In this article, we will take a look at the 10 best penny stocks that are currently offering more than 200% upside potential to investors. On March 25, Jimmy Lee, CEO of Wealth Consulting Group, had a discussion with BNN Bloomberg regarding the ongoing geopolitical conflicts in the Middle East and potential opportunities that could emerge once things settle down.
Lee indicated that the market meltdown stemming from geopolitical risks could open up avenues for investors to realign their investment strategies. Beyond that, the AI-linked selloff has also led to some compelling entry points across the technology landscape. He pointed towards the small-cap universe, which he feels is valued attractively at the moment. However, there is room for further upside if interest rates fall from current levels.
Lee spoke about the potential rebound across broader markets, and small-cap stocks in particular, once the ongoing conflicts are resolved. He emphasized the significance of the Strait of Hormuz by stating:
“If the Strait is fully reopened and shipping flows return to normal, I think oil prices will come down significantly. There could be some collateral damage, but overall, the concerns about persistently high oil prices would ease. That would be a major relief, and I think investors would become more optimistic. The stock market could rebound, and we would likely see continued broadening into areas offering more value than the large-cap tech names that have led over the past five years. I see small-cap stocks doing well, and we are positioned for cyclical sectors. We do not think we are heading into a recession, even though risks have increased somewhat.”
With that background, let’s explore our 10 Best Penny Stocks That Could Triple Your Money.
Photo by Mohamed Hadji on Unsplash
Our Methodology
To identify relevant stocks for this article, we conducted a sector-agnostic screening of U.S.-listed companies with share prices below $5 and market capitalizations above $200 million. Also, we shortlisted only stocks with at least 200% upside potential according to TipRanks consensus as of the March 26 closing. Finally, we selected 10 stocks with the highest upside and ranked them in ascending order.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 498.7% since May 2014, beating its benchmark by 303 percentage points (see more details here).
10. SKYX Platforms Corp. (NASDAQ:SKYX)
SKYX Platforms Corp. (NASDAQ:SKYX) is one of the 10 best penny stocks that could triple your money.
On March 11, SKYX Platforms Corp. (NASDAQ:SKYX) announced that it will supply its technologies to a new residential project in Pittsford, New York. The development project is led by Daniele Management & Development Group, which will include 171 units and a range of modern amenities.
SKYX is expected to provide around 10,000 units of its smart plug-and-play technologies, including lighting and related products, to support a more advanced, tech-enabled living environment across the project.
Back on February 19, SKYX Platforms Corp. (NASDAQ:SKYX) provided a corporate update covering recent events and future initiatives. Since September 30, the company has brought in over $33 million in cash from institutional and existing investors. This included a $25 million investment by one institutional investor at $2.50 per share of straight common stock, with no warrants. The Shaner Group, which owns and develops more than 70 hotels worldwide, led the $16.5 million investment.
SKYX Platforms Corp. (NASDAQ:SKYX) also extended and converted $13.5 million in notes that were coming due. This pushed out the maturity to 2030. The company will be releasing new AI-based software for its e-commerce site, which includes 60 websites. This is expected to increase conversion rates and sales by as much as 30 percent.
SKYX Platforms Corp. (NASDAQ:SKYX) provides a chain of safe-smart platform technologies. With its first- and second-generation technologies, electrically wired devices such as light fixtures and ceiling fans are installed and plugged into ceiling electrical outlet boxes. Additionally, it also supplies universal power plugs and receptacle products.
Hedge Fund Resource Center