5 Penny Stocks That Can Grow Big in 2023

In this article, we will take a look at the 5 penny stocks that can grow big in 2023. If you want to see more stocks in this selection, go to the 10 Penny Stocks That Can Grow Big in 2023.

5. Riot Blockchain, Inc. (NASDAQ:RIOT)

Number of Hedge Fund Holders: 11

Riot Blockchain, Inc. (NASDAQ:RIOT) is a Castle Rock, Colorado-based bitcoin mining company founded in 2000.

Riot Blockchain, Inc. (NASDAQ:RIOT) is one of the best penny stocks as it provides exposure to the speculative world of cryptocurrencies, which has the potential to yield sudden returns. Bitcoin is the biggest cryptocurrency in this universe. The company mined 521 bitcoins in November 2022 and has ownership over 6,897 bitcoins mined through its facilities.

On November 23, Mike Colonnese at H.C Wainwright gave Riot Blockchain, Inc. (NASDAQ:RIOT) a Buy rating with a price target of $10. The analyst highlighted the corporation as one of the world’s biggest, publicly listed, and vertically integrated bitcoin miners. Colonnese is anticipating the company’s share in bitcoin mining to grow to 4% by the end of 2023 as it is continuously growing its mining capacity. He thinks that Riot Blockchain, Inc. (NASDAQ:RIOT) is in the best position to weather the downturn in the cryptocurrency world and come back as a bigger and stronger player.

Of the 920 hedge funds in Insider Monkey’s database, Riot Blockchain, Inc. (NASDAQ:RIOT) was held by 11 funds as of Q3 2022.