If you’re looking for penny stocks to buy, you’re likely trying to find cheap stocks under $5. They’re well-known for higher risk and known for just as high rewards if you know what you’re doing.
Some of the benefits of buying these lower-priced shares include building more significant share positions using less capital. You can also leverage these positions as the underlying volatility opens up opportunities for large percentage gains. Today we look at a handful of penny stocks to buy according to Wall Street analyst firms.
Best Penny Stocks To Buy According To Analysts
Penny Stocks To Buy Now
This list of penny stocks includes five that have gained the attention of Wall Street analysts. Some have also given very bullish price targets on the stocks they cover. Ratings are one thing to use in your research, not the only thing. So as you read through this list, make sure to keep this in mind.
Guardforce AI (NASDQ: GFAI)
One of the most significant focal points in the stock market today centers around cybersecurity stocks. With the Russia, Ukraine conflict running headlines, traders speculate on the potential of a different kind of warfare. This involves cyber attacks, among other forms of aggression.
Guardforce AI is a company that helps its clients with exactly that. Its information security consulting services have helped it gain appeal in the stock market today. Everything from network security to web application testing falls under its cybersecurity umbrella.
GFAI Stock Forecast
What do analysts think about GFAI stock right now? Earlier this month, EF Hutton initiated coverage on Guradforce AI. The firm gave a Buy rating and paired that with a $2 price target. Based on current trading levels of around $0.50, EF analysts expect an upside of as much as 300%.
Compugen Ltd. (NASDAQ: CGEN)
Another technology penny stock gaining ground today is Compugen Ltd. If it looks familiar, that’s probably because you read about it as one of the Cathie Wood penny stocks earlier this month. At the time, Cathie Wood’s ARK Innovation ETF (NYSE: ARKK) and ARK Genomic Revolution ETF (NYSE: ARKG) had positions in CGEN stock as of today’s date.
According to documents on the ETFs’ sites, CGEN now makes up 0.15% of the ARKK ETF, which is 0.01% higher than earlier this month. This equates to a position of just over 5.8 million shares. It also maintains 0.26% of the ARKG ETF, but the position size is slightly smaller than earlier in February at roughly 3.25 million shares.
The company specializes in predictive target discovery finding new drug targets, and developing therapeutics for immunotherapy applications.
CGEN Stock Forecast
Friday, analysts at SVB Leerink and Oppenheimer updated their outlook on CGEN stock. SVB currently has an Outperform rating with a $9 target. Oppenheimer also carries an Outperform but has a slightly higher target set at $14. Analysts have set their expectations high for CGEN stock based on these targets.
Bitfarms Ltd. (NASDAQ: BITF)
Cryptocurrency prices have gone through a tough patch this week. With the stock market selling off thanks to Russia’s invasion of Ukraine, there’s been plenty of uncertainty on the future of digital assets. Bitfarms is a bitcoin mining company that has reacted in an almost identical fashion to the leading cryptocurrency, dipping heavily on Thursday and rebounding Friday.
The company also reported a new equipment financing agreement to offer non-dilutive capital to build out Bitfarms’ mining operations. Jeff Lucas, CFO of Bitfarms, also explained, “With bitcoin (BTC) miner purchases making up the majority of our capital needs, this $32 million equipment financing frees up working capital and supports our flexible and non-recourse financing options, which also include our recently announced $100 million BTC collateralized loan facility.”
BITF Stock Forecast
Late last year, analysts at HC Wainwright reiterated their Buy rating on the penny stock. In addition, the firm set a price target of $8.
AppHarvest (NASDAQ: APPH)
Share of AppHarvest saw a much-needed uptrend trigger on Friday. The penny stock has been under selling pressure for the better part of the last year, and tech stocks experienced significant volatility. AppHarvest is an agricultural technology company working on growing non-GMO, chemical pesticide-free produce. The company leverages current techniques with technology and artificial intelligence to offer more food and sustainable farming access.
This week the company reported its Q4 and full-year 2021 results. “From our first harvest in January 2021 to selling in more than 1,000 top grocery stores and restaurants to the acquisition of a robotics and AI company to expanding our farm network and diversifying into salad greens and berries by year-end, AppHarvest has made significant strides in our first year as a public company laying a solid foundation for scalable and sustainable growth,” said AppHarvest Founder & CEO Jonathan Webb.
With a bullish outlook on the year ahead, some analysts have begun weighing in on the company.
APPH Stock Forecast
On Friday, Oppenheimer released an update to its forecast. The firm maintains an Outperform rating on the stock in addition to having a price target of $6 right now.
Globalstar Inc. (NYSE: GSAT)
With the Ukraine invasion in full swing, defense stocks have gained a lot of ground in the last 48 hours. Globalstar is one of the beneficiaries of this speculative sentiment. The company has heavily integrated with organizations to expand its tracking and satellite systems. Globalstar signed a new contract with Macdonald, Dettwiler, and Associates Corporation to acquire 17 new satellites. The purpose is to extend the life of its existing constellation. The $327 million deal also allows the company to acquire up to another nine more satellites.
In a recent update, Executive Chairman Jay Monroe expressed his bullish outlook on the company, saying, “We know that an investment in Globalstar has required a longer horizon than any of us wanted, but we expect that our investors’ patience will be rewarded and are working hard every day to close on the opportunities in front of us.”
GSAT Stock Forecast
Analysts have also grown bullish on the stock. B. Riley is likely one of the most vocal reiterating a Buy rating at the end of the year and with a $3.25 price target.
Penny Stocks To Buy
Finding the best penny stocks to buy takes time. But with analyst ratings to consider, it can help cut through some noise. Today we looked at 5 with bullish ratings, and now it’s up to you to decide if your outlook lines up with some of these analysts or not.
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