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DailyBubble News

Top 3 Penny Stocks Ready to Take Off in Q4 2023

After a recent decline in the market, many investors are seeking the safety of quality blue-chip stocks or U.S. Treasury notes. However, for more daring investors, penny stocks may still be an option worth considering. It’s important to note that the penny stocks mentioned in this article come from profitable companies, which is not always the case with penny stocks in general.

These stocks are also focused on sectors of the economy that are currently performing well and are likely to continue to do so even in a softer economy. Additionally, these stocks are well-positioned to handle a higher interest rate environment, which is not always the case with penny stocks.

It’s crucial to remember that penny stocks can be highly volatile due to their lower trading volumes. Therefore, it’s advisable not to invest more than you can afford to lose. However, if you are open to the possibility of significant returns, here are three penny stock options to consider.

Wynn Macau (WYNMF) is one penny stock to keep an eye on. Orla Mining (NYSEAMERICAN: ORLA) is another penny stock worth considering. Orla has three projects in North America, Panama, and Mexico, and recently raised its gold production guidance for the year. Analysts have a consensus Buy rating on ORLA stock with an average price target of $5.15, indicating a potential 26% increase from its current price.

Please note that the opinions expressed in this article are those of the writer, and the writer does not hold any positions in the mentioned securities. It’s important to exercise caution when investing in penny stocks, as they can be risky due to low trading volumes.

Remember, InvestorPlace does not typically cover companies with market caps below $100 million or those that trade less than 100,000 shares per day, as these stocks can be susceptible to manipulation and scams. It’s essential to be aware of the risks associated with penny stocks.

In conclusion, while penny stocks can offer potential opportunities for significant returns, they also come with high risks. It’s crucial to conduct thorough research and exercise caution when investing in penny stocks.

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