7 Powerhouse Penny Stocks for 2024

#1 AI Stock Trading for $3


AI is by far the biggest tech investing trend of 2023. But Ross Givens says the #1 artificial intelligence stock is NOT Microsoft, Google, Amazon or Apple. Nope – his research is pointing to a tiny, under-the-radar stock that's trading for just $3 right now… And could soon shoot to the moon, handing early investors a windfall. This company already has 98 registered patents for cutting-edge voice and sound recognition technology… And has lined up major partnerships with Honda, Netflix, Pandora, Mercedes Benz and many, many others. So if you missed out on Microsoft when it first went public back in 1986… This could be your shot at redemption. Click here now for the full details of this $3 stock that's set to rocket in the AI revolution…

Sponsored by InvestorPlace

Undeniably, the concept of growth penny stocks represent one of the hottest topics on Wall Street. And this interest goes well beyond the meme-stock phenomenon that characterized much of the market action during the post-pandemic period. Seemingly, each generation of investors have their special phase with these speculative entities.

From a moral perspective, there’s nothing wrong per say about targeting penny stocks for growth. Otherwise, going to Las Vegas and gambling would be considered an unethical endeavor: it happens, all the time. Where this market segment gets into trouble are the myriad dark clouds that cover or influence this arena.

Because penny stocks by nature carry “cheap” per-share prices, the psychological effect usually tantalizes rational investors into making foolhardy decisions. I’ve got to be blunt here: just because a stock is cheap doesn’t mean that it’s a great deal. Often, that security will fall even further due to fundamental defects.

However, every now and then, even the Street’s experts identify high-risk ventures for significant upside potential. If you can handle the likely volatility and only gamble what you can afford to lose, the below growth penny stocks could be interesting.

PowerFleet (PWFL)

Headquartered in Woodcliff Lake, New Jersey, PowerFleet (NASDAQ:PWFL) is a global provider of wireless Internet of Things (IoT) and machine-to-machine (M2M) solutions for securing, controlling, tracking and managing high-value enterprise assets. Per its public profile, these include industrial trucks, tractor trailers and intermodal shipping containers, among other asset categories.

Since the start of the year, PWFL lost about 14% of equity value. That’s not too bad of a performance, which is all you need to know about this list of penny stocks. However, speculators are identifying upside here because of the tremendous rally over the trailing one-month period.

Adding to the sentiment, PWFL carries a unanimous strong buy view among covering analysts. Moreover, the most recent rating comes from Lake Street’s Jaeson Schmidt, who anticipates PWFL hitting $4 per share. Obviously, that’s a massive return based on the current share price but here’s the thing: it’s also the lowest price among analysts.

Given the strong projected upside of the wireless IoT industry, PWFL could be one of the penny stocks for growth.

Perpetua Resources (PPTA)

Based in Boise, Idaho, Perpetua Resources (NASDAQ:PPTA) is a mining specialist. Per its website, the company implies that it aims to restore an abandoned mine site, responsibly produce critical minerals necessary to build a sustainable future and represent a strong economic partner to rural Idaho. The company adds some word salad discussing commitment, community and family.

Per Perpetua’s 10-K, the corporation is a “development-stage company engaged in acquiring mining properties with the intention of exploring, evaluating and placing them into production, if warranted.” I’m not sure why the company couldn’t lead with that but we’re talking about penny stocks here. A small-capitalization firm, PPTA obviously presents risks but it’s up 24% for the year.

Fundamentally, Perpetua could be enticing for speculators based on the commodities it aims to extract, such as gold. For example, auto manufacturers use gold (or other pricey metals) in the wiring sets for electric vehicles. Only one analyst covers PPTA but it’s a massive buy from H.C. Wainwright, which anticipates $10 per share.

Synchronoss Technologies (SNCR)

Unlike the other enterprises mentioned above, Synchronoss Technologies (NASDAQ:SNCR) is a literal example of penny stocks. According to its website, Synchronoss represents a collection of products that help keep subscribers, systems, networks and content in sync to enable superior brand engagement. Some of its cited benefits include the creation of new revenue streams and reducing the cost of innovation.

Again, it’s a lot of word salad. Per the company’s Form 10-K, Synchronoss is a leading provider of white label cloud, messaging, digital and network management solutions. That’s a lot easier to understand because we can identify the opportunity. As Allied Market Research pointed out, the global network management solutions market size reached a valuation of $7.1 billion in 2021.

However, experts project that the segment could hit $18 billion by 2031, a compound annual growth rate (CAGR) of 9.9% from 2022. With Synchronoss flirting with nano-cap territory, grabbing a small piece of the market could lead to significant gains. Sure enough, the average analyst price target for SNCR stands at $1.98.

Heron Therapeutics (HRTX)

Hailing from San Diego, California, Heron Therapeutics (NASDAQ:HRTX) may be an enticing example of growth penny stocks for extreme speculators. Per its website, Heron emphasizes its commitment to improving the lives of patients. It does this through advancing the therapeutic standard of care via best-in-class therapies. Unfortunately, HRTX is down 46% year-to-date so the Street wasn’t impressed with the vague word salad.

Looking at the company’s Form 10-K, Heron is a commercial-stage biotech firm focusing on developing novel solutions for patients with unmet needs. Primarily, its pipeline focuses on therapeutic indications for patients suffering from pain or cancer. That’s a clear and succinct description so I’m not sure why these enterprises make it so difficult on would-be investors.

Anyways, thanks to the Form 10-K, we can identify the possible opportunity. Per Statista, the revenue from oncology drugs should hit $188.2 billion in 2023. Further, from this year to 2028, the market volume could increase at a CAGR of 13.95% to $361.6 billion.

Notably, analysts rate HRTX a unanimous strong buy with a $5.17 price target. Thus, it’s one of the top penny stocks for growth.

Rewalk Robotics (RWLK)

Another literal example of penny stocks, Rewalk Robotics (NASDAQ:RWLK) might initially deter investors due to the low price tag and severe market choppiness. However, among the extremely speculative ideas of the market, Rewalk offers in my opinion one of the most compelling narratives. Per its website, the company provides exo-suits to help people regain mobility.

Obviously, Rewalk offers significant implications for our wounded veterans, instantly presenting a feel-good narrative. As well, the medical tech enterprise offers practical solutions for those who suffered from stroke or other debilitating conditions. In terms of the financial potential, Grand View Research points out the global exoskeleton market size reached a value of $334.5 million last year.

However, experts project a robust growth of $16.9% from this year to 2030, culminating in a sector revenue of over $1.25 billion. Considering the nano-cap status of Rewalk, its total addressable market is simply massive.

H.C. Wainwright agrees, forecasting RWLK to hit $3 per share. Do the math and you’ll recognize it as one of the top growth penny stocks.

ClearSign Technologies (CLIR)

While ClearSign Technologies (NASDAQ:CLIR) may be one of the riskiest penny stocks for growth, it leads in one area: providing a clear and understandable description of its core business. According to its website, ClearSign provides cost and energy-efficient solutions that enable the world’s refining, petrochemical and boiler industries to meet the most stringent greenhouse gas emissions regulations. Simultaneously, the company increases operational efficiency.

While the company goes on to describe in greater detail its applications for sectors such as oil and gas, you’ve got to appreciate the leadership team here. In just a few sentences, it lets investors know what it does and why it’s important. Every company, big or small should follow this example.

Of course, it’s just coincidence but CLIR already represents a gargantuan winner in the market. Also, the company helped its cause with earnings in the third quarter that beat analysts’ consensus view. Subsequently, it’s been storming higher in recent sessions.

Further, political pressure to bolster clean energy solutions should theoretically lift CLIR. And H.C. Wainwright agrees, anticipating a rise to $6 per share.

AC Immune (ACIU)

An exciting but also terribly risky idea among speculative clinical-stage biopharmaceutical firms, AC Immune (NASDAQ:ACIU) focuses on pioneering new ways to diagnose, treat and prevent neurodegeneration. It bills itself as a global leader in developing precision medicine for neurodegenerative diseases, including Alzheimer’s disease, Parkinson’s disease, and certain rare indications.

From a narrative standpoint, you can’t help but root for AC Immune. The idea of slowly fading mentally represents a fear among probably all individuals. Noticeably, the market appreciates what the company is doing. Since the start of the year, ACIU gained 35% of equity value. Now, over the past five years, it's been deeply in the red. Nevertheless, recent momentum might shift the paradigm.

Per Mordor Intelligence, the global neurodegenerative disease therapy market will reach $51.45 billion this year. By 2028, this segment could be worth $72.63 billion. In fairness, this arena represents one of the most challenging within biotech so investors must be cognizant of the risks. That said, analysts rate ACIU a buy with a $16 price target, making it one of the top penny stocks to consider.

Man Predicts “Elon's Endgame”


On January 24th, shortly after 4:30pm ET… One man predicts Elon Musk is going to make an announcement that could shock everybody. He's convinced it'll involve a surprising pivot to this critical $23 trillion market… …A market bigger than space, cars, and social media… COMBINED! This is the man who called Tesla at $37 a share… Before the stock soared as much as eleven-times. Now according to this man, this move could send Tesla and these 5 tiny “silent partners” soaring… Giving people who act now another rare chance to cash in on his genius. There's no time to waste. Click here for the details now before it's too late.