10 Best Penny Stocks to Buy for 2023

Penny stocks attract investors with a small amount of trading capital as their lower share prices allow them to buy thousands of shares

Safe Bulkers Inc.

Safe Bulkers transports cargo including coal, grain, and iron ore across globe.

Ring Energy Inc.

Ring develops, produces, and explores for oil and natural gas in Texas and New Mexico. Net income for the latest quarter was about five times the level of the prior-year quarter and revenue nearly doubled to $94 million as a result of higher sales volumes and oil prices.

GrafTech International Ltd

GrafTech makes graphite electrodes used in the production of ferrous and nonferrous metals. The company on Nov. 18 announced plans to restart its Monterrey, Mexico operations following a temporary suspension notice issued on Sept. 15 for violating state environmental regulations.

Conduent Inc.

Conduent sells human resources and other business services to customers in the industrial, transportation, and government sectors.

Rocket Lab USA Inc.

Rocket Lab provides space launch services, satellite manufacturing, and spacecraft components. The company doesn't have an EPS growth figure above because it had negative EPS in the latest quarter

ADMA Biologics Inc.

ADMA is a biotech company that manufactures, develops, and markets biologics for the treatment of immunodeficient patients. Its drugs target individuals with immune-compromised or immune-suppressed systems.

Borr Drilling Ltd

Borr is a Bermudian international drilling contractor that owns and operates jack-up rigs to serve the oil and gas exploration and production industry worldwide.

Nordic American Tankers Ltd

Nordic is a Bermudian international tanker company with a fleet of about two dozen tankers reported a third-quarter net profit of $10 million compared with a $46.6 million loss in the prior-year

Otonomo Technologies Ltd.

Otonomo is an Israeli  car data company that reported widening operating losses in the third quarter as revenue soared to $2.0 million.

IonQ Inc.

IonQ is a software company focused on developing quantum computers that can produce longer, more sophisticated calculations with a smaller number of errors for commercial and industrial applications.

Potential for High Returns: Most penny stocks have tiny market capitalizations, meaning it takes a small amount of money to move their share price substantially.

Leverage: Penny stocks attract investors with a small amount of trading capital as their lower share prices allow them to buy thousands of shares. .

Low Liquidity: Penny stocks often trade on thin volume, meaning it can be difficult for investors to enter and exit their positions. Moreover, these stocks typically have a wide spread between the bid and ask, which increases trading costs.

Extreme Valuations: Penny stocks that start moving rapidly higher in price show up on stock screeners and may even get media attention. This often attracts more speculators who push prices up even higher, leading to unstainable valuations.

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