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Otto Polyakov
Otto Polyakov

Which Penny Stocks To Buy



Penny stocks are stocks of small publicly-traded companies listed on stock exchanges for a price generally lower than INR 10. They are not frequently-traded stocks and often sudden bouts of market volatility determine the returns investors can potentially make on them.




which penny stocks to buy


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Being low on liquidity, penny stocks could be quite risky to invest in. For instance, you may buy a penny stock at a very low price but may not find buyers when you wish to sell it. Some penny stocks die out with time and may potentially get delisted resulting in losses. Hence, it is not necessary you would be able to make phenomenal returns when investing in penny stocks.


While investing in penny stocks, investors must remember one has to be diligent in their research and invest their entire corpus in a diversified manner to hedge against potential risks that come with higher return prospects of penny stocks.


Forbes Advisor India analyzed the top 50 penny stocks listed on the Bombay Stock Exchange and the National Stock Exchange and chose the top penny stocks that could potentially help investors build wealth. Stocks within the annual trading range of approximately INR 30 have been considered for this analysis.


Reliance Power is an interesting penny stock for 2023 backed by robust fundamentals despite posting a INR 303.91 cr consolidated loss after tax in the September quarter that included a debt repayment of INR 390 cr.


Reliance Power is on a strong footing with its intent to repay INR 1,500 cr debt in financial year 2023 for which the company has been able to raise a debt capital of up to INR 1,200 cr in October, 2022.


The Bank of Maharashtra stock is quite similar in range to other public sector (PSU) bank stocks including Central Bank of India, Indian Overseas Bank, UCO Bank and Punjab and Sind Bank, all of which make a part of outperforming Nifty PSU Bank Index that comprises of 12 PSU bank stocks.


With gold prices rising, there is a muted sentiment for physical gold purchases which should translate to lower jewelry purchases. However, in the case of PC Jeweller, the combination of the wedding season, harvests and festivals concentrated in the two periods of April to June, and September to January should propel demand.


The market cap of penny stocks is generally quite low. In some cases, stocks that have suddenly fallen in value due to debt issues or corporate governance challenges end up in the penny stocks category. In India, the majority of penny stocks have low to moderate market cap.


Penny stocks are not advisable for beginners as they may not completely understand the risks associated with such investments. Penny stocks are best traded by seasoned investors who have a good grip over market speculations and invest after thorough analysis and research.


The same stocks in a bullish market could potentially multifold the returns you make on them. Such penny stocks that give an investor many times the returns than their investment are called multi-bagger penny stocks.


Identifying a penny stock that can potentially multiply returns requires you to follow a simple checklist over the basic criteria that the stock you invest in should have strong fundamentals and growth potential in the short to mid-term.


It is not necessary you would be able to make phenomenal returns when investing in penny stocks. Such stocks generally have a low bid-ask spread, are not frequently traded, and even risk being completely wiped out. It is the volatility in these stocks that present an opportunity for investors to experiment with stocks that have a low market capitalization and make some returns.


The best alternative to investing in penny stocks are mutual fund investments, which are professionally managed and help investors create a diversified portfolio across asset classes such as shares, bonds and money market instruments.


Being low on liquidity, penny stocks could be risky to invest in. For instance, you may buy a penny stock at a very low price but may not find buyers when you wish to sell it. Some penny stocks die out with time and may potentially get delisted resulting in losses. While investing in penny stocks, one has to be diligent in their research and invest their entire corpus in a diversified manner to hedge against potential risks that come with higher return prospects of penny stocks.


The safest penny stocks to buy include stocks of companies that were once large cap companies with a robust foundational parent group, which is willing to pay off debts and rectify issues related to the subsidiary stock.


A classic example of safe penny stocks in India is Vodafone India, which is in deep waters due to its debt obligations but also has the backing of the Government of India and billionaire promoters including KM Birla. So, while it is risky to invest in Vodafone Idea, it could be seen as a calculated risk.


The majority of penny stocks, which are defined as securities that trade for less than $5 per share, have had a terrible year. Although a few stocks have outperformed, overall perception towards investing in penny stocks has been negative. This persistent lack of interest in penny stocks can be attributed to macro uncertainties like inflation, supply-demand imbalances, and rising interest rates. Investors are wary of investing in these securities since they are often riskier and more volatile than large-cap equities, such as Apple Inc. (NASDAQ:AAPL), Colgate-Palmolive Company (NYSE:CL), and Amazon.com, Inc. (NASDAQ:AMZN). This implies that their price fluctuations, both up and down, can be far more extreme.


A recent Bloomberg survey reveals that the 10% gain which is predicted for stocks in 2023 would fall short of previous market rebounds. It is predicted that the economy is not going to be able to see a sustained expansion continue into 2023. Meanwhile, heading into 2023, some analysts see potential opportunities in high-quality US large-cap equities with dividend payments that have consistently increased over time. However, it is important to note that the recovery momentum of the market is going to open a lot of opportunities for growth in the coming months. As retail traders return to the market, it is expected that penny stocks will witness a surge in volume as a result. A Morgan Stanley report from last year outlined that these traders account for nearly 10% of the daily trading volume on the Russell 3000, the broadest stock index in the US. In 2021, stocks popular with retail traders in the US outperformed the benchmark S&P 500.


Penny trades, on the whole, remained loaded with risk. Despite the risks, we anticipate a turnaround in the penny stock market in the near future. The US Federal Reserve is likely to implement expansionary measures as the economy recovers from its peak inflation, which might lead to a surge in penny stock prices. Therefore, we have put together a list of some of the best penny stocks to buy now that have the potential for development due to solid business fundamentals and growth catalysts.


In order to identify the best penny stocks to buy now, we looked for profitable businesses that were priced under $5, as of December 20. We limited our search to businesses with a bullish market sentiment and robust product pipelines. We have listed each stock's analyst ratings, hedge fund sentiment, and key characteristics that make it a good investment choice. To rank the top penny stocks, we analyzed Insider Monkey's database of 920 hedge funds as of Q3 2022.


Sunworks, Inc. (NASDAQ:SUNW), one of the finest penny stocks to buy now, offers services for the development and operation of solar energy plants. As of December 20, the stock is trading at $2.10 a share. On November 8, Sunworks, Inc. (NASDAQ:SUNW) posted earnings for the third quarter of 2022. The revenue over the period was $40.71 million, up 30.4% compared to the revenue over the same period last year. The company had $14.5 million in cash at the conclusion of the third quarter to fund its continued expansion.


Sorrento Therapeutics, Inc. (NASDAQ:SRNE), a biopharmaceutical company, is one of the best penny stocks to buy now. This December, Sorrento Therapeutics (NASDAQ:SRNE) announced that the US Food and Drug Administration (FDA) has given the company permission to begin clinical trials with its next generation mRNA vaccine against Omicron variants.


Ring Energy, Inc. (NYSE:REI) is an oil and natural gas exploration and production company. The company currently operates in the Permian and Mid-Continent regions of the United States. It is one of the premier penny stocks to buy now. In November, Ring Energy, Inc. (NYSE:REI) posted earnings for the third quarter of 2022, reporting an EPS of $0.28, beating market estimates by $0.04. The revenue over the period was $94.4 million, up 91.2% compared to the revenue over the same period last year.


When using TradeStation for trading OTC penny stocks, the cost under the TS Select and TS Go pricing plans is $0 per trade up to 10,000 shares ($0.005 per share thereafter). TradeStation ranked among Best in Class in our Commissions and Fees and Investment Options categories for 2023. Read full review


Despite charging $6.95 for penny stock trades (regular stock trades are $0), TD Ameritrade offers a comprehensive selection of trading tools through the thinkorswim trading platform. While not our top pick for trading penny stocks, TD Ameritrade took our annual award for best trader app and placed second overall among top brokers. Read full review


In addition to our top five trading platforms for penny stock trading in 2023, we reviewed 12 others: Ally Invest, Charles Schwab, eToro, Interactive Brokers, J.P. Morgan Self-Directed Investing, Merrill Edge, SoFi Invest , Tradier, Robinhood, tastytrade, Vanguard and Webull.


To dive deeper, read our full reviews.What are penny stocks?Definitions of penny stocks vary. According to the U.S. Securities and Exchange Commission, or SEC, "penny stock" generally refers to a security issued by a very small company (i.e., micro-cap) that trades at less than $5 per share. The most common penny stocks are companies that trade for pennies per share (less than $1). We think of penny stocks as microcap companies with prices under $5 that only trade over the counter. 041b061a72


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