Penny stocks have captured the attention of those seeking opportunities that offer a balance between high risk and high reward. As market conditions shift and new trends emerge, analysts are always looking for potential standouts. In this article, we’ll discuss five penny stocks that analysts have highlighted.
Penny stocks, commonly trading under $5 per share, are shares of smaller, often less-established companies. While these low-priced stocks can exhibit considerable volatility and carry inherent risks, they also present the possibility of sizable returns. Investors willing to embrace these risks and adequately research may discover hidden opportunities among these cheap stocks.
The appeal of penny stocks can be attributed to their ability to yield significant gains from relatively minor price changes. Because the share prices of these stocks are generally low, even slight fluctuations can lead to significant percentage returns. However, it’s crucial to recognize that the potential for considerable gains is accompanied by the inherent danger of substantial losses, making in-depth research and due diligence essential.
How To Find Penny Stocks For Your Watch List
Many investors rely on analysts’ opinions for guidance when searching for promising penny stocks. Before offering recommendations, these experts examine various facets of a company’s operations, such as financial stability, growth potential, and market conditions. Although their opinions shouldn’t be the only basis for investment decisions, they can provide valuable insights and form a foundation for further investigation.
In this article, we’ll explore five penny stocks that have captured the interest of analysts. These stocks cover different sectors and market segments, illustrating the diversity within the realm of penny stocks. By understanding the reasons behind the analysts’ positive outlook on these particular stocks, investors can better understand the factors that contribute to a stock’s potential success.
While there are no guarantees in investing, being well-informed and prepared can significantly increase one’s chances of discovering opportunities in the high-stakes world of penny stocks.
Penny Stocks To Watch
Amyris Inc. (AMRS)
Shares of Amyris have been rebounding over the last three sessions. After reporting its latest earnings results, the biotech company’s shares dipped to new 52-week lows. Even with this, management appears optimistic about the 2023 prospects.
In its earnings update, company CEO John Melo said, “Our strategy to focus our portfolio, reduce our cost base, expand our strategic partnerships, and to divest non-core assets is designed to self-fund our business operations. Our liquidity plan includes significant cost savings, attaining the estimated $335 million of earnouts and milestone payments over the next three years from current strategic agreements and executing on an estimated $200 million from additional transactions this year.”
AMRS Stock Forecast
What is the analyst forecast for AMRS stock? As of this article, Amyris shares were trading around $0.81. Canaccord Genuity recently weighed in on its projections for the stock giving a Buy rating and price target of $1.50. That’s roughly 85% higher than current prices.
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bluebird bio Inc (BLUE)
Another one of the biotech penny stocks climbing higher in the stock market today is bluebird bio Inc. Earlier this month, the company submitted a biologics license application to the FDA for its lovotibeglogene cell therapy for sickle cell patients. The application includes a request for priority review, which would shorten the FDA’s review process if approved.
“The severity of sickle cell disease, and its impact on patients and caregivers, has been underappreciated and overlooked for far too long. Transformative therapies for this community are long overdue,” said bluebird bio’s chief executive officer Andrew Obenshain. “We are pleased to have satisfied the Agency’s questions about comparability to enable our BLA submission, and to take this important step toward making lovo-cel available for individuals living with SCD.”
Since the update, BLUE stock has steadily bounced back. Friday’s action is some of the most bullish the penny stock has seen in weeks.
BLUE Stock Forecast
What’s the BLUE stock forecast? JP Morgan’s latest coverage initiation may have been a strong catalyst for the breakout moves on April 28th. The firm has an Overweight rating on BLUE stock. That was paired with a $7 target, which is around 62% higher than current trading prices at $4.30.
W&T Offshore (WTI)
Energy stocks have slumped recently thanks, in part, to the underlying price of the commodity. W&T Offshore has followed the overall trend in oil prices this quarter. During prior sessions, Friday’s trading action saw a reprieve from the usual selling pressure. W&T announced the timing of its first-quarter earnings, and now the market may have begun speculating. With that in mind, if WTI stock is on your watch list, keep May 9th in mind, as the company will deliver the formal results. There will also be a conference call on May 10th.
WTI Stock Forecast
Even with the sell-off, what do analysts think about WTI stock? Stifel raised its price target from $8 to $8.20. It also has a Buy rating on the penny stock. Based on recent trading levels of $4.29, the WTI stock forecast price is roughly 91%.
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Uniti Group Inc. (UNIT)
Uniti is a real estate investment trust. It focuses on critical communications infrastructure and provides fiber & wireless solutions for the communications industry. Like many of the names on this list of penny stocks, UNIT shares have dipped to 52-week lows recently. However, the last few sessions have rebounded, including Friday morning’s trading session.
As one of the few penny stocks offering a dividend, UNIT is in a unique spot as far as traders are concerned. The lower price means a higher yield, which may have become attractive in light of the latest trading levels.
UNIT Stock Forecast
Analyst forecasts have also come into question. Analysts at Cowen currently have an Outperform rating on UNIT stock with a forecast price target of $9. Based on the latest levels of $3.36, that target sits over 165% higher.
LiveOne (LVO)
The creator-first music, entertainment, and technology platform, and Roth CH Acquisition V Co. (Nasdaq: ROCL), a SPAC, announced today that they have entered into a letter of intent to merge LiveOne’s wholly-owned subsidiary, Slacker, Inc., with Roth CH Acquisition V Co. The pre-money valuation of the deal is $160 million. LVO stock has continued climbing throughout the year as LiveOne reaches new milestones, including strong financial results.
LiveOne provided record guidance for its fiscal 2023 revenue in its updated business briefing. It’s anticipated to come within a range of $115 million and $125 million and an adjusted EBITDA between $12 million and $15 million.
The latest acquisition news triggered a significant jump in sentiment at the end of this week.
LVO Stock Forecast
With so many achievements, what is the LVO stock forecast from analysts? Roth Capital has a Buy with a $2.80 target. Based on the latest trading levels of LVO stock of roughly $1.47, the target price is 90% higher.
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List Of Penny Stocks To Buy According To Analysts
- Amyris Inc. (NASDAQ: AMRS)
- bluebird bio Inc (NASDAQ: BLUE)
- W&T Offshore (NYSE: WTI)
- Uniti Group Inc. (NASDAQ: UNIT)
- LiveOne (NASDAQ: LVO)
