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Top 10 Penny Stocks to Buy for October 2023
Penny stocks trade at cheap prices, usually less than $5, and are volatile in nature due to high speculation. Most penny stocks are traded on the Over-the-Counter Bulletin Board (OTCBB) and are subject to fewer regulatory requirements. While others which are traded on the Nasdaq and NYSE are subject to greater scrutiny. Fundamentally strong penny stocks have huge potential; thus, we will be looking at the top 10 penny stocks to buy for October 2023.
October 04, 2023
List of Top 10 Penny Stocks to Buy for October 2023
- Cognyte Software Ltd (CGNT)
- Mama’s Creations, Inc. (MAMA)
- Iris Energy Limited (IREN)
- Brandywine Realty Trust (BDN)
- Sandstorm Gold (SAND)
- Angi Inc (ANGI)
- Arc Document Solutions (ARC)
- Vaalco Energy, Inc. (EGY)
- High Tide Inc. (HITI)
- SoundHound AI Inc (SOUN)
Overview of Top 10 Penny Stocks to Buy for October 2023
Cognyte Software Ltd (CGNT)
Mama’s Creations, Inc. (MAMA)
The company focuses on prepared refrigerated foods such as meatloaf, meatballs, pasta dishes, and much more based on traditional Italian family recipes. It is included in the list of top 10 penny stocks to buy for October 2023 due to below-mentioned factors.
Positive Indicators
- It has shown impressive revenue growth from $9 million to $93 million since FY 2014. Its TTM EV/EBITDA ratio stands at 18.73, against its 5-year average of 29.10.
- It is currently trading at $4.37 with a weekly RSI of 71.59, indicating a bullish momentum.
Iris Energy Limited (IREN)
The company owns and operates electrical infrastructure and data centers to mine Bitcoin. It is starting to explore the AI business avenue with a $10 million investment in Nvidia H100 GPUs. It is currently trading at $3.71 and has a strong support level at $3.10-2.85, with a TTM EV/Sales ratio of 2.40, against the sector median of 2.63.
Brandywine Realty Trust (BDN)
It is listed on the NYSE and operates around urban and suburban markets with a portfolio focusing on office and mixed-use properties. As per Yahoo, it offers a TTM dividend yield of 16.74% and is currently undervalued at $4.54 with a TTM price/book ratio of 0.50.
Sandstorm Gold (SAND)
The company receives a percentage of gold production or revenue from mining companies in exchange for upfront payments. Its recent profit margin was 27.59% and is currently undervalued at $4.66, with a TTM price/book ratio of 0.98.
Angi Inc (ANGI)
The company operates as an online marketplace platform for various home-related services. It has decreased its operating loss in the June’23 quarter to -$16.7 million from -$20.9 million YoY and generated a positive cash flow of $55.1 million. It is currently trading at $1.98, with support at around $1.88-1.86.
Arc Document Solutions (ARC)
The NYSE-listed digital printing company, trading at $3.18, is involved in converting hard-copy documents into secure and searchable digital libraries. It reported an operating and net income of $6.2 million and $4 million in Q2 2023, an increase of 10.7% and 29% YoY, respectively. Moreover, its forward P/E stands at 10.97, against the sector median of 17.21. Thus, it makes it into our list of top 10 penny stocks to buy for October 2023.
Vaalco Energy, Inc. (EGY)
The Houston-based company is involved in oil, gas, and natural liquids exploration and production. It is currently trading at $4.39 at an attractive forward P/E of 5.66 against the sector median of 10.49, offering an impressive forward annual dividend yield of 5.69%.
High Tide Inc. (HITI)
HITI is one of the top 10 penny stocks to buy for October 2023 due to its unconventional business model of refraining from growing cannabis but selling it as a loss leader, which has enabled it to expand its market share to a substantial 9.5% in the Canadian cannabis industry. It is currently trading at $1.85, with a TTM EV/EBITDA ratio of 10.06 against the sector median of 14.58.
SoundHound AI Inc (SOUN)
The Nasdaq-listed company specializes in AI voice technology and has reported an increase of around 42% in revenue and 86.5% in gross profit YoY in its latest reported June’23 quarter. It is currently trading at $2.01, with support at $1.57.
FAQs
Penny stocks are highly volatile, so proper risk management and appropriate position sizing are important.
You must study companies’ business models, growth prospects, and underlying fundamentals to curate a list of the top 10 penny stocks to buy for October 2023.
While most are traded Over-the-Counter (OTC), some are also traded on large stock exchanges such as Nasdaq and NYSE.
They are volatile due to their cheap prices and high speculation.
Though penny stocks are highly volatile, they can result in a profit if investors buy and sell them at opportune times.