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7 Penny Stocks That Even Wall Street Experts Love: Spring 2024

Penny stocks are known for their high-risk nature, offering potential for significant gains if things go well. Wall Street analysts sometimes endorse these risky ventures, often based on their belief in the business and the opportunity to make a name for themselves. Their expert guidance can influence the market and provide investors with more confidence in their decisions. Here are some analyst-backed penny stocks to consider.

One such stock is GrowGeneration (GRWG), a company based in Columbia, Maryland. Rekor Systems (NASDAQ: REKR), a technology company providing infrastructure solutions for transportation and urban mobility markets, is also worth considering. Rekor uses artificial intelligence to offer roadway intelligence and traffic services, including innovative AI-driven traffic studies for research purposes.

Analysts project Rekor Systems to see significant revenue growth in the coming years, with estimates of $66.07 million for fiscal 2024 and $88.74 million for fiscal 2025. With a consensus moderate buy rating and an average price target of $4.50, Rekor Systems could be a promising penny stock to watch.

It’s important to note that the opinions expressed in this article are those of the writer, and the writer does not hold any positions in the securities mentioned. Josh Enomoto, a former senior business analyst for Sony Electronics, has provided unique insights for various industries, including investment markets. Keep an eye on these analyst-backed penny stocks for potential opportunities in the market.

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