10 Penny Stocks That Will Skyrocket

6. LifeStance Health Group, Inc. (NASDAQ:LFST)

Stock Upside Potential as of July 30: 106.31%

Share Price as of July 30: $4.12

Number of Hedge Fund Holders: 24

LifeStance Health Group, Inc. (NASDAQ:LFST) is one of the penny stocks that will skyrocket. On July 25, BTIG initiated coverage of the stock with a “Buy” rating and an $8 price target. The bullish stance comes as the research firm maintains that the company is well-positioned to capitalize on its patients who are commercially insured.

As one of the nation’s largest outpatient mental health providers with 7,500 clinicians across 33 states, the company operates over 550 centers. Last year alone, the company provided care to over 940,000 patients, affirming a firm revenue base.

BTIG maintains that Lifestance Health is well-networked into the healthcare system. Therefore, the company remains well-positioned to capitalize on commercial insurance rates, which are typically higher than Medicare and Medicaid rates.

“We like how LFST provides both virtual (70%) and in-person (30%) care with an extensive range of services including the ability to prescribe medications, therapy, psycho-therapy, and advanced treatment options. In our view Lifestance is differentiated from peers because of this thorough, in-person and virtual care model, our channel checks indicate that the therapists usually face high demand, likely due to the referral relationships that LFST has built, and the overall business continues to grow,” BTIG in a research note.

LifeStance Health Group, Inc. (NASDAQ:LFST) is a national outpatient mental healthcare platform. It offers a range of services, including therapy, psychiatry, and psychological testing, both in-person and through telehealth.