Speculative penny stocks have long captured the imagination of investors seeking high-risk, high-reward opportunities. As the S&P 500 and the Nasdaq continue to climb, the small valuations of these companies make them prime candidates for delivering solid returns. With a predicted rise in broader indices and a reduction in the risk-free rate, penny stocks could thrive in the coming year.

In this article, we explore three intriguing top penny stocks listed on major U.S. exchanges that have reported growth in their underlying business fundamentals. These companies offer potential for significant gains, making them attractive short-term momentum plays or long-term investments. If you have an appetite for risk and are looking to capitalize on market conditions in 2024, here are three penny stocks with huge potential for a 5,000% upside.

It should be noted that these magnificent gains also come with the potential for significant risk. But with that being said, they could also offer potentially life-changing returns for the astute investors.

Grab Holdings (GRAB)

GRAB (NASDAQ:GRAB) has shown impressive growth, particularly with the launch of its digital bank, and is focused on AI technology to drive profitability​. This is one of those penny stocks that I believe could one day reach 5,000% gains.

For 2024, GRAB has provided optimistic guidance, expecting revenue between $2.70 billion and $2.75 billion, representing a 14-17% year-over-year increase. The company anticipates adjusted EBITDA to be in the range of $250 million to $270 million. This is up from the previous guidance of $180 million to $200 million.

Analysts have a positive outlook on GRAB, with Barclays’ Jiong Shao raising the price target to $4.7, a 9.3% increase, and maintaining a strong buy rating. The stock has gained 20.9% YOY but has slightly underperformed compared to the S&P 500’s 26.6% increase​.

GRAB is a great stock to bet for a rise in the gig economy, especially for countries in Southeast Asia.

Blink Charging (BLNK)

Blink Charging (NASDAQ:BLNK) is expanding its manufacturing capabilities and continues to report record-breaking revenues, positioning itself well in the growing EV market​.

In 2023, the company achieved record-breaking financial results, with a 130% YOY revenue increase to $140.6 million. Strong demand for both its equipment and services drove this growth. Gross profit for the year was $40.2 million, representing 29% of revenues, up from 24% in 2022.

For 2024, BLNK has set an optimistic outlook. The company aims to achieve a positive adjusted EBITDA run rate by Dec. 2024. This goal is supported by its continued expansion and strategic initiatives. BLNK expects to maintain strong revenue growth, driven by its expanding portfolio of EV charging solutions and strategic partnerships​.

BLNK is one of those top penny stocks to buy for taking advantage of the EV revolution, and is one the reasons I think it could gain over 5,000%.

MGO Global (MGOL)

MGO Global (NASDAQ:MGOL) operates as a lifestyle brand portfolio company. It is involved in fashion design, brand development, licensing, and retail activities, notably linked with the Messi brand. 

In 2023, MGO Global reported significant growth, with a 400% increase in total revenues compared to the previous year. For Q3 of 2023, revenues surged by 948%, reaching $1.47 million. For the first nine months, the revenues were up by 1017%​.

MGO Global has made several strategic moves to enhance its market position. These include rebranding initiatives, expanding its digital and eCommerce operations, and forming key partnerships. Notably, the company expanded its fulfillment support in North America.

For the most recent quarter, the company’s sales increased significantly to $0.67 million, up from $0.045 million in the same period the previous year. Net loss also decreased to $0.164 million from $1.16 million a year ago. Basic loss per share improved to 0.01 cent, compared to 0.09 cents a year ago.

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