3 High-Potential Penny Stocks to Turn $1000 into $1 million


  • These three penny stocks offer high risk, but high return potential.
  • Canoo (GOEV): Partnerships with USPS and NASA could spur revenue growth.
  • Cybin (CYBN): CYB003 is in the final stages of its clinical trial and positive results will lead to a rally.
  • Gee Group (JOB): A cheap valuation should keep Gee on penny-stock investors buy-lists.
high-potential penny stocks - 3 High-Potential Penny Stocks to Turn $1000 into $1 million

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Investing in penny stocks requires not just patience, but an immense appetite for risk. U.S. equities are in the midst of a rally with the Nasdaq and S&P500 rising 7.97% and 7.02%, respectively, on a year-to-date basis. The Russell 2000 Index, which tracks the performance of small-cap companies, is up around 2.26% year-to-date. If penny-stock investors make wise investments, they could trounce the returns of the major indices. However, they could also lose all of their investment if they don’t do their due-diligence.

In this article, I will introduce three high-potential stocks penny stocks primed for explosive future growth. These stocks span different sectors and industries, but they all have one thing in common: they are disrupting their respective markets and have the potential to create value for their shareholders.

Canoo (GOEV)

Canoo (GOEV) logo displayed on smartphone screen as well as in background on yellow wall
Source: shutterstock.com/rafapress

Canoo (NASDAQ:GOEV) is a U.S.-based electric vehicle (EV) startup focusing on subscription-based mobility services. The company’s flagship product is the Canoo Lifestyle Vehicle, a futuristic-looking SUV that can seat up to seven people. In 2023, the EV start-up successfully delivered three Crew Transportation Vehicles (CTV) to NASA’s Kennedy Space Center in Florida. Subsequently, in 2024, the U.S. Postal Service announced that it would purchase 6 EVs from Canoo

The secret to the appeal of Canoo’s vehicles is their innovative chassis design. In particular, the EV startup’s vehicles are built on a proprietary skateboard platform, which integrates the battery, motor and other components into a modular chassis that can accommodate various body types and sizes.

The company is currently trading around 9 cents a share but could rise as more deals and partnerships get announced.

Cybin (CYBN)

An image of a scientist holding mushrooms in forceps, mushrooms in a lab dish; psychedelic treatment development
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Cybin (NYSEMKT:CYBN), a clinical-stage biopharmaceutical company that develops psychedelic-based therapeutics for mental health conditions. While Cybin is still in the pre-revenue stage, the company has made meaningful strides in the development of CYB003 which will be able to treat major depressive disorder, CYB004 for generalized anxiety disorder and CYB005 to treat neuroinflammation. The California state legislature’s recent decision to decriminalize mushrooms as well as other natural psychedelics could eventually bring forth meaningful business growth and opportunities for Cybin in the future.

The stock is currently trading at 32 cents per share, which makes sense given the lack of substantial revenue. However, Cybin’s assets remain relatively robust, amounting to $39 million. The final stage of the clinical trials for CYB003 are on their way to completion, and the results could potentially breathe life into Cybin’s share value.

Gee Group (JOB)

A line of people holding resumes, as if at a staffing agency.
Source: Shutterstock

Gee Group (NYSEMKT:JOB) is a national staffing and recruiting firm servicing small-and-medium sized businesses (SMBs). The company provides specialized contract and permanent personnel in the IT, legal, accounting and healthcare industry verticals. The company provides all of these professional services through its multiple brands, such as SNI Companies, Agile Resources, Access Data ConsultingTriad Personnel Services and Paladin Consulting.

The stock is currently trading at 35 cents per share, which implies a market capitalization of $38.2 million, making it a great option in high-potential penny stocks to buy. Moreover, shares are trading at 5.8x forward earnings, while its enterprise value is only 2.0x forward EBITDA. Both of these metrics imply the company is trading cheaply relatively to the profits it’s generating. Investors looking for exposure to a labor market that remains robust should definitely consider adding shares of JOB to their portfolio.

On the date of publication, Tyrik Torres 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.

Tyrik Torres has been studying and participating in financial markets since he was in college, and he has particular passion for helping people understand complex systems. His areas of expertise are semiconductor and enterprise software equities. He has work experience in both investing (public and private markets) and investment banking.

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