Are you excited about buying the best penny stocks 2023? It’s the world where you can make big returns. Yes, there are chances that you lose your money, but at the same time, penny stocks can be a sure short way to help you earn three times more than regular stocks.
Penny stocks are low-priced shares for small companies available at very low prices. Most people buy them because they know their value can grow exponentially, sometimes more than 100%.
But at the same time, some penny stocks can collapse immediately or take off. And some can have a promising future, and just because they are not big, people don’t buy their shares, but they have the potential to become a giant.
Still, you must be cautious because penny stocks can be risky and unpredictable due to less data available about the companies.
Best Penny Stocks 2023:
If you are into buying penny stocks and looking into finding a guide that helps you have an insight regarding buying penny stocks in 2023.
Vaalco Energy (EGY)
Energy prices are on the rise again and will rise again. If you believe that, Valco Energy is the penny stock you should invest in immediately. Although the stock prices are affected by the current crude oil price decreases, they will rise again, and if that happens, you will earn big by investing in Vaalco Energy.
Well, maybe the prices won’t rise again, but as per the latest reports, Saudi Arabia has indicated reducing oil output. If that happens, the global economic situation will improve, and oil prices will hike again, which can be your chance of earning big.
When writing this article, EGY is trading at 4.3 times forward earnings, and with the oil prices going up again, there is a potential for further growth. And EGY also offers an attractive 6.66 per cent dividend yield. So go ahead, don’t overlook the option.
Jerash Holdings (NASDAQ: JRSH)
Jerash Holdings (NASDAQ: JRSH) is facing a hard time, the ongoing economic situation is taking a toll on them, and the company’s performance is miserable. Per the stats, Jerash reported a net loss of $2 million; in other words, $16 reduces per share, and as per the anticipation, it can further slide down.
Despite the slow recovery and hard times, many still believe Jerash can be a promising penny stock. The stock risk/reward balance is amazing, and if you can take your chance, maybe that can be your jackpot.
Although Jerash offers discounts at its shares compared to its book value, which is definitively an alluring factor and provides safety, reducing the downside risk, still it’s a risk, as more than one factors contribute to overall stock growth potential.
Lion Electric (LEV):
Lion Electric is one of the emerging companies based in Montreal. The company makes medium and heavy-duty vehicles. It is an exciting option for investors looking for penny stocks. With a fleet of 1000 vehicles, the company showcases rapid growth with limited losses in 2022-2023.
As per the stats, Lion Electric showed a 161% growth in its first quarter compared to the last year. The company’s future is promising, with a boosted revenue of 142%, touching $54.7 million.
The biggest selling point, which allures most penny stocks buyers, is its dealing in electric buses. Among the 2565 electric vehicle orders, 2270 are only electric buses, including character and school buses. So, there is good potential for the company and you, too, to invest here and get huge profits in returns.
Solid Power (SLDP):
Electric battery industries are on the rise, and so are their shares. Solid Power, a manufacturer of electric vehicles battery, witnessed the worst phase of its life with a 60% drop in the last year; chances are, it might touch the lowest point. And that’s an exciting opportunity for penny stock buyers, as the chances of its growth are very promising.
SLDP’s new project is solid-state batteries for commercial use; if they succeed in making those batteries commercially, chances are their stocks can rise and multiply in no time. The company’s positive outlook, research, and support from the clients such as BMW make it one of the best penny stock options for 2023.
Bitfarms (BITF):
Crypto is the future; the world will deal in crypto sooner or later. As Bitcoin is marching forward, that’s a good time to invest in a cryptocurrency, and I can’t see a better option than Bitfarms. The cryptocurrency stock has already increased to 240% this year and will likely go up further.
What makes Bitfarms a promising option is its status as a low Bitcoin miner. As the company expands its mining capacity, it’s currently operating at 5.3 EH/s, which can increase to 6EH/s by September.
Cronos (CRON):
A new Marijuana bill is expected to be voted by the commission soon, making this Cronos penny stock a great investment option. It’s an undervalued cannabis penny stock company, and if the voting happens, chances are, there will be a positive impact on CRON stocks.
When writing this post, CRON is valued at $670 million; the company reported cash and short-term investments of $836 million in the first quarter of 2023, showcasing its undervaluation.
The company’s recent plans of cutting CBD operations costs, and its Aims to enter the US market when regulations are favourable, are positive signs of investing in the company, and if you do, expect cash flows towards you by 2024.
Conclusion:
Penny stocks in 2023 can be an exciting opportunity to give you an immense return. At the same time, it can be a risk, some companies might have growth potential, and some can fill with uncertainties. Be cautious, and conduct in-depth research before investing your hard-earned money into any penny stocks.
The above-added penny stock options are added after good research. They are not like regular penny stocks; they got the potential, they got the potential to bounce back, helping you earn immense returns.
To make informed choices about your investment, go through our investment guide
