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    Finxpd
    Home » 5 Best Penny Stocks to Invest in 2023
    Penny Stocks to Buy in 2023
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    5 Best Penny Stocks to Invest in 2023

    January 27, 2023Updated:March 9, 20236 Mins Read28 Views
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    The most critical factor to consider when purchasing penny stocks is whether or not they are fundamentally strong. In addition to excellent growth, you must examine the balance sheet to see whether the firm is debt-free or has sustainable debt. This solid corporation should ideally be undervalued on its financial sheet. Since investors haven’t realized its potential, the stock price hasn’t grown enough. Long-term returns that exceed those of the market as a whole are, so quite probable. Whether you are new to the stock market and looking to begin investing or an experienced investor looking to diversify your portfolio, penny stocks can be an excellent choice. This article will examine five penny stocks that you should buy in 2023. 

    List of Contents

    • 5 Best Penny Stocks to Buy in 2023
      • 1. Riot Blockchain, Inc. 
      • 2. Clover Health Investments, Corp. 
      • 3. Rocket Lab USA, Inc. 
      • 4. Matterport, Inc. 
      • 5. WeWork Inc. 
    • Conclusion

    5 Best Penny Stocks to Buy in 2023

    1. Riot Blockchain, Inc. 

    Riot

    Ticker: (NASDAQ: RIOT)

    Market Cap: 1.03 Billion

    Riot Blockchain, Inc. is a 2000-founded bitcoin mining firm headquartered in Castle Rock, Colorado. It is one of the top penny stocks because it offers exposure to the speculative realm of cryptocurrencies, which has the potential to provide unexpected profits. Bitcoin is the most popular digital money in the world. In November 2022, the firm mined 521 bitcoins and now has 6,897 bitcoins mined at its facilities.

    On November 23, Mike Colonnese at H.C. Wainwright issued a Buy rating and $10 price target on Riot Blockchain, Inc. The analyst emphasized the company as one of the world’s largest publicly traded, vertically integrated bitcoin miners. Colonnese anticipates that the company’s share in bitcoin mining will increase to 4% by the end of 2023 as its mining capacity continues to expand. He believes Riot Blockchain, Inc. is in the greatest position to survive the cryptocurrency market slump and emerge as a larger and more powerful participant. As of the third quarter of 2022, eleven hedge funds in Insider Monkey’s database held Riot Blockchain, Inc.


    2. Clover Health Investments, Corp. 

    Penny Stocks to buy

    Ticker: (NASDAQ: CLOV)

    Market Cap: 573.533 Million

    Clover Health Investments, Corp. is a Medicare Advantage insurance plan provider in Franklin, Tennessee. The firm leverages the data and technology from its Clover Assistant platform to aid physicians in making medical choices. Richard Close at Canaccord issued a Buy rating and $4 price target on Clover Health Investments, Corp. shares on November 8. 

    The analyst emphasized that the company’s Q3 2022 performance exceeded his expectations and that the company’s 2022 sales outlook was raised. Mr. Close admired the management’s determined attempts to attain profitability in a shorter period. Clover Health Investments, Corp. plans to achieve its goals by limiting the expansion of its Medicare Advantage and non-insurance-related businesses. During the third quarter of 2022, Renaissance Technologies increased its holdings in Clover Health Investments, Corp. by 145%.


    3. Rocket Lab USA, Inc. 

    Rocket Lab

    Ticker: (NASDAQ: RKLB)

    Market Cap: 2.309 Billion

    Rocket Lab USA, Inc. is a well-known launch vehicle manufacturer and spacecraft in Long Beach, California. The business has successfully launched 31 satellites and deployed 151 satellites. On November 14, after the Q3 2022 results, Edison Yu from Deutsche Bank issued a $12 price objective and a Buy rating to Rocket Lab USA, Inc. shares. 

    The analyst observed that the company’s quarterly performance was impressive. Rocket Lab USA, Inc. is gaining pace due to the daily addition of new clients. This will help the company expand its market share in the fast-expanding space infrastructure and launch services business. Rocket Lab USA, Inc. is also predicted to achieve a margin increase due to the Electron project cost reduction effort. Due to its high growth drivers, analysts view this firm as one of the top penny stocks. Fifteen hedge funds held Rocket Lab USA, Inc. at the end of the third quarter of 2022.


    4. Matterport, Inc. 

    Penny Stocks to buy

    Ticker: (NASDAQ: MTTR)

    Market Cap: 971.561 Million

    Matterport, Inc. is a company in Sunnyvale, California, that develops a 3D media platform to create 3D and virtual reality models. The 2011 company claims its technology reduces development time by 50% and costs by twentyfold. Matterport, Inc. serves tens of thousands of enterprises in over 150 countries.

    In research issued on November 11, Brent Bracelin at Piper Sandler raised the price target for Matterport, Inc. from $5 to $6 while maintaining an overweight rating. The analyst said that the company’s Q3 2022 earnings were solid due to increased subscribers. Matterport, Inc. disclosed that the backlog for its Pro2 3D camera has been cleared and that the market has welcomed the Pro3 platform well. It is now one of the top penny stocks on the market due to its acquisition of VHT Studios. As of Q3 2022, seven hedge funds owned Matterport, Inc. positions.


    5. WeWork Inc. 

    Penny Stocks to buy

    Ticker: (NYSE: WE)

    Market Cap: 1.197 Bilion

    WeWork Inc. is a supplier of coworking spaces situated in New York. It rents whole office buildings to large enterprises, small businesses, and independent contractors. Compared to normal landlords, the firm provides shorter lease terms for its properties. In the current adverse financial climate, WeWork Inc. is lowering expenses by closing underperforming sites to consolidate its portfolio. During the third quarter of 2022, the firm reduced its expenditures, and its top line grew by 20% year over year.

    In a note to investors dated November 4, Thomas Catherwood from BTIG initiated coverage on WeWork Inc. shares with a $7.50 price objective and a Buy rating. WeWork Inc. will benefit from a strong period for flexible working spaces in the immediate and medium term, making it one of the best penny stocks for 2023.


    Conclusion

    In conclusion, no one knows if 2023 will be a favorable year for penny stocks or whether it will cause destruction. However, the above-mentioned penny stocks to buy in 2023 might help you to make a good investment decision. Therefore, you should ensure that you are ready. Significantly, before investing your hard-earned money in penny stocks, you should work hard on your research.


    Related Articles:

    • Top 7 Best Fintech Stocks to Buy in 2023
    • Top 7 Best Meme Stocks to Invest in 2023

    Read more: Popular Stocks

    Source: Insidemonkey

    Popular Stocks
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