Suggest some penny stocks that gives good returns in 2024
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Booming Penny Stocks in 2024
Yes, there are plenty of penny stocks operating in the share markets and you can find a list of the best top 10 penny stocks for 2024 in the upcoming days.
Before getting into details of the penny stocks, I would like to spell out benefits you would obtain on investing into multibagger penny stocks.
Relax and understand the reasons that make the penny stocks rise up in 2024.
Benefits on Purchasing Penny Stocks @OTC
Usually, penny stocks are transacted in huge volumes Over the Counter, OTC, and you can earn sizable profits but it also involves significant risk. Penny stocks are of low prices and slight increases in the price can yield good profits.
You can enter into penny stock trading and adopt a diversified portfolio to spread the potential risks that arise in penny stocks.
Portfolio diversification can help you control your losses due to market volatility, and experts advise you to invest in different sectors, like industry, banking, power sectors, etc.
With so many benefits of the penny stocks, you can search online for the best stocks that fit in for 2024, however, please take a look at the listed stocks below
Series 1, Series 2, Series 3 represent P/E, RoE, RoCE ratios
You must bear in mind to check the technical parameters (P/E,RoE, RoCE) in the company’s fundamental analysis and they are vital factors to define the performance of the Company’s Financial performance.
Series 1, Series 2, Series 3 represents YTD, 1 year, 3 Years
Virgo Global Ltd:
As on November 02 2023, Virgo Global Ltd is at INR 8.83 with a 52 week high at 17.59 and 52 week low at 3.06.
The company has given a growth rate of 163.42% in the past one year and in the past five years from 2018 to 2023 it has recorded a growth rate of 1,157.75%.
The company projects an all time high of 95.4%. Therefore it is a right investment for 2024.
SAL Steel:
As on November 02, 2023, you will find the share price of Sal Steel to hold at 16.05 and in the last one year, the share has shown steady rise of +34.31%.
In the past 5 years, it has shown a steady rise of 167.5%, and the maximum share growth since the inception of the company into markets is -10.34%.
The share price records a 52 week high at 23.30 and 52 week low at 11.60. The market capital of the company is 1.35 billion, and the average volume of trade is 84.16 K.
Likewise, you can obtain the graphs and the corresponding performance of the stocks for a week, month, year, 5 year and all time. In addition, you can get a grasp of the volume trades, and market capital.
These graphs shall give sufficient data to decide whether to go for or drop the idea of purchasing the stocks that are most likely to rise in 2024.
Stocks that may give double returns in 2024
Artificial Intelligence, AI, tools began to employ technical analytics to predict which stocks will double in 2024.
The entire data shall revolve on the stocks trading in the American Stock Trade Market NASDAQ
The stocks that could double up are META platforms, Tesla, SLDP, Alibaba, & Fiverr International by 2024.
AI Analytics Predict Stocks to Double up by 2024:
The following are some of the booming stocks that may give double returns in the year 2024.
META Platforms:
Meta Platforms ( META) is a social media giant that was established in the Internet circles and originally known to be Facebook.
Company Performance in the Stock Trade:
To make it to double the share price, according to Wall Street Analysts, the META shares must move beyond $570. The current share price is $310.87 as on February 03 2024. To reach it, the share price will have to move $100 above the assigned target price.
META has gained revenue much above Wall Street evaluations. The current sales happens to be $34.2 billion and it has gone higher by $900 billion more than the Wall Street consensus.
To cut down the loss, the company has slashed jobs to compensate for the loss incurring in the Reality labs.
Tesla (TSLA):
Elon Musk, the innovator and inventor of electric vehicles branded as Tesla ( TSLA) is in the list of companies where the company stocks are most likely to double by 2024.
Company Performance in the Stock Trade:
Wall Street analysts say that to double the stock price, it will have to touch $410 and it is just above the highest target price. The share price is $218.51 as on November 03, 2023.
The share prices are resuming from where it kicked off in November of 2021.
The electric vehicle deliveries have picked up and have touched 50 % of the unit volumes.
Another aspect that came to the company’s advantage is the United Auto Worker strike that gave Tesla to breath.
Solid Power ( SLDP):
(Solid Power (SLDP)) is just another company that is the developer of solid state batteries for electric vehicles.
Company Performance in the Stock Trade:
SLDP is trading at $1.43 as on November 3, 2023 and it has come up with technology that can reduce the charging times and improvise EV ranges, run up to 600 miles range.
The company partners FORD, and BM and it is on the way to commercialization.
And, Wall Street experts say that the share performance is 100% flipside and there is a high probability of doubling the stock price.
Alibaba (BABA)
America is housed by a Chinese e-commerce and technology company Known to be Alibaba( BABA).
Company Performance in the Stock Trade:
As of November 3, 2023, the current Alibaba share price is at 83.41 USD and it is one of the biggest ecommerce and cloud technology companies in China. The company acts as a proxy for the Chinese economy.
Interestingly, $29 billion dollars have been pumped into the Alibaba company in 2022 and the current strong cash position can double the stock price.
Fiverr International:
An online content platform, gained global acquaintance by providing freelance services, Fiverr International (FVRR), in addition to, the company has funded into AI to generate more precise and accurate freelance services.
Company Performance in the Stock Trade:
It is quite uncertain why AI has selected Fiverr International for doubling its share price by 2024 and the share price is $ 21.33 as of November 03, 2023. And, here is something the company has a say.
The company is able to produce good turnaround through its operations.
The operating expenses have reduced considerably, it came down to $4.01 million in Q2 ‘23 when compared to $42.65 million in Q2 ‘22. And, in Q2 21’ the operating expenses were $ 41.86 million.
Best Penny Stocks to Invest in 2024
Experts from Forbes say, that before investing in penny stocks, the top 50 penny stocks were analyzed, and for that stocks with an annual trading of ₹30.00 have been considered.
Below are the best stocks for the year 2024.
IRFC @ ₹33.85, J&K Bank @ ₹55.40 and a lot more.
For more details on which penny stock is the best, do continue with the lines.
If you can understand the facts righteously then you will head to buy stocks that are identified for the purchase.
Yes, stock analysts at Forbes conclude the said facts after a deep data mining on the best penny stocks referring to the NSE/BSE of the Indian stock markets.
Picking the Best Penny Stocks is truly Difficult!
Knowing the best penny stocks is the most difficult task because of the uncertainty of the stock growth listed in the stock markets.
To understand better, let us assume facts,
You purchase a penny stock at a very low price and wait for the buyers in the markets.
Over a period, your purchased stocks may decay out from the markets and might not find even one option buyer. Thus, creating a total loss on your stock investment.
Still, if you are willing to consider a substantial level of risk then first, you must do intense research on the company you are opting for, second, do proper diversification of your portfolio.
Diversification of trading funds will hedge your investment and keep the investment protected if you encounter a potential risk against penny stocks.
Do allot a portion of your trading capital for penny stocks and use it for other trades like intraday trading, swing trading, option trading, and Futures & Options trading.
You can know ‘which penny stock is the best’ by checking the company information on the following grounds.
Check the historical perspective of the company’s performance. If the financial statements are worth enough then you can think about the company’s stocks.
Watch for the stocks that hold good liquidity.
The market capitalization of the company should be essentially a small-cap otherwise the stocks can prove to be risky.
The financial analysts at Forbes do intensive research on the top 50 penny stocks in India and suggest some of the well-to-do penny stocks.
Below, you will find a list of the best penny stocks you can plan to invest in 2024, but remember, the final decision is yours and none can be blamed for any kind of market risks.
However, let me state them along with other financial details, IRFC @ ₹33.85, J&K Bank @ ₹55.40, Suzlon Energy Ltd @ ₹25.50.
Indian Railway Finance Corp share price: @ ₹33.85
Indian Railway Finance Corp market cap: ₹43,557 Cr
P/E ratio: 6.69
Dividend Yield: 4.20%
You can buy this stock because the stock has risen by 65 percent in a year and possesses strong fundamentals. And, experts say, it can turn into multi-bagger penny stocks so hold for a long term.
J & K Bank Share Price: ₹55.40
J & K Bank market cap: ₹5,335 Cr
P/E Ratio: 4.42
The J&K Bank trade levels went up to ₹100s and recorded a net profit of ₹1,197 crores in FY 22-23, and its Non-Performing Assets marked 6.04% (8-year low).
Suzlon Energy Ltd Share Price: ₹25.50
You can consider this stock for purchase in the fourth quarter of 2023 because the stock has hit a 5-year high.
Note:
However, if you are confused or undecided on which stock to prefer, do not panic, there are quite a lot of good online stock brokerage companies that can lend you good support.
You can rely on discount brokerage companies like Angel One Stock Broking, Uptsox, Zerodha, and the list goes endless in the Indian stock markets.