Penny stocks are often viewed as the discount dollar store of Wall Street. While most penny stocks are considered junk, there are a few hidden gems that can be found among them. Here are some intriguing but highly speculative penny stock ideas to consider:
Rekor Systems (REKR):
Rekor Systems focuses on providing real-time roadway intelligence through artificial intelligence. With the smart cities market expected to see significant growth, Rekor Systems could play a key role in this evolution. Analysts rate shares as a moderate buy with a $4.50 average price target, implying over 92% upside potential.
Emcore (EMKR):
Emcore offers advanced inertial navigation and sensing products, particularly in the aerospace and defense sectors. Analysts project revenue growth for the company, with a unanimous strong buy rating and a $1.18 price target, implying over 168% upside potential.
Ondas (ONDS):
Ondas provides mission-critical network and data solutions for industrial and government markets. The company has posted a three-year revenue growth rate of 40.6%, above its peers. Analysts project sales of just under $42 million in the current fiscal year.
Wag! Group (PET):
Wag! Group offers a tech platform connecting pet owners with pet professionals for various services. Analysts anticipate robust growth in 2024 and 2025, with a consensus strong buy rating and a $5.50 price target, implying 175% upside.
Aeva Technologies (AEVA):
Aeva Technologies provides a next-generation lidar system for autonomous mobility. Analysts see tremendous growth potential for the current fiscal year, with shares potentially reaching $3.50, representing almost 263% growth potential.
Porch (PRCH):
Porch specializes in home services and connects homeowners with service providers. Analysts view PRCH as a consensus strong buy with a $13.25 price target, implying 329% upside potential.
Velo3D (VLD):
Velo3D specializes in metal-based additive manufacturing and could benefit from the global growth in the additive manufacturing market. Analysts see VLD hitting $2, representing a rise of over 639%.
It’s important to note that penny stocks are highly risky investments and can be subject to extreme volatility. Investors should carefully consider their risk tolerance before investing in penny stocks.