SPECIAL REPORT The Top 7 Stocks for 2024

The 3 Best Penny Stocks to Buy in November


  • Skip the blackjack table and try these best penny stocks to buy.
  • Destination XL (DXLG): With Americans’ growing waistlines, DXLG’s big and tall apparel gains relevance.
  • Broadwind (BWEN): Positioned in renewable energy, especially wind turbine towers, BWEN meets diverse power needs.
  • ReWalk Robotics (RWLK): ReWalk’s exoskeletons assist spinal injury patients and wounded servicemembers.
Penny Stocks - The 3 Best Penny Stocks to Buy in November

Source: Billion Photos / Shutterstock.com

When it comes to extremely speculative, low-priced securities, you need to exercise extreme caution, even if they’re labeled as the best penny stocks to buy. Consider this term as euphemism for don’t buy these incredibly risky ideas unless you perform extensive due diligence. And as always, you never want to wager more than you can afford to lose.

Chances are, you will lose. The house usually win these bets and it doesn’t give a hoot about any devastation you may suffer. I know the sector is appealing but you’ve got to use your best judgment. That might very well mean not participating at all.

Nevertheless, since we’re on the topic of best penny stocks, a rare chance exists that you could end up picking a winner. Again, it’s extremely unlikely. However, some of the biggest firms you see today started off as little more than a dream.

As with the alcohol industry, I’m not going to judge; all I’m asking is that you gamble responsibly. And remember, you can always sound off on these and other ideas on my X account. And with that, let’s have a look at the best penny stocks to buy in November.

Destination XL (DXLG)

Page of newspaper with words penny stocks. high return penny stocks
Source: Vitalii Vodolazskyi / Shutterstock.com

If you don’t mind me being cynical for a moment, Destination XL (NASDAQ:DXLG) could legitimately be one of the best penny stocks to buy (for speculators, just to be clear) based on burgeoning relevance. Per its public profile, Destination XL – as its name suggests – provides retail locations focused on men’s big and tall apparel.

Long before the Covid-19 pandemic, various news outlets reported that Americans’ waistlines have been expanding. Further, the global health crisis made the situation worse. According to a publication posted on the website of the National Library of Medicine, nearly half of respondents to a pandemic-related survey reported gaining weight during the troubles.

That’s not surprising given how a loneliness spike caused many to find comfort in food. Unfortunately, not everybody has been able to lose the extra Covid pounds if you will. And given the general trend of the expanding waistline in the U.S., DXLG just seems relevant.

Also, analysts rate shares a moderate buy with a $7.50 price target, projecting growth of 86%.

Broadwind (BWEN)

Pennies in a jar on top of a background of blurred pennies. Penny stocks.
Source: John Brueske / Shutterstock

Headquartered in Cicero, Illinois, Broadwind (NASDAQ:BWEN) is basically an industrial services provider. Operating in multiple segments within the broader industrial landscape, the company offers solutions for avenues involving heavy fabrications, gearing (i.e. gearboxes) and supply chain management. In particular, Broadwind maintains a significant presence in the renewable energy sector. Here, the company manufactures the towers to which wind turbines integrate.

In recent discussions about the energy sector, I’ve stated many times that the traditional hydrocarbon industry should not be ignored. I still stand by that argument. However, that doesn’t mean we toss aside renewable energy infrastructure as useless or irrelevant. Because of the mathematical reality of population growth, we’ll need to extract power from multiple sources. So, BWEN could be one of the best penny stocks.

However, it’s volatile. While it popped 34% year-to-date, in the trailing six months, BWEN slipped 52%. Still, analysts really dig the opportunity, pegging BWEN a unanimous strong buy. Also, the $9 price target implies nearly 280% upside.

ReWalk Robotics (RWLK)

Stacks of pennies representing penny stocks. Nano-Cap Penny Stocks
Source: John Brueske / Shutterstock.com

Sometimes, you come across feel-good stories on Wall Street that you don’t mind accepting a higher-than-normal risk. In my view, that describes ReWalk Robotics (NASDAQ:RWLK) to a “T.” Founded in 2001, ReWalk specializes in developing wearable robotic exoskeletons. This platform provides powered hip and knee motion to enable people with spinal cord injury to engage in various functions that most of us take for granted: standing upright, walking, turning, and climbing/descending stairs.

What really hits home for many Americans is ReWalk’s potential to restore both capability and dignity to wounded servicemembers. Such a system will better enable veterans to integrate into civilian life. As well, the restoration of certain physical abilities can have a profound impact on holistic wellbeing. With PTSD becoming an extremely common condition for veterans, just the simple ability to get out of the house conveniently could yield massive benefits.

Now, ReWalk isn’t without risks, it must be said. Trading at only 64 cents a pop, shares lost almost 34% of value in the trailing year. Still, H.C. Wainwright’s Swayampakula Ramakanth rates RWLK a buy with a $3 target, implying over 372% upside.

Penny Stocks

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.

Read More: Penny Stocks — How to Profit Without Getting Scammed

On the date of publication, Josh Enomoto did not have (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.

A former senior business analyst for Sony Electronics, Josh Enomoto has helped broker major contracts with Fortune Global 500 companies. Over the past several years, he has delivered unique, critical insights for the investment markets, as well as various other industries including legal, construction management, and healthcare. Tweet him at @EnomotoMedia.

Article printed from InvestorPlace Media, https://investorplace.com/2023/10/the-best-penny-stocks-to-buy-in-november/.

©2024 InvestorPlace Media, LLC