Top Penny stocks for 2024: These two should be on your radar

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Macroeconomics

Penny stocks, as they are called, are not really stocks that trade under $1 per share.

The term generally refers to stocks trading below $5 per share. As any early investor in Amazon , Apple , NVIDIA or other juggernauts will tell you, when you manage to correctly predict a future Wall Street darling while it’s still a penny stock and keep holding it over the long term, you’ll be happy with the results. However, for every Apple or Amazon, hundreds or even thousands of penny stocks go nowhere. Then again, many of them “grow up” to be good, solid companies.

SoundHound is not yet profitable, but its revenue has been growing rapidly, soaring 73% in the first quarter. The company also revised its annual revenue projections upward to a new range of $65 million to $77 million. SoundHound has a median price target of $8 per share, which would be a 95% increase over the current price. Even the lowest price-target estimate is $5 per share, a 22% increase, so it’s clear that analysts are bullish on its prospects. 2.

 

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