Using TipRanks’ Stock Screener Tool, we identified the top 2 Canadian Penny stocks to watch in the week of June 10-14. These penny stocks have a Strong Buy rating from analysts and could see significant share price growth in the next twelve months. In Canada, a penny stock is a company whose shares trade for less than C$5 each.
Investing in penny stocks can be risky but also rewarding for those willing to take on higher risk for potential returns. Let’s take a closer look at the two penny stocks highlighted.
Patriot Battery Metals (TSE:PMET) is based in Vancouver and focuses on exploring hard-rock lithium metal in the Corvette Property in Quebec. This property is known for having one of the largest lithium pegmatite resources in the Americas and globally. While Patriot Battery Metals is not yet generating revenue, its recent financial report showed promising growth.
The average price target for Patriot Battery Metals on TipRanks is C$14.83, indicating a significant upside potential of 106.6% from current levels. With a Strong Buy consensus rating and recent earnings growth, PMET is a stock to watch.
Vizsla Silver Corp. (TSE:VZLA), also based in Vancouver, is involved in exploring and developing the Panuco silver-gold project in Sinaloa, Mexico. The company has made significant discoveries through drilling at the site and has plans for further exploration in 2024.
VZLA stock has a Strong Buy consensus rating on TipRanks with an average price target of C$4.25, suggesting an 84.9% upside potential. Despite being a pre-revenue company, Vizsla Silver has shown positive growth in the past year.
For investors willing to take on higher risks for potential rewards, these two Canadian penny stocks could offer growth opportunities. Conducting thorough research before investing is essential to make informed decisions.