With their low prices and tendency to be more volatile than the overall market, many investors see penny stocks as a possible opportunity for extremely high returns.

Yet while the opportunity is there to generate fast gains in a short time frame, this may not be the best approach. A better way to approach these types of types is with a strategy more long-term in nature.

Penny stock movements can be unpredictable. This makes success in day or swing trading in such names a lot easier-said-than-done for most investors.

However, by investing instead of trading, and having the patience/stomach to ride out near-term volatility, there are plenty of promising plays in “penny stock territory” that could produce strong gains over the course of a decade.

These gains could arrive from organic growth, the impact of a turnaround, or merely from the market discovering an under-the-radar stock, and re-pricing it at a valuation more in line with the company’s underlying valuation.

So what are some examples of such plays? Consider these seven. A mix of deep value plays and promising growth stories, each one has the potential to triple in price between now and 2033.

Butler National (BUKS)

Aviation and casino gaming company Butler National (OTCMKTS:BUKS) has more than quadrupled in price over the past decade. In more recent years, shares have delivered a mixed performance.

Is another hot run possible? Another four-fold jump may be a stretch, but a tripling in price could be within reach.

How so? There are many factors in play that could drive such gains for BUKS stock within ten years. As I discussed back in August, a recent shake-up in the C-suite points to significant cost savings compared to the company’s recent earnings.

The company could also continue to aggressively repurchase shares, which may place upward pressure on the stock.

Finally, within a decade, this diversified company could finally close the gap between its stock price and the underlying value of its businesses. This could be achieved by selling/spinning off one of its two main operating businesses.

Broadwind (BWEN)

For investors looking for “green wave” exposure, Broadwind (NASDAQ:BWEN) may be one of the best penny stocks out there.

While this renewable energy equipment stock plunged after the clean energy stock bubble burst in 2021, so far in 2023 shares have performed very well, with BWEN soaring by 95.5%.

Yet while those who bought in at or near multi-year have already seen big gains on their BWEN stock investment, it’s not too late to buy, for the potential for threefold gains. Not only does such a return seem within reach between now and 2033.

A tripling-in-price could arrive far sooner. Why? Forecasts call for Broadwind’s annual earnings to hit 73 cents per share in 2024.

With additional growth in the years that follow, BWEN will only need to maintain its current earnings multiple (around 12.5) to hit triple from current levels ($3.50 per share).

Exro Technologies (EXROF)

Speaking of renewable energy-exposed stocks with big potential, Exro Technologies (OTCMKTS:EXROF) is another such example.

Based in Canada, Exro is an early-stage company focused on developing components for electric vehicles, as well as battery control systems for energy storage systems.

Also like BWEN, EXROF stock was buried post-bubble in 2021 and 2022, yet has embarked on a comeback more recently, rising by around 119.3% in the past year.

The company is now is in the commercialization stage, and has signed new agreements with manufacturers interested in utilizing its technology.

In turn, Exro may be poised to report a materially higher level of revenue over the next few years, perhaps to the extent that it finally reaches the point of profitability.

Such progress is likely sufficient for EXROF to re-hit past highs (over $5 per share), which are more than three times the stock’s current trading price.

Full House Resorts (FLL)

Shares in Full House Resorts (NASDAQ:FLL) have fallen by more than 50% since earlier this year, but that isn’t a sign to stay away. If you’re looking for penny stocks with the potential to triple within a decade, this casino operator is worth considering.

Although Full House has reported negative earnings in recent quarters, pre opening and development costs associated with two new or upcoming casino projects have been a key reason for these losses. As the company’s two latest properties (American Place in Illinois, Chamonix in Colorado) become operational, profitability could bounce back in a big way.

Per sell-side forecasts, earnings could come in at 65 cents per share in 2025. Add in the potential for this casino operator to develop/acquire additional properties, and/or monetize its casino real estate, and there’s much in play for FLL stock to triple in price by 2033.

Oppfi (OPFI)

Macro uncertainties like rising interest rates and the threat of recession have hit fintech stocks like Oppfi (NYSE:OPFI) especially hard since 2021.

However, investors have this year started to dive back into such names, as it becomes apparent the market went overboard pushing them to heavily discounted prices.

In recent months, OPFI stock has experienced a noticeable jump in price. Mostly, due to this installment loan company’s reporting of strong results for the preceding quarter. Last quarter, earnings rose by 90% year-over-year. Oppfi also raised its full-year outlook.

With this, past pessimism is looking like an overreaction. Despite moving higher, OPFI still trades at a low valuation. You can buy this stock today at a forward earnings multiple of just 6.2. Oppfi’s valuation could expand, as economic conditions normalize.

This, combined with continued growth, could propel shares from $2.40 to $7.20 per share.

Pagaya Technologies (PGY)

Pagaya Technologies (NASDAQ:PGY) is another hard-hit fintech beginning to bounce back on improved sentiment. Shares in Pagaya, which develops AI-power models for loan underwriting, surged and sank during 2022, falling to as low as 57 cents per share.

PGY stock remains in the penny stocks category, but it has bounced back by around 30.5% this year. Just like Oppfi, improved results have driven this. However, as Pagaya continues to securitize loans and form strategic partnerships, the company appears primed to keep scaling up.

This growth could keep the stock moving steadily higher, especially if/when consistent profitability is reached.

Given the potential for this relatively small fintech to become a major name in an increasingly digitized financial services space, not only is a threefold jump within ten years possible.

PGY may have the potential to re-hit its past high-water mark (around $25 per share) within this time frame.

Pitney Bowes (PBI)

I may sound like a broken record, arguing the bull case for Pitney Bowes (NYSE:PBI), but among penny stocks to buy, shares in this business products company have one of the most clear-cut paths to substantial upside.

Back in May, an activist investment firm (Hestia Capital) gained four seats on the company’s board. During the proxy fight, Hestia laid out its transformation game plan for Pitney Bowes.

As I recently argued, the recent exit of longtime CEO Marc Lautenbach points to Hestia being able to fully implement this ambitious plan.

Said plan includes material cost-cutting, organic growth investments into one of PBI’s faster-growing subsidiaries, and the divestiture of one of its other main operating segments.

If successful, this plan could result in PBI stock climbing from $3.68 per share today, to between $11.34 and $16.33 per share. That’s well over three times PBI’s current stock price.

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.