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There have been over 4.5 million confirmed cases of COVID-19 this year. This has prompted states to reconsider their reopening measures.
Our best penny stock today is thriving in this new economy where people are staying home, ordering supplies for delivery, and taxing our logistical infrastructure.
This has made companies that can solve these issues home run plays right now. It's what government officials would call an "essential" service. It's hard to think of many things that are more essential than what this company offers right now.
That essential role could help our top penny stock today gain 193% in less than 12 months, even in the face of a global health crisis.
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According to the U.S. Securities and Exchange Commission, penny stocks trade for under $5 a share. Because of their low share price, penny stocks can double or triple in a matter of days.
With this company's services becoming more important than ever in the new economic climate, it's an ideal candidate. Here's the penny stock with 193% profit potential…
The Best Penny Stock Right Now Is This Essential Business
PowerFleet Inc. (TLV: PWFL) is a New Jersey–based company that provides wireless Internet of Things solutions for securing, controlling, tracking, and managing high-value enterprise assets like trucks, trailers, containers, cargo, and other vehicle fleets.
This company was recognized as critical for COVID-19 response back in March. The U.S. Department of Homeland Security cited PowerFleet as providing essential critical infrastructure in COVID-19 response.
That's because PowerFleet serves customers like Walmart Inc. (NYSE: WMT), the U.S. Postal Service, Nestle, The Proctor & Gamble Co. (NYSE: PG), General Mills Inc. (NYSE: GIS), and other key members of the food distribution supply chain.
PowerFleet will continue to be of critical importance going into the fall, as many expect businesses to shut down again, similar to the first COVID outbreak in March. People have relied on delivery more through the outbreak, and that will be no different if we get a second round.
CEO Chris Wolfe says the company has "proactively adjusted our cost structure in order to make sure our balance sheet and business can not only weather this storm but come out stronger when the situation recovers."
This has been reflected in PowerFleet's top-line growth this year. Its trailing 12-month revenue is up 22% from their 2019 annualized revenue. Not to mention, 2019 revenue was 52% higher than 2018, going from $53 million to $81 million.
This company will continue to see steady growth as new technologies are developed and become more widely used.
Shares trade at $4.43 right now. But analysts give the stock a potential 12-month target of $13. That's a chance at 193% growth in the coming months.
Action to Take: We could see another round of COVID in the fall. Many states have already begun to close their economies again. But even with businesses closed, there are still penny stocks to watch that could do well. PowerFleet Inc. (TLV: PWFL) provides an indispensable service to food supply chains. And it has 193% growth potential from its current price of $4.43.
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About the Author
Mike Stenger, Associate Editor for Money Morning at Money Map Press, graduated from the Perdue School of Business at Salisbury University. He has combined his degree in Economics with an interest in emerging technologies by finding where tech and finance overlap. Today, he studies the cybersecurity sector, AI, streaming, and the Cloud.