Investing in penny stocks can be risky, but there are hidden gems worth considering. Here are three smart penny stocks to invest in right now.
VAALCO Energy (EGY) is a Texas-based oil and gas company that has experienced significant growth due to global oil supply shortages. With a YOY growth of 20% in 2023 and a revenue jump of 25% in its latest earnings report, VAALCO Energy is a promising investment option. Analysts predict a 12-month average price forecast of $8.92 for this stock.
SoundHound AI, Inc (SOUN) is an AI-enabled voice and speech recognition company that has seen a surge in sales revenue and market acceptance. With shares trading under $4, and support from industry giants like Nvidia, SoundHound AI has the potential for substantial growth.
NeXalin Technology, Inc (NXL) is a pharmaceutical technology company focusing on mental health treatments. With innovative technology approved by the FDA and a recent patent for an Alzheimer’s treatment device, NeXalin is positioned for growth in the non-invasive brain treatment sector.
These penny stocks have shown strong performance and are backed by favorable market conditions. Consider these options for strategic investments in the current market landscape.