Q4 Stock Predictions: 7 Penny Stocks Ready to Roar Into 2024

  • Elite Pharmaceuticals (ELTP): Despite already making a triple-digit move higher, pipeline progress may lead to another super-rally for ELTP stock.
  • Mama’s Creations (MAMA): After rallying nearly four-fold in the past year, MAMA stock still has room to run.
  • Overseas Shipholding Group (OSG): Steady results and share repurchases bode well for OSG stock in the near and long-term.
  • Keep reading for more penny stocks ready to roar into 2024!
stock predictions - Q4 Stock Predictions: 7 Penny Stocks Ready to Roar Into 2024

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When it comes to stock predictions and penny stocks to buy, admittedly the near-term picture remains cloudy. Right now, it’s unclear whether high interest rates, high inflation, and the still-present risk of a 2024 recession are fully priced-in by the stock market.

Or, if more volatility lies ahead in the coming months.

Yet while these factors could continue to weigh on penny stocks, there are plenty of names in this category that appear poised to perform well in the near-term. Many of these are stocks that have already been big winners in 2023.

Although future gains may come in at a more modest pace, don’t assume these top performers have topped out.

That’s not all. There are some names in the following stock predictions that, after trading sideways as of late, may have the ingredients in place to make a big move between now and year’s end.

With this, consider taking a look at these seven penny stocks to buy.

Elite Pharmaceuticals (ELTP)

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Stocks in deep penny stock territory (think well below $1 per share) don’t always perform well, but this year, Elite Pharmaceuticals (OTCMKTS:ELTP) has been one such example. A year ago, when this generic pharma firm traded for around 3 cents per share, I declared it a buy, because of the company’s low valuation and growth potential.

Since then, ELTP stock has since more than tripled in price. However, don’t assume the ship has sailed, and that it’s too late to buy. Investors have bid up Elite Pharmaceuticals, largely due to pipeline progress with a generic CNS stimulant drug product, and with a generic opiate analgesic product.

Given the size of the market for each of these prospective products, achieving a small level of success for either could materially increase sales and profitability. This makes ELTP still one of the top penny stocks to buy for risk-tolerant investors.

Mama’s Creations (MAMA)

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Anyone who made bullish stock predictions about Mama’s Creations (NASDAQ:MAMA) a year ago is likely looking like a stock market oracle right now.

That is, shares in this maker of prepared foods sold at supermarket deli counters have rallied nearly four-fold over the past twelve months.

At current prices, it may appear MAMA stock is topping out. However, as I pointed out last month, Mama’s Creations may have the potential to add to its latest gains, although probably at a much slower pace. How much more runway do shares have from here?

As Mama’s Creations capitalizes on the popularity of ready-to-eat prepared foods, and expands its product offerings, the company has a strong chance of meeting/beating earnings forecasts calling for continued steady growth. In turn, enabling MAMA shares to sustain their current valuation, and to keep moving higher in tandem with earnings growth.

Overseas Shipholding Group (OSG)

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Overseas Shipholding Group (NYSE:OSG) is another of the penny stocks to buy which has gained over the past year, and may have room to add to these gains.

Shares in this U.S.-based oil tanker owner have rallied by around 51% since last October. Favorable conditions for the oil tanker industry have played a big role in this strong performance.

However, that’s not been the only factor helping to propel OSG stock higher. The repurchase of both shares and warrants from a large shareholder have helped to keep OSG on an upward trajectory as well.

As a Seeking Alpha commentator pointed out in August, Overseas Shipholding Group appears poised to continue reporting steady results, with room for growth.

If the company continues making large share repurchases as well, this may cause further gains, both in the near-term, and over a long time horizon.

Pitney Bowes (PBI)

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Pitney Bowes (NYSE:PBI) is another of the low-priced names I’ve made stock predictions about in the preceding fiscal quarters of 2023. Admittedly, the results have been mixed.

The emergence of shareholder activism as a catalyst helped drive gains for PBI stock earlier in 2023, but after the initial success with this activism (the winning of a proxy fight), the stock has slumped. That said, this slump could give way to a rebound in Q4 2023.

Shares in this shipping and mailing products/services company rallied at the start of October, upon news that incumbent CEO Marc Lautenbach has stepped down.

Lautenbach’s exit will likely provide the activist (Hestia Capital) with a greater ability to implement its proposed turnaround plan. Rising investor confidence in the chances of a successful turnaround could result in a continued near-term move higher for PBI.

PCTEL (PCTI)

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PCTEL (NASDAQ:PCTI) is another penny stock that has traded sideways in recent quarters, but may be poised to gain again during Q4 2023.

Based in Bloomington, Illinois, as InvestorPlace’s Josh Enomoto pointed out in August, this company makes wireless connectivity products, including internet of things devices.

That said, it’s not simply high exposure to the IoT trend that makes PCTI stock perhaps worthy of a buy. As Enomoto pointed out, PCTEL is undervalued compared to peers. In the long-term, this re-rate to a valuation more in line with peers. However, there’s also a potential catalyst at play.

In the past two quarters, PCTI beat earnings expectations by a wide margin. The next earnings release is expected to happen early next month. If PCTEL delivers its third earnings beat in a row, shares could lift off to levels well above the “penny stock ceiling” ($5 per share).

PHX Minerals (PHX)

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The big jump in energy prices recently has driven a near-term move higher for PHX Minerals (NYSE:PHX).

The royalty and mineral rights company’s shares are up by more than 31.1% over the past six months.

Year-to-date though, returns for PHX stock have not been quite as stellar. However, don’t assume that means you should ignore any bullish stock predictions about this particular name. Trading for 14.4 times forward earnings, PHX Minerals may not be the cheapest energy stock out there.

However, an unsolicited merger offer from privately held WhiteHawk Energy may suggest that this company is undervalued.

PHX’s board of directors rejected WhiteHawk’s offer. Still, this could be the prelude to a renegotiated offer that is more favorable to investors.

Even if this merger catalyst fizzles out, if natural gas prices (rising recently) keep climbing, this too could boost PHX higher in the near-term.

Vaso (VASO)

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In hindsight, Vaso (OTCMKTS:VASO) was one of the best penny stocks to buy twelve months ago.

During this time frame, shares in this healthcare equipment and IT company have nearly tripled in price. So, after this epic run-up, it’s too late for new investors to jump in, right?

Not so fast. VASO stock may be up by triple-digits, but shares remain arguably undervalued. You can buy Vaso today at a valuation of just 5 times trailing twelve month earnings.

Although there is little in the way of analyst forecasts for future results, it should be noted that the company has continued to deliver strong quarterly results, as seen in the Q2 results released back in August.

During the June quarter, earnings jumped by 39% compared to the prior year’s quarter. The stock also recently uplisted to the highest tier of the over-the-counter (or OTC) market.

On the date of publication, Thomas Niel did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2023/10/q4-stock-predictions-7-penny-stocks-ready-to-roar-into-2024/.

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