3 Must-Have Penny Stocks to Boost Your 2024 Portfolio

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Penny stocks can be super volatile, but the potential of a modest investment ballooning into a multi-bagger is tough to pass up.

These stocks represent the riskier end of the public equity range. They are distinguished by their limited volume, bargain-basement prices and the swift rate at which their values may fluctuate when compared to the usual suspects in the stock market. This appeal emphasizes the robust impact of these equities in taking your portfolio to the next level.

Although penny stocks can offer enticing gains, many such companies close down, leaving investors to suffer the repercussions of these losses. However, since the Federal Reserve is keeping interest rates high to combat inflation, these stocks may draw in more investors hoping to score breathtaking returns in a tight economy.

Thus, it’s important to separate the gems from the rubble. As long as you can tolerate the high-risk sentiment, these are the three you should bet on right now.

Blade Air Mobility (BLDE)

The Blade Air Mobility (BLDE) logo displayed on a smartphone screen.

Source: Wirestock Creators /

Blade Air Mobility (NASDAQ:BLDE) has successfully carved out its niche in the electric vertical takeoff and landing (eVTOL) market by using an asset-light strategy to traverse America’s congested airspace.

Unlike its rivals, Blade is not a pre-revenue company, having produced a significant $225.2 million last year. Following this achievement, its revenue increased by 13.8% annually, reaching $51.51 million in the first-quarter of 2024 alone. This rise exemplifies Blade’s capacity to generate big revenue gains in a very short time.

Additionally, Blade’s total flight profit surged by 41.5% year-over-year (YOY), with flight margins rising to 19.7% in Q1 2024, as opposed to 15.8% in the same time last year. This upswing out-paced the revenue bump, demonstrating the company’s excellent ability to expand rapidly.

Moreover, Blade’s stock rallied more than 10% in the previous six months, boosted by the eVTOL market’s bright future and the firm’s strong fundamentals. As multiple eVTOL businesses prepare for commercial debuts next year, Blade is well-positioned to benefit from this burgeoning trend.

Vistagen (VTGN)

OLK Stock. Modern Medical Research Laboratory: Two Scientists Wearing Face Masks use Microscope, Analyse Sample in Petri Dish, Talk. Advanced Scientific Lab for Medicine, Biotechnology. Blue Color. KZR stock. RSLS stock. Best Biotech Stocks to Buy

Source: Gorodenkoff /

No penny stocks to buy list is ever truly complete without a biotech contender boasting a pipeline that could take its stock to unprecedented heights. In this realm, Vistagen (NASDAQ:VTGN), a neuro-psychiatric biotech, shines as an excellent example.

Vistagen boasts several clinical-stage neuroscience assets in its portfolio, spearheaded by its promising depression-focused drugs, itruvone, fasedienol, and hormone-free PH80 for women’s wellness. Additionally, the anticipation surrounding the pivotal Phase III trial for the company’s social anxiety drug, fasedienol, in particular, offers a significant near-term catalyst.

Its deep pipeline of neuroscience candidates, targeting individual disorders, distinguishes it from emerging biotechs. Also, like any emerging biotech, Vistagen needs cash, and it has done remarkably well to maintain its robust cash position at $126.6 million. If it can commercialize either of the aforementioned drugs, subject to FDA’s approval, it could take its stock price to new heights.

SoundHound AI (SOUN)

Person holding smartphone with webpage of US audio recognition company SoundHound Inc. (SOUN) on screen in front of logo. Focus on center of phone display. Unmodified photo.

Source: T. Schneider /

The sustained need for artificial intelligence (AI) has reinforced the whole technology ecosystem. SoundHound AI (NASDAQ:SOUN) is in a prime position to benefit from this, thanks to the rise of generative AI and the growing popularity of its conversational AI platform.

SoundHound has considerably established its dominance in the restaurant AI sector by acquiring SYNQ3, making it the largest voice AI provider for eateries. This strategic move allows the company to expand its customer base and revenue streams while capitalizing on the growing need for AI-driven solutions.

This momentum is mirrored in its Q1 2024 results. Its revenue clocked in at $11.59 million, a stellar 73% YOY bump. Notably, this figure includes $3 million directly attributed to the SYNQ3 purchase. This strong financial performance resulted in more than 15% gain in SOUN shares, suggesting a bullish scenario ahead.

Finally, SoundHound has revised its revenue projection to between $65 million and $77 million, up from the previous range of $63 million to $77 million.

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’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, Nabeel Bukhari 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 Publishing Guidelines.

Nabeel Bukhari is a seasoned research analyst and keen investor. His expert insights help readers to skillfully tackle the complexities of the financial sector, with a particular focus on electric vehicles (EVs) and technology stocks. Nabeel holds a Bachelor of Laws degree from Bahria University.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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