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Tesla Inc. (NASDAQ: TSLA) has gained 101% in 2020 so far. You hate missing runs like that.
And if you didn't, great! That just means you could earn even more with two of the best penny stocks to buy today – up to 154% profit potential.
It's important to control your fear of missing out (FOMO) in today's market. The markets are sitting near all-time highs, and fears of recession are brewing. You want a breakout stock with limited risk.
If you're going to speculate, tap into penny stocks that combine low cost with strategies that dramatically improve your probability of triple-digit returns.
I'll show you my two favorites today. I'll also discuss a few of my favorite penny stock strategies to help you find stocks with the most upside.
This first one could earn you more than 45%…
The Top 5G Penny Stock
Nokia Oyj (NYSE: NOK) was once the darling of the mobile phone industry before the invention of the iPhone. The Finnish global telecom and consumer electronics company has actually been around since 1865.
But 5G is giving this stock a new tailwind.
The firm is working to bolster its 5G offerings in Japan and considers the next-generation technology the "end-to-end network transformation" that can bring it back to international prominence. It just bought optical networking firm Elenion to help with the 5G race.
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One of the key things I want to see when buying a tech penny stock is who else is going along for the ride. Over the last year, we've watched as hedge funds pile more and more money into Nokia. In the fourth quarter, hedge funds increased their holdings of Nokia stock by a whopping 21.3 million shares. This included big purchases by Capital Growth Management ($28.57 million in stock) and Southeastern Asset Management ($12.06 million).
The ongoing growth of hedge fund investment signals that large institutional investors are willing to put large stakes of capital on a company at a time of major transformation. These companies believe in Nokia's next-generation technology and view it as a low-floor, high-return opportunity compared to other speculative positions in the space.
Nokia stock currently trades at $4.12 per share. But with 5G ramping up, shares could rise to $6 over the next 12 months. That price target represents a potential upside of 45.6% in the next year.
But our best penny stock today could earn 154% for today's investor…
The Best Penny Stock to Own Right Now
About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.