3 Penny Stocks on the Brink of Greatness | Markets

For strategic penny stocks to buy, look at established players, each with unique growth drivers in their industries.

Penny stocks are subject to extreme price fluctuations. This makes them appealing to investors looking for explosive returns. Look no further than Advanced Micro Devices (NASDAQ:AMD), for example. Potential rate cuts and steady corporate profits are perking up investor sentiment. This led to the S&P 500 returning around 10% in 2024 this year.

Due to their low price, even small increases in share value can result in significant percentage gains. Therefore, even if it has nothing to do with penny stocks specifically, Nvidia’s (NASDAQ:NVDA) year-to-date rally of 88%, an update to its GeForce RTX 40 series, or a decision by the Fed to cut rates three times in 2024 can all significantly impact penny stocks.

The three names we will explore are not new entities; all are established players within their own sector. Each of the three stocks holds upside potential per TipRanks data and is benefiting from secular tailwinds.

The first pick is profiting from the overall optimism in the cryptocurrency market due to the impending Bitcoin halving event. The second choice is a major participant in the cannabis industry in both the US and Canada. The last one is a company that lost a battle for supremacy in the smartphone space. But is now winning in the world of 5G.

Bitfarms (BITF)

Source: PHOTOCREO Michal Bednarek / Shutterstock.com

If you want to play the upcoming Bitcoin halving, there are few better penny stocks to buy than crypto miner Bitfarms (NASDAQ:BITF).

The price of Bitcoin

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