Green Impact Partners and Integra Resources Corp. are identified as the top Canadian stocks to consider buying in May 2024, according to analysts. These penny stocks have received a Strong Buy consensus rating from analysts using the TipRanks Stock Screener tool. In Canada, penny stocks are defined as companies whose shares are trading at less than C$5 per piece.
Investing in penny stocks has its pros and cons. While they offer high potential for generating significant returns, they can also be highly volatile and lack transparency, especially when traded over the counter (OTC).
Green Impact Partners Inc. (TSE:GIP) focuses on acquiring, developing, building, owning, and operating renewable natural gas projects with the goal of owning a portfolio of RNG facilities. Despite a decline in revenues and negative adjusted EBITDA in Fiscal 2023, GIP continues to make progress on its projects and is positioned to execute, de-risk, and recycle capital. Analysts have set an average price target of C$10.58 for GIP stock, indicating a potential upside of 277.9% from current levels.
Integra Resources Corp. (TSE:ITR) is known for its exploration of gold and silver in the Western USA. As a pre-revenue company, ITR reported a narrowed net loss in Q1 FY24 compared to the previous year. With a Strong Buy consensus rating and an average price target of C$3.28, analysts see an attractive upside potential of 215.4% for ITR stock.
In conclusion, penny stock investments come with high risks but also high rewards. Analysts believe that these companies have significant growth potential in the future. Investors interested in such penny stocks should conduct thorough research before making investment decisions.