Penny Stocks To Buy According To Analysts. Price Targets OVER 500%
Are penny stocks part of your trading strategy? If you’re on this site, then I’m going to guess yes, and finding the best penny stocks to buy is what you’re focused on. You could look for stocks with news like we discussed in an article this morning. You could also look for other catalysts like Reddit sentiment or corporate filings.
Today we look at a different strategy involving Wall Street sentiment. In particular, they search for analyst input and guidance. While it isn’t the sole reason to buy or sell stocks (my opinion), they do give some insight into more than just “momentum” or what someone said on a message board. In addition, the analysts we discuss today also carry considerable price targets. Some anticipate more than 500% in specific stocks. Will they be right?
Penny Stocks To Buy [According to analysts]
- Ouster Inc. (NYSE: OUST)
- Offerpad Solutions Inc. (NYSE: OPAD)
- Stronghold Digital Mining Inc. (NASDAQ: SDIG)
- Core Scientific Inc. (NASDAQ: CORZ)
- Rent The Runway Inc. (NASDAQ: RENT)
Penny Stocks To Buy [According To Rosenblatt]: Ouster Inc. (NYSE: OUST)
Shares of lidar technology company Ouster had a tough last few months. But this week, OUST stock is beginning to heat up. The company announced last week that it launched a new REV7 sensor platform that doubled the range powered by its lidar chip. Obviously, with a focus on EV and autonomous vehicles, lidar stocks have received some pointed interest as new developments have emerged.[Read More] 3 Hot Penny Stocks To Buy Under $3 With Must Read News
Ouster’s newest addition is specific to production-scale fleets. It comes at a time when significant automakers and EV companies are getting more serious about launching commercial fleet product lines. Companies, including Volvo and Tesla, have recently announced trucking lines to add to the EV mix.
OUST Stock Forecast
Other developments this month highlight analyst sentiment for the lidar stock. Rosenblatt analysts are the latest to give their OUST stock forecast. The firm has a Buy rating on the penny stock and a $2 price target. That is right around 60% higher than current trading levels.
Offerpad Solutions Inc. (NYSE: OPAD)
Another one of the penny stocks that has come under pressure these last few months is Offerpad Solutions. OPAD stock fell to new 52-week lows in October due to a downturn in the real estate market. The company’s residential real estate tech platform wasn’t much of an interest in light of falling home prices and rising inflation.
In addition, Offerpad recently filed to raise capital by selling up to 220.39 million shares of stock and over 8.3 million warrants, which brought some negative sentiment to the penny stock on fears of potential dilution. Additionally, Offerpad has been a very quiet company since it reported Q2 earnings over the summer.
OPAD Stock Forecast
Despite being quiet, Offerpad has gotten some attention from the analyst community. JMP Securities maintains a Market Outperform rating and a $2 price target. Though this is a lower target than its previous $4 target, it’s still over 100% higher than current levels.
Stronghold Digital Mining Inc. (NASDAQ: SDIG)
Cryptocurrency prices have finally turned around (for now). That has brought plenty of bullish and speculative interest in related public companies. Stronghold Digital is one of the companies in question, and shares surged higher on Tuesday thanks to a move in Bitcoin price. One of the reasons for this has to do with the company’s business model.
Stronghold is a bitcoin mining company. It focuses on environmentally friendly operations, one of the hangups for those analyzing digital currency ESG activities. Higher energy consumption for traditional mining operations has strained an already fragile power grid. Companies like Stronghold have taken the proactive approach of mitigating this strain through creative strategies.
Moreover, last month’s insider activity has come back into focus. CEO Gregory Beard bought over 600,000 shares of SDIG stock at an average price of $1.66 per share. The roughly $1 million purchase caught the attention of some traders at the time.
SDIG Stock Forecast
What do analysts think about Stronghold? This week Compass Point maintained its Buy rating. However, the SDIG stock forecast price was lowered to $6 from $6.50. Even with that as the case, it’s still higher by more than 500%.
Core Scientific Inc. (NASDAQ: CORZ)
Even stocks reaching fresh lows on the year are followed by analysts. Core Scientific is an example of that. The company hit $0.8407 on Tuesday, down over 90% since the start of the year. A mix of negative sentient, heavy selling pressure, and a muted cryptocurrency and Web3 market have helped with that trend. But the surge in cryptocurrency prices on Tuesday has helped bring some new life into the stock.[Read More] Best Penny Stocks To Buy? 5 Biotech Stocks For Your Watch List This Week
Core Scientific provides high-performance blockchain data centers and software solutions. In its September update report, Core explained that it continues growing its infrastructure. CEO Mike Levitt said, “Despite these challenges, Core Scientific continued to lead the industry in bitcoin production. We produced 1,213 bitcoins for our own account. We expanded our total fleet (owned and colocated) to approximately 232,000 servers representing approximately 22.5 EH/s. I am proud of our team’s resilience, adaptability, and dedication in the face of difficult industry conditions.”
While it has been difficult, analysts have remained bullish on the penny stock.
CORZ Stock Forecast
What is the CORZ stock forecast? The latest analyst rating comes from Compass Point. It adjusted its target from $4 to $2.25 and reiterated a Buy rating this week. While that decrease in target might initially be seen as bearish, it still represents an outlook that’s more than 120% higher than current prices.
Rent The Runway Inc. (NASDAQ RENT)
Billed as a “shared designer closet” platform, Rent The Runway hasn’t been as glamourous as some had hoped when it made its public debut. This week, RENT stock fell to fresh lows of $1.60 as traders continued weighing the future outlook on inflation and pending recession. Slower subscriber growth and a less robust outlook on Q3 performance have also contributed to the slide in the RENT stock price.
This week, new details from analysts seem to have breathed some new life back into the penny stock for now.
RENT Stock Forecast
Analysts at Morgan Stanley are the latest to weigh in on the RENT stock forecast. The firm has an Overweight rating but lowered its $13 target to $10. Even with this as the case, Morgan Stanley’s target sits more than 400% higher than current trading levels in the stock market today.