Let’s face it, this is America, and we like getting a lot for a little (hence the prevalence of dollar stores and all-you-can-eat buffets in this great nation of ours). Investors also like getting a lot for a little, which explains the popularity of penny stocks. Who wouldn’t like the chance to turn their spare change into a small fortune? And unlike most established companies with fairly steady share prices, penny stocks afford you the opportunity to make a massive amount of money in a short amount of time. Of course, the trick is picking the right penny stocks to buy.
The stocks on this list might not be what you would consider “true penny stocks.” But in any market, and especially in a volatile, headline-driven one, micro-cap pink sheet or OTC stocks that cost only a few cents per share are incredibly risky investments. The companies on this list are super cheap, but they also carry market caps of $100 million or larger, making them much safer bets.
Here are 10 top penny stocks to buy now:
Uranium Resources Inc. (URRE)
Uranium exploration, mine development and production company Uranium Resources Inc. (NASDAQ: URRE) has watched its stock value skyrocket 179% in the past 12 months — and it is still trading for less than $2 per share! This is even more impressive when you consider that investors fled the sector in March after the nuclear power plant crisis in Japan, causing URRE to lose close to 50%. Since its March 16 low, shares have climbed 38% to $1.92. With a 52-week trading range of 38 cents to $3.98, look for shares to make their way higher as the sector continues to rebound.
Sprott Resource Lending (SILU)
Formerly known as Quest Capital Corp., Sprott Resource Lending Corp. (AMEX: SILU) has returned 40% in the past year, and is currently trading at $1.78. SILU has had an up-and-down year, but this penny stock has the potential to bring you fast gains. During a two-day span in early April, SILU jumped 13%.
AEterna Zentaris (AEZX)
AEterna Zentaris Inc. (NASDAQ: AEZS), a drug development company specializing in oncology and endocrine therapy, has seen its stock value increase 55% in the past 12 months. Up over 8% since the start of January, AEZA is sitting at $1.90.