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DailyBubble News

The 7 Hottest Penny Stocks to Watch in 2024

Penny stocks can have a significant impact on total portfolio returns, even with a small allocation. These stocks have the potential to deliver high returns in a short period of time when they experience a surge. However, the outlook for 2024 is mixed due to potential rate cuts supporting asset markets, while growth and geopolitical tensions act as headwinds.

Despite the uncertainties, there are seven hot penny stocks that are expected to double in 2024. The rally in these stocks will be driven by fundamental developments rather than speculation. One such stock is IAMGOLD (IAG), a gold mining company. The company is expected to see a significant rally in the coming year.

Another promising penny stock to watch is Blade Air Mobility (BLDE). Trading at $3.14, BLDE has shown positive business developments with a high growth trajectory. The company provides urban air mobility solutions for passengers and organ transport. With revenue and EBITDA growth in its MediMobility Organ Transport segment, BLDE is expected to see sustained growth.

Blade’s asset-light model and growth expectations make BLDE stock look undervalued. Overall, penny stocks have the potential to offer lucrative returns in 2024, but caution should be exercised due to the mixed market outlook.

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