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Penny stocks can be risky investments. Just like in baseball, swinging wildly without a gameplan can lead to losses. However, some penny stocks backed by Wall Street analysts may be worth considering if you can handle the risk.
Lantronix (NASDAQ:LTRX) is a technology company based in Irvine, California, specializing in communication equipment and IoT solutions. Despite being a high-risk penny stock, Lantronix has shown positive earnings growth and strong sales projections for fiscal 2024. With a unanimous strong buy rating and a $7.25 average price target, LTRX is one of the penny stocks to buy.
Wag! Group (NASDAQ:PET) operates a technology platform connecting pet owners with pet professionals for on-demand services. While the company is currently losing money, analysts predict a decrease in losses and a rise in sales for fiscal 2024. With a strong buy rating and a $5 price target, PET is another penny stock to consider.
Beam Global (NASDAQ:BEEM) is a clean-technology innovation firm focusing on renewably energized infrastructure products and battery solutions. With a strong buy consensus view among analysts and a $20.67 price target, BEEM could be a speculative investment opportunity in the electric vehicle sector.
It’s important to note that penny stocks and low-volume stocks can be risky investments, as they are often targeted by scam artists and market manipulators. Before investing in any penny stocks, it’s essential to conduct thorough research and consider the potential risks involved.
Disclaimer: The opinions expressed in this article are those of the writer and do not reflect the views of InvestorPlace.