4 Cheap Penny Stocks to Buy According To Analysts, Targets Up To 471%

Want to know how to find the best penny stocks to buy now? Of course you do and you’re not alone. Taking advantage of opportunities in the stock market is the way to do that. How to exactly go about it depends on individual trading style and strategies.

Are you a swing trader trying to find steady, multi-day moves? Are you a day trader who’s looking to get in and out of a trade on the same day? Do you scalp trades and look to capitalize on short-term volatility? What about those who look for investing in penny stocks; how do you find those types of companies?

There are plenty of things to consider in the stock market today when it comes to finding the best cheap stocks to buy now. Assuming you know how to trade, step one is putting together a list of penny stocks to watch. In this article, we look at a handful of penny stocks to buy according to Wall Street analysts. We look at their ratings, price targets, and any recent catalysts that could play a role as far as catalysts are concerned. Then you can decide if they deserve a place on your penny stocks watch list or not.

Penny Stocks to Buy According To Analysts

• Dragonfly Energy Holdings (NASDAQ: DFLI)
• Canoo Inc. (NASDAQ: GOEV)
• The Metals Company Inc. (NASDAQ: TMC)
• Organogenesis Holdings Inc. (NASDAQ: ORGO)

Dragonfly Energy Holdings (DFLI)

We’ve discussed Dragonfly Energy for a few weeks as energy stocks have been heating back up. The penny stock traded some of its highest single-day trading volumes of the year on Tuesday. The move came after Dragonfly announced an expanded partnership with nuCamp RV to fully integrate power systems supplied by Dragonfly’s Battle Born Batteries. With a float of under 10 million shares, DFLI stock has gained momentum with this micro-trend in low-float penny stocks.

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This week, Dragonfly continued raising eyebrows with more news. The company announced that it will be granted a U.S. patent for a battery pack assembly design for custom installation. According to Dragonfly, the patent covers the look and design of the assembly case of its GC3 12V 270Ah LiFePO4 deep-cycle battery.

Commenting on the milestone, Dr. Denis Phares, CEO of Dragonfly Energy, said. “Our signature deep cycle batteries are well known in our core markets and position us to expand into new industries. In addition to our advancements in cell manufacturing and other fundamental storage technologies, these design patents maximize the value of our innovations.”

DFLI Stock Forecast

What do analysts think about DFLI stock? Chardan currently has a Buy rating on the penny stock. The firm also slapped on a $10 price target, which puts its forecast price 471% higher than where DFLI stock closed on Thursday.

Canoo Inc. (GOEV)

One of the EV penny stocks to watch right now is Canoo. Earlier this year, Canoo inked a deal with an affiliate of AFV Partners for its Vehicle Manufacturing Facility in Oklahoma City. The first phase of this project is expected to result in the employment of more than 500 people. This facility is also expected to support the full general and final vehicle assembly line, including robotics, a body shop, a paint shop, and vehicle testing capabilities, among other things.

This month the company announced several milestones, including a partnership with the Department of Defence and a unit to deliver advanced battery packs. Canoo also announced the delivery of three Crew Transportation Vehicles to NASA’s Kennedy Space Center. The vehicles will transport astronauts to their launch pad for the Artemis lunar missions.

GOEV Stock Forecast

Analysts at Steifel have high hopes for the penny stock. The firm has a Buy rating on GOEV stock along with a $1.50 target. That sits roughly 168% higher than where shares closed on July 13th.

The Metals Company Inc. (TMC)

Mining and metals stocks have also gained attention recently. The Metals Company specializes in metal collection, using robots to search and collect underwater nodules to be turned into metals. One of the latest catalysts helping prompt momentum in the penny stock came as the US Congress directed the Pentagon to assess the domestic processing of polymetallic nodules under the National Defense Authorization Act. Shares surged around the time of the development in June, pulled back, and now, in July, appear to have begun climbing again.

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TCM Stock Forecast

Analysts at ThinkEquity weighed in recently, which helped boost sentiment in the penny stock. The firm has a Buy rating along with a price target that sits 230% higher than its previous closing price, at $6.

Organogenesis Holdings Inc. (ORGO)

Biotech penny stocks remain a focus for traders. Organogenesis Holdings Inc. is one of the more recent to pop in the stock market. Today, shares climbed significantly higher as the market anticipates upcoming earnings at the stat of August. Organogenesis will deliver its latest results on August 9th.

The regenerative medicine company focuses on products for advanced wound care and surgical & sports medicine. It beat earnings expectations in its previous quarter bu a wider margin. CEO Gary S. Gillheeney, Sr. also made a statement that, “We have increased our financial guidance as a result of the stronger-than-expected first quarter results and look forward to continued progress in 2023.”

ORGO Stock Forecast

Against this backdrop, analyst expectations have come to light. BTIG, for instance, has a price target of $10, which sits roughly 172% higher than where ORGO stock closed on Thursday. The first also has a Buy rating on the penny stock.

Penny Stocks & Trading Strategies For 2023

You’ll also want to understand other nuances of trading penny stocks or higher-priced stocks in general. If you’re new to cheap stocks or want to get some additional insight, check out some of these articles below:

• Buy Penny Stocks Like Hedge Funds Do: A How-To Guide
• Making Profits With Penny Stocks, Beginners Guide
• 10 Secret Ways To Find The Best Penny Stocks To Buy [Updated]
• Trading Options 101: A Beginner’s Guide
• Penny Stocks: 7 Day Trading Strategies for Beginners
• Are Penny Stocks Good For Beginners? [Answered]
• New Years Penny Stocks Trading Advice: 3 Tips
• What Are Penny Stocks? A Beginner’s Guide To Making Money Trading

New To Trading Penny Stocks?

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