading action has seen a turnaround.

Rubicon’s leadership transition appears to have brought volatility to the market. Earlier this month, the company announced that a new CEO and Director would be replacing Rubicon’s founding CEO, Nate Morris. The digital marketplace company initially saw its stock dip following the news, but momentum carried through this week and ignited a rally.

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RBT Stock Forecast

Milestones in September seem to have also helped boost attention on RBT stock. The company partnered with Samsara (NYSE: IOT), targeting municipal customers. It aims to enable municipal fleet operations to optimize routes and services for improved efficiency.

After the announcement, Jefferies initiated coverage last month with a Buy and $10 price target. Based on the latest trading levels, that puts their target nearly 430% higher. Other firms like Cantor Fitzgerald set their sites lower with a $5 target and Overweight rating.

Cabaletta Bio Inc. (CABA)

Cell therapy treatment developer Cabaletta Bio saw its stock price jump this week. The move comes as CABA stock continues rebounding from 52-week lows of $0.59 last month. Since participating in a series of investor conferences, attention has returned to the company and its treatment pipeline.

The clinical-stage company’s CABA platform is of particular interest. It’s Cabaletta’s platform used in combination with other company tech to grow a treatment pipeline, including numerous candidates. Earlier this month, its CABA-201 came into focus. The company plans on an Investigational New Drug application during the first half of 2023, along with initial clinical data by 2024. The new candidate is targeting patients with autoimmune diseases.

Adding to the momentum was some insider trading action. New filings revealed that CEO Steven Nichtberger snagged over 141,000 shares of CABA stock at an average price of $0.99. He wasn’t the only insider buying CABA stock, either. A slew of Form 4 shows buying done by other directors and management.

CABA Stock Forecast

Wells Fargo is the most recent analyst to give their take on CABA stock. The firm maintains an Overweight rating on the company along with a $4 price target. Based on the current trading levels of CABA stock, that target is more than 200% higher.

Nine Energy Service Inc. (NINE)

Energy stocks have seen no shortage of excitement in the stock market in 2022. Nine Energy is one of the names we’ve discussed numerous times in past updates. The company is an oilfield services provider and has been on the move since reporting earnings. Its revenue came in at $142.3 million and a loss per share of 3 cents. This missed Wall Street estimates on a loss per share of 2 cents. However, management remained optimistic and gave an upbeat outlook in its August presentation.

“The outlook for the remainder of 2022 and 2023 is positive…we believe North American shale and short-cycle projects will be vital for global supply. Additionally, oilfield service companies, including Nine, are demonstrating capital discipline, which has limited available equipment in the market. Any capital equipment orders being placed are delayed up to 12 months and will need to be staffed. This backdrop sets up very well for Nine.”

Nine has also been in focus for higher short interest. According to data from Fintel.IO, the NINE short float percentage sits at around 12.76%. TDAmeritrade has this figure slightly higher at 12.94%.

[Read More] Best Penny Stocks To Buy Now? 3 Under $1 To Watch This Week

NINE Stock Forecast

Analysts at EF Hutton are bullish on NINE stock based on the most recent rating. The firm has a Buy and paired it with a $7.50 target. Considering current trading levels sit around $4.50, that target is over 60% higher as energy prices continue bouncing.

How To Find Penny Stocks To Buy

In this article, we discussed a few penny stocks to buy, according to analysts. While the ultimate decision is up to you, ratings & price targets are typically better suited as a piece of research rather than the deciding factor. There’s no substitute for education and learning how to trade is more valuable than simply finding the next stock pick from a random social media account.

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List Of Penny Stocks To Buy [According To Analysts]

This is a continuation of our article 7 Penny Stocks To Buy According To Top Wall Street Analysts. Here is the complete list of penny stocks to buy according to analysts:

  1. Rubicon Technologies Inc. (NYSE: RBT)
  2. Cabaletta Bio Inc. (NASDAQ: CABA)
  3. Nine Energy Service Inc. (NYSE: NINE)
  4. Doma Holdings Inc. (NYSE: DOMA)
  5. Oblong Inc. (NASDAQ: OBLG)
  6. Quoin Pharmaceuticals (NASDAQ: QNRX)
  7. Viking Therapeutics (NASDAQ: VKTX)
  8. Applied Therapeutics (NASDAQ: APLT)
  9. MindMed Inc. (NASDAQ: MNMD)
  10. Canoo (NASDAQ: GOEV)

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