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AI Penny Stocks to Buy In 2023
Artificial Intelligence (AI) has created a lot of buzz lately, with companies trying to shift their focus on the use of AI in their businesses to gain traction. While renowned companies like Microsoft and Google have delved into the AI world with vast investments, there are also emerging companies that are trying to streamline their business operations in this fast-growing landscape. Hence, we will be looking at a list of AI penny stocks to invest in that have the potential to grow.
October 20, 2023
What are AI Penny Stocks?
The shares of evolving AI companies, which are usually low-priced, typically within $5, are referred to as “ AI Penny Stocks.” Such companies are mostly in their infancy stage, so investing in such stocks may carry an inherent risk. However, companies with enormous innovation potential can exhibit massive growth in the coming years.
AI Penny Stocks List
Here is a list of the best AI penny stocks to buy-
AI Penny Stocks to Invest In
VCI Global Limited (VCIG)
It is a multi-disciplinary consulting group based in Malaysia. It is listed on the Nasdaq, and the shares of the company soared 83.8% on Aug 23, 2023, due to the announcement of its partnership with Microsoft’s OpenAI. The stock has just 1.63 million floating shares, due to which, it tends to be more volatile.
Financial Metrics
- The stock is currently trading at $2.92 as of Oct 17,2023. The price has immediate support at $2.66 and next support at $2.33.
- The daily and hourly RSI stands at 35 and 24.8, respectively. Hence, the oversold zone somewhere around support can provide a push from buyers.
Renovaro Biosciences Inc (RENB)
The company is primarily a biotech stock but has shown significant activities in the AI space. It also publishes AI-driven cancer research. It recently joined hands with AI Company GEDi Cube to accelerate the cancer fight, and the stock price has risen from $0.85 to a recent swing high of $5.25 post the merger news. Thus, it makes it into our list of AI penny stocks to watch.
Financial Metrics
- The stock price is presently trading at $4.23. Its 50-day moving average is at $3.21, and its .236 and .382 Fibonacci retracements of the last rise stand at $4.17 and $3.50, respectively.
- The daily RSI of the stock is at 53.5, and any price correction would provide a good buying opportunity.
Guardforce AI Co., Limited (GFAI)
With its secure logistics background, the company is venturing into AI and robotics and seeks to expand its business operations throughout Asia Pacific and globally. As per Yahoo Stats, the company’s market cap is $ 29.46 million, with floating shares of around 4.81 million.
Financial Metrics
- The stock currently trades at $4.28, and it touched a high of $9.90 in the month of July.
- The price has support around $4-3.99 and has been consolidating around it. Thus, if it moves past its 50-DMA at $4.53, then it could see an upside surge.
FAQs
You can buy penny stocks by choosing a broker that offers access to penny stocks, i.e., allows trading on OTCBB and pink sheets.
Yes, you can make money with penny stocks by efficiently mitigating the risk.
Penny stocks delving into the AI landscape are the hottest penny stocks right now. You can check the AI penny stocks list.
Yes, penny stocks have the potential to go big if they witness massive growth in their business size and operations.
It is hard to sell penny stocks due to volatility and liquidity.