The 7 Best Penny Stocks to Buy in June 2024

  • Genworth Financial (GNW): GMW is an insurance provider with promising Q1 2024 results and strategic measures.
  • Uranium Energy Corp (UEC): UEC is a uranium mining company positioned to benefit from a growing demand for clean nuclear energy.
  • FingerMotion (FNGR): FNGR is a mobile money payment and communication services company with improving financials and analyst optimism.
  • Keep reading for more of the best penny stocks to buy ideas!
best penny stocks to buy - The 7 Best Penny Stocks to Buy in June 2024

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Investing in smaller public companies, specifically those with shares trading under $5, commonly known as penny stocks, is quickly becoming an appealing choice for investors hunting for great returns in today’s economic climate. This reality forms the thesis of my article for the best penny stocks to buy for June.

When bigger firms show inflated values and the S&P 500’s price-to-earnings ratio is at a hefty 24.79x earnings, penny stocks offer an exciting alternative. There are rumblings about high-valued tech giants being responsible for driving index return rates up causing fears regarding overvaluation — making it plausible that money might start flowing into less capitalized businesses soon enough. It’s definitely worth keeping an eye out for this possible trend!

However, use caution, even when dealing with the best penny stocks to buy. These stocks are rather unstable and can swing wildly in value. Plus, many of them lack the “liquidity” or ease to buy or sell shares without changing their price significantly, making it hard to sell them in a hurry.

With that said, here are seven of the best penny stocks investors should consider this month.

Genworth Financial (GNW)

A shot of the Genworth Financial (GNW) sign on an office building in Canada.
Source: JHVEPhoto /

Genworth Financial (NYSE:GNW) is an insurance company with multiple business segments. Its main segments are life insurance, long-term care insurance and mortgage insurance. The company started over a century ago, and over the years it has grown to be among the leading insurance providers to millions of people through various insurance products. I think it’s one of those best penny stocks that could become a multibagger in the future.

It has shown promising results for the beginning of 2024, with strategic measures taken by the company. Genworth bought back $63 million of shares in Q1 2024, totaling $434 million through April 30 at an average price of $5.42 per share. A subsidiary, Enact, declared a higher quarterly dividend payment and initiated a new program of buying back $250 million worth of shares. 

Financially, Genworth reported net income of $139 million, or $0.31 per diluted share, and an adjusted operating income of $85 million, or $0.19 per diluted share. Enact raised its adjusted operating income for Genworth to $135 million and capital returns to $61 million. 

These results are why I’m bullish on GNW, as I think it’s a trend that will continue.

Uranium Energy Corp (UEC)

periodic table concept with black cubes. uranium element is glowing. Uranium stocks
Source: Shutterstock

Investors are turning their attention to uranium as VanEck Uranium and Nuclear Technologies UCITS ETF (NYSEARCA:NLR) has broken the $200 million mark for assets under management. The ETF is related to companies operating in the uranium and nuclear energy area, and inflows are pouring in.

That leads me to Uranium Energy Corp (NYSEMKT:UEC), a uranium mining and exploration company. It seizes opportunities from the increasing need for clean, environmentally friendly and carbon-free nuclear energy in the U.S. The firm’s activities comprise the development and exploration projects located in the United States of America, emphasizing environmentally friendly and efficient mining processes.

UEC’s revenue is projected to grow significantly in the coming years. From $23.16 million in 2022, revenue is expected to soar to $118.79 million in 2026, representing a growth of 412.91%. Companies like UEC will be in hot demand as the world pivots away from thermal coal burning and into cleaner sources.

FingerMotion (FNGR)

Woman pay with mobile phone by NFC technology. FNGR stock
Source: leungchopan /

FingerMotion (NASDAQ:FNGR) is a new technology company with its primary focus on the provision of mobile money payment and communication services. It provides a vision for changing the user experience of mobile devices through big data analysis to offer new services to the telecommunication and financial services industries.

The company provided its financial results for the first quarter of the fiscal year 2024, revealing many improvements in its financial and operating activities. The company generated annual revenue of $35.79 million, up 5% compared to the last fiscal year. 

Although it provided rather contradictory results across various business lines, FingerMotion decreased its annual net loss by 50% and reported a net loss of $3.76 million, which shows a better financial position than in 2023.

Stock-wise, analysts have a bullish view about FNGR and still hold a Strong Buy recommendation with a target price of $5. That indicates a potential upside of approximately 66% from its current price​.

SelectQuote (SLQT)

a person holds up a scrap of paper that asks "Are you covered?"
Source: Shutterstock

SelectQuote (NYSE:SLQT) is an insurance sales platform that aims to deliver insurance directly to the consumer. It also enables the consumer to compare and purchase insurance from different carriers. It opened in 1985, and over the years has expanded its operations by focusing on guaranteeing consumers value for their money in the insurance sector.

SLQT’s recent financial performance has made me feel bullish.

Revenues of SelectQuote for the third quarter of the fiscal year 2024 amounted to $376.4 million, with a net income of $8.6 million. Adjusted EBITDA reached $46.6 million. The company increased its FY2024 revenue expectations between $1.25 billion and $1.3 billion. Previous estimates were in the range of $1.23 billion to $1.3 billion. 

Concerning the net loss, projections changed from a range of $34 million to $21 million. Previous estimates were between $45 million and $22 million. Adjusted EBITDA guidance increased to between $100 and $110 million from $90 to $105 million.

In terms of actual performance, SelectQuote has experienced significant growth in SelectRx membership within the Healthcare Services, one of its main revenue-generating operations. The membership grew to 75,074.

SQLT, therefore, operates a growing business in terms of operational achievements and strengthening financial stability.

Overseas Shipholding Group (OSG)

Panorama of Oil and Gas central processing platform in twilight, offshore hard work occupation twenty four working hours. Best oil stocks to buy. Oil & Gas Stocks to Avoid
Source: Oil and Gas Photographer /

Overseas Shipholding Group (NYSE:OSG) is one of the largest energy transportation companies that transport crude oil and petroleum products around the world. The company has a fleet of vessels and is one of the best penny stocks for investors this month.

OSG had a great first quarter that I think will continue throughout the year. Shipping revenues were $117.5 million, an increase of $3.7 million, or 3.3%, compared to the first quarter of 2023. Net income was $14.6 million, or $0.19 per diluted share, compared to a net income of $12.1 million, or $0.14 per diluted share, for the first quarter of 2023​.

Also, OSG seems undervalued compared to its peers in terms of the valuation ratios. It has a rather low price-to-earnings ratio of 10.32 times earnings, which shows the stock is still relatively inexpensive. That is relatively limited compared to other companies, which indicates this is a good opportunity for undervaluation.

Pitney Bowes (PBI)

The office logo for Pitney Bowes on a glass building.
Source: JHVEPhoto /

Pitney Bowes (NYSE:PBI) specializes in mailing, logistics and e-commerce. The company started in 1920, initially beginning as a postage meter producer. Today, it is one of the world’s leading providers of commerce solutions, with billions of transactions taking place around the globe.

The company provided its revenue guidance for 2024, expecting it to be flat to a low single-digit decline. EBIT margins are anticipated to remain comparable to the previous year. Capital expenditures for 2024 are projected to be at the same level as in 2023. However, interest expenses and taxes will likely increase.

PBI’s revenue in the first quarter of 2024 was $831 million, slightly down from the $835 million recorded in the same quarter of the previous year, marking a marginal decline. That figure slightly exceeded market expectations, which had forecasted revenue of $797 million.

Looking ahead, analysts project significant growth in the company’s earnings per share over the next year, increasing from -2 cents to 34 cents. This is a key reason I think it’s one of those best penny stocks to buy.

Linde (LIN)

Logo of Linde AG (LIN) in Hanover, Germany - The Linde Group is a multinational chemical company
Source: nitpicker /

Linde (NYSE:LIN) is one of the world’s largest industrial gasses and engineering companies catering to a number of industries like healthcare, petroleum refining, manufacturing and food and beverage. The company focuses on operational efficiency as well as the promotion of sustainable industrial processes.

LIN posted its first-quarter 2024 earnings, showing $8.1 billion in revenue, which was 1% less than the previous year. However, underlying sales increased 1%. Operating profit stood at $2.1 billion, and the adjusted operating profit was $2.3 billion, an increase of 6%.

EPS was $3.35, up 9% from the previous quarter, and the adjusted EPS was $3.75, up 10% year-over-year. Linde expects adjusted EPS for fiscal 2024 to be in the range of $15.30 to $15.60, an 8% to 10% annual increase. 

Due to the demand for industrial gasses, LIN’s revenue is estimated to grow from $34.01 billion in 2024 to $43.8 billion by 2028. The EPS also depicts a significant growth trend, rising from $14.89 in 2024 to $22.40 by 2028.

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

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

Matthew started writing coverage of the financial markets during the crypto boom of 2017 and was also a team member of several fintech startups. He then started writing about Australian and U.S. equities for various publications. His work has appeared in MarketBeat, FXStreet, Cryptoslate, Seeking Alpha, and the New Scientist magazine, among others.

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