Top 7 Penny Stocks Predicted to Yield Over 200% Returns

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By: Aquib Nawab


Penny stocks are low-priced securities typically traded outside of major stock exchanges. Investors often seek penny stocks for their potential for high returns, albeit with higher risk. Let's explore seven penny stocks with promising growth potential.

Penny stocks

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Agilon Health (NYSE:AGL) has faced challenges with higher costs impacting its performance. On Jan. 5, 2024, the company revised guidance due to higher costs, causing a drop in share prices from $12 to below $6. Analysts forecast a potential 200% return, with consensus suggesting shares could rise to $18 or even $30 within 12 to 18 months.

1 - Agilon Health (AGL)

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2 - Bilibili (BILI)

Bilibili (NASDAQ:BILI) operates a diverse content platform in China, with 103 million daily users reported during the third quarter. Despite economic challenges, the company saw a 21% increase in ad revenues in Q3. Analysts project a significant upside potential for Bilibili, with shares currently trading at $9 and a consensus share price above $28.

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Wheels Up Experience (NYSE:UP) provides private aviation services, experiencing a $100 million revenue decline in the most recent period. Despite challenges, strong industry leader backing, including a $450 million investment from Delta (NYSE:DAL), offers optimism. Analysts believe on-demand aviation services will grow in 2024.

3 - Wheels Up Experience (UP)

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IHS Holding (NYSE:IHS) operates telecommunications infrastructure in emerging markets, with revenues falling by over 10% in Q3. CEO Sam Darwish maintains confidence in the company's guidance, despite unfavorable foreign exchange rates. Analysts foresee the stock potentially doubling from its current price of $7, with projections reaching as high as $23.

4 - IHS Holding (IHS)

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5 - Relay Therapeutics (RLAY)

Relay Therapeutics (NASDAQ:RLAY) specializes in precision medicine, reporting $25.2 million in revenues during the third quarter. The company's collaboration agreements and upcoming clinical updates offer catalysts for growth. Analysts view Relay Therapeutics as a high-potential biotech penny stock with considerable upside potential.

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Seabridge Gold (NYSE:SA) explores gold properties in North America, experiencing rapid swings in financial performance. The company posted a $5.3 million net loss during Q3 of 2023, contrasting with $5 million in net income the year prior. Analysts project potential for significant stock price appreciation, with a single analyst expecting shares to rise to $25.

6 - Seabridge Gold (SA)

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Lithium Americas (NYSE:LAC) focuses on lithium production, despite challenges in the industry, including collapsing lithium prices. The company's Thacker Pass lithium deposit in Nevada is a significant project, with construction scheduled throughout 2024. Analysts emphasize the long-term potential of Lithium Americas despite short-term market uncertainties.

7 - Lithium Americas (LAC)

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