Investors are looking for the next big opportunity as markets rebound from the ongoing COVID-19 outbreak. And our top penny stocks to buy today are the perfect entry point.
With evidence that more Americans have developed antibodies than previously thought and questions about the models tied to the virus, we are seeing momentum slowly returning to the market.
Penny stocks are a great way for new investors to profit in the future. Through proper screening, we can identify inexpensive companies with massive upside potential in the weeks ahead.
Here's our first penny stock to buy...
Penny Stock to Buy, No. 2: Voxx International
Voxx International Corp. (NASDAQ: VOXX) is a Florida-based firm that specializes in some of the most well-known brands of auto and consumer electronics. Brands operate under a variety of global names, including 808 Audio, Jamo, Jensen, Audiovox, and RCA.
But that's not all that makes it our best penny stock today. You see, at Money Morning, we're always interested when a company's owners, directors, or C-suite executives purchase their own stock. This is viewed as a bullish indicator of potential upside for a stock. It's kind of a secret weapon for us...
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Recently, Kahli Beat, a firm that owns 10% of Voxx stock, made two large purchases of company stock. On Tuesday, the company purchased $1.05 million in Voxx stock. It followed up on Friday with a disclosure that it purchased roughly $690,000 in Voxx stock.
With shares on the upswing over the last month, Voxx looks like it's prepared to break out of its flatline over the last year and press much higher over the months ahead.
Shares of Voxx trade at $5 per share. We anticipate that the stock will rally to $6.50 in the next 12 months. That price target represents upside of roughly 30% from Friday's price.
This next penny stock has even more upside potential...
The Best Penny Stock to Buy Today
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Our next company is a unique intellectual property play that allows us to tap into the next generation of mobile handset and wireless devices.
Resonant Inc. (NASDAQ: RESN) operates in the radio frequency business and recently received its first patent for a game-changing technology for the 5G and Wi-Fi markets.
The company has filed more than 200 patents, with more than 50 tied explicitly to 5G. The U.S. Patent and Trademark Office approved a patent for the firm's XBAR technology. According to the company, "These are the first issued patents that protect the company's novel resonator structure, which is optimized for the wide bandwidths, high frequencies, high powers, and low loss required for 5G."
Wall Street cheered the company's announcement earlier this week. Shares climbed more than 11% on Friday afternoon. With 5G set to be one of the defining technology achievements of the decade, Resonant is looking to cash in on its long-standing commitment to the mobile space.
Shares of RESN stock currently trade at roughly $2.13 per share. We see potential upside at $3 per share. That price represents a potential gain of roughly 40% from Friday.
Action to Take: Penny stocks present a great entry point for new investors when the market swings back up after the coronavirus crisis. Today's penny stocks have up to 40% upside potential. Resonant Inc. is going to capitalize big on the 5G wave, so pick it up while you can.
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About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, consultant, and political risk analyst with decades of trading experience and degrees in economics, cybersecurity, and business from Johns Hopkins, Purdue, Indiana University, and Northwestern.