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Best Penny Stocks for 2023

Penny stocks are quite attractive for investors due to their cheap prices and substantial return potential. However, they are often subject to high volatility and low liquidity. Hence, proper due diligence and research can help to mitigate the risk while investing in such stocks. So, let’s dive in to see some of the best penny stocks for 2023.

October 27, 2023

Penny Stocks 2023

Here is the list of the best penny stocks for 2023.

  1. Grab Holdings (NASDAQ: GRAB)
  2. ChargePoint (NYSE: CHPT)
  3. Nikola (NASDAQ: NKLA)
  4. Femasys Inc. (NASDAQ: FEMY)

Grab Holdings Limited (NASDAQ: GRAB)

It is a Pan-Asian “Super-App,” operating as a multifaceted platform based out of Singapore. It extends its services across ride-sharing, delivery, fintech, and travel. It stands out due to its exposure to emerging Asian markets, excluding China and Japan. 

Financial Metrics

  1. As per Seeking Alpha, its revenue increased in June to $567 million from $525 million, QOQ. On the other hand, its gross profit increased from $153 million to $191 million during the same period.
  2. Its current trading price is $3.28 as of Oct 24,2023. Its 200 and 50-DMA stands at $3.34 and $3.50, respectively. 
  3. The buyers need to defend the trendline support to regain their confidence and push the price upside. Moreover, the price moving past its 200-DMA would further help ‘buying interest’ to emerge.

ChargePoint Holdings, Inc. (NYSE: CHPT)

Chargepoint Holdings, with its roots in California, operates as one of the world’s largest open EV charging networks. It provides solutions from hardware to software for station operators and EV drivers. 

Financial Metrics

  1. While ChargePoint has encountered challenges, it continues demonstrating robust growth in a burgeoning EV industry, with its revenue growing to $448.9 million for FY2023 from $227.4 million in the previous year.
  2. Its stock price is currently trading at $2.77. The weekly and daily RSI at 23.4 and 22 indicates an oversold zone, which can prompt buyers to come in.

Nikola Corporation (NASDAQ: NKLA)

Nikola is making waves in the EV industry with its Tre FCEV long-haul truck. Nikola’s truck has garnered attention from freight haulers as it is preferred for its fast charging and longer range. 

Financial Metrics

  1. It is currently valued at a 1.53x book value on a TTM basis compared to the sector median of 2.3, indicating considerable room for upside potential.
  2. Its stock price is at $1.04, with near support at $0.9540, with a daily RSI of around 39.
  3. The price had touched a recent swing high of $1.70 in September and declined thereon to a swing low of $0.9500.
  4. The .236 and .382 fib levels at $1.13 and $1.24 need to be watched out as a price breakout above these levels can start a fresh buying momentum.

Femasys Inc. (NASDAQ: FEMY)

Femasys stands out in the biomedical domain with four approved products. The recently FDA-approved FemaSeed in vitro fertilization device promises a revolution in infertility treatments. Hence, it makes it into our list of “Penny Stocks 2023.”

Financial Metrics

  1. The stock price recently climbed from $1 to a high of $4.75 on Oct 2, 2023. However, it has declined since then and closed at $1.24 on Oct 24, just above its 50-DMA of $0.9667.
  2. The support price is around $1, with its recent swing low at $1.10. Thus, the price sustaining above its 50-DMA can act as a positive factor.

FAQs

Based on growth potential, the above-listed penny stocks are some of the best penny stocks for 2023. However, individuals should do proper due diligence and invest per their risk tolerance. 

You can buy penny stocks by choosing a broker that offers access to penny stocks, i.e., allows trading on OTCBB and pink sheets.

X4 Pharmaceuticals, Inc. at $0.8204, Clearside Biomedical, Inc. at $0.7500, and Passage Bio, Inc. at $0.6570 are some of the best penny stocks under $1.

Nikola Corporation is definitely one of the hottest and most active penny stocks.

Yes, you can, provided you define your risk tolerance and do proper due diligence before investing. 

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