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By Josh Enomoto, InvestorPlace.com
No matter what anyone says, the very concept of penny stocks to buy must be treated with extreme skepticism. I’m not talking about having an aggressive mistrust toward such enterprises. Rather, you have to approach this market category like a pawn shop operator.
Pawn shops deal with a variety of customers and merchandise. Sometimes, they’re dealing with people who are attempting to pull a quick one. Therefore, when presented with supposedly valuable, authentic merchandise, pawn shop operators must ask questions. Only after a thorough examination – and an agreeable negotiated price – is a deal completed.
You’ve got to approach speculative market ideas in the same light. That said, these expert-endorsed opportunities are enticing. On that note, below are penny stocks to buy (after you’ve completed your due diligence).
Aeva Technologies (AEVA)
Based in Mountain View, California, Aeva Technologies (NYSE:AEVA) falls under the infrastructure software space. Per its public profile, Aeva designs, develops, manufactures and sells lidar sensing systems. It’s also involved in related perception and autonomy-enabling software solutions in North America and other international markets. It’s perhaps best known for its 4D solution, which deploys advanced algorithms to predict where moving objects will be in time and space.
Financially, Aeva is geared toward growth. Between the second quarter of 2023 to Q1 2024, the company’s average quarterly surprise came out to nearly 3% below breakeven. Nominally, on a trailing-12-month (TTM) basis, its net loss amounts to $149.48 million. On the top line (also on a TTM basis), it’s looking at $5.27 million.
For fiscal 2024, analysts are seeking big improvements, with a loss per share of $2.31 on sales of $8.53 million. Last year, the company posted a loss of $3.30 on revenue of $4.31 million. For the following year, revenue could soar to $21.31 million. Therefore, AEVA is one of the penny stocks to buy for bold speculators.
Lucid Diagnostics (LUCD)
Headquartered in New York City, Lucid Diagnostics (NASDAQ:LUCD) operates in the broad healthcare umbrella, specifically medical devices. Per its corporate profile, Lucid functions as a commercial-stage diagnostics technology firm. It primarily focuses on patients with gastroesophageal reflux disease (GERD) who are at risk of developing esophageal precancer and cancer.
Early diagnosis can save lives and improve overall outcomes, making LUCD an intriguing idea for penny stocks to buy. As with other ideas in the speculative category, Lucid is focused on top-line expansion. Over the past four quarters since Q1 2024, its average quarterly surprise came out to 13.65% below parity. On a TTM basis, net loss sits at $54.53 million while revenue is at $2.98 million.
For fiscal 2024, analysts anticipate a loss per share of $1.06 on sales of $5.7 million. That’s a significant improvement over last year’s results of a loss per share of $1.26 with a top line of $2.43 million. For fiscal 2025, sales could soar to $16.48 million, with a blue-sky target of $36.47 million.
Ovid Therapeutics (OVID)
Also hailing from the Big Apple, Ovid Therapeutics (NASDAQ:OVID) plies its trade in the biotechnology sphere. According to its corporate profile, Ovid engages in the development of impactful medicines for patients and families with epilepsies and seizure-related neurological disorders. Its main drug candidate is soticlestat, which is in Phase 3 clinical trials for the potential treatment of patients with resistant epilepsies.
As with the other penny stocks to buy, the speculation centers on the expansion of the top line. In the past four quarters since Q1 2024, Ovid’s quarterly surprise came out to 72.88% below breakeven. Therefore, prospective investors will need patience for this idea. Net loss on a TTM basis sits at $50.68 million while revenue is only $473,690.
However, the opportunity is in the projected improvement. In fiscal 2024, experts believe that Ovid will post a loss per share of 85 cents on sales of $2.59 million. Granted, last year’s loss per share was 74 cents. But the top line? It was only $392,000 in 2023. Moreover, in fiscal 2025, revenue could skyrocket to $43.69 million. Thus, OVID could rank among the top penny stocks to buy.
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
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