If you’re looking for penny stocks to buy, you’re probably trying to find cheap stocks under $5. They are well known for their higher risk and equally high rewards if you know what you are doing.
Some of the benefits of buying these stocks at low prices include building larger stock positions using less capital. You can also take advantage of these positions as the underlying volatility opens up opportunities for large percentage gains. Today we are looking 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 caught the attention of Wall Street analysts. Some have also given very bullish price targets on the stocks they cover. Notes are one thing to use in your research, not the only thing. As you read this list, be sure to keep that in mind.
Guardforce AI (NASDQ: GFAI)
One of the most important focal points of the stock market today is centered on cybersecurity stocks. With the conflict between Russia and Ukraine making headlines, traders are speculating about the potential for a different kind of war. This involves cyberattacks, among other forms of aggression.
Guardforce AI is a company that helps its customers with exactly that. His information security consulting services have helped him gain popularity in the stock market today. Everything from network security to web application testing falls under its cybersecurity umbrella.
GFAI Inventory Forecast
What are analysts thinking of GFAI stock right now? Earlier this month, EF Hutton launched coverage on Guradforce AI. The company gave a buy rating and paired it with a price target of $2. Based on current trading levels of around $0.50, EF analysts expect upside of up to 300%.
Compugen Ltd. (NASDAQ: CGEN)
Another one penny stock technology gaining traction today is Compugen Ltd. If it sounds familiar to you, it’s probably because you read it as one of the Cathie Wood’s Penny Stocks earlier this month. At the time, Cathie Wood’s ARK Innovation ETF (NYSE: ARKK) and ARK Genomic Revolution ETF (NYSE: ARKG) held positions in CGEN shares as of today’s date.
According to documents on ETF sites, CGEN now represents 0.15% of the ARKK ETF, 0.01% more than at the start of the month. This equates to a position of just over 5.8 million shares. It also retains 0.26% of ETF ARKG, but the position size is slightly smaller than in early February, at around 3.25 million shares.
The company specializes in the discovery of predictive targets, the search for new drug targets and the development of therapies for immunotherapy applications.
CGEN inventory forecast
On Friday, SVB analysts Leerink and Oppenheimer updated their outlook on CGEN stock. SVB currently has an outperform rating with a target of $9. Oppenheimer also carries an outperformance 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 been going through a rough patch this week. With the stock market selling off thanks to Russia’s invasion of Ukraine, there has been a lot of uncertainty about the future of digital assets. Bitfarms is a bitcoin mining company that reacted almost identically to the major cryptocurrency, plunging sharply on Thursday and rebounding on Friday.
The company also announced a new equipment financing agreement to provide non-dilutive capital to expand Bitfarms mining operations. Jeff Lucas, CFO of Bitfarms, also explained, “With purchases of bitcoin (BTC) miners making up the majority of our capital needs, this $32 million equipment funding frees up working capital and supports our flexible, non-recourse funding options, which also include our recently announced $100 million BTC secured loan facility.
BITF Stock Forecast
Late last year, analysts at HC Wainwright reiterated their buy rating on the penny stock. Additionally, the company has set a price target of $8.
AppHarvest (NASDAQ: APPH)
AppHarvest’s share saw a much-needed uptrend trigger on Friday. The penny stock has been under selling pressure for most of the past year, and tech stocks have seen significant volatility. AppHarvest is an agricultural technology company working on growing non-GMO and chemical pesticide-free produce. The company leverages current techniques with technology and artificial intelligence to provide better access to food and sustainable agriculture.
This week, the company released its fourth quarter and full year 2021 results. a robotics and AI company, expanding our agricultural network, and diversifying into green salads and berries by the end of the year, AppHarvest has made significant progress. in our first year as a public company, laying a solid foundation for scalable and sustainable growth,” said AppHarvest Founder and CEO Jonathan Webb.
With an optimistic outlook for the year ahead, some analysts have begun to weigh in on the company.
APPH Stock Forecast
On Friday, Oppenheimer released an update to his forecast. The company maintains an outperform rating on the stock in addition to having a price target of $6 at this time.
Globalstar Inc. (NYSE: GSAT)
As the Ukrainian invasion is in full swing, defense actions have gained a lot of ground over the past 48 hours. Globalstar is one of the beneficiaries of this speculative sentiment. The company has integrated heavily with organizations to expand its tracking and satellite systems. Globalstar has signed a new contract with Macdonald, Dettwiler and Associates Corporation to acquire 17 new satellites. The goal is to extend the life of its existing constellation. The $327 million deal also allows the company to acquire up to nine additional satellites.
In a recent update, Executive Chairman Jay Monroe expressed his optimistic view of the business saying, “We know an investment in Globalstar has required a longer horizon than we would like, but we expect that the patience of our investors is rewarded and works hard every day to seize the opportunities that are offered to us.
GSAT Stock Forecast
Analysts also turned bullish on the stock. B. Riley is probably one of the most vocal reiterating a buy rating at the end of the year and with a price target of $3.25.
Penny Stocks to Buy
find the best penny stocks to buy takes time. But with analyst ratings to consider, it can help cut through the noise. Today we looked at 5 with bullish ratings, and now it’s up to you whether or not your outlook matches some of these analysts.
If you enjoyed this article and want to learn how to trade so that you have the best chance of making a profit consistently, you need to check out this YouTube channel. CLICK HERE NOW!!