The Best Penny Stocks to Buy Now Could Double

Buying penny stocks on the verge of new 52-week highs continues to be a winning approach. The 2021 stock market has been hot, with the Dow Jones Industrial Average at an all-time-high of 34,900.

A rising tide raises all ships. But the best penny stocks to buy now could rise even higher.

Because penny stocks trade at such low prices - under $5, as the U.S. Security and Exchange Commission defines it - they can pop higher percentages than most stocks.

These top penny stocks happen to be part of the biggest broad market trends happening today. So, they're all hitting new 52-week highs.

Of course, you sometimes want to avoid stocks that just popped big and fast, in case they slide back down just as quickly. But there's a good case for these penny stocks blowing beyond penny stock prices and staying there.

For example, see how this first company wants to play a part in forever changing how people view sports...

This Penny Stock Could Win Esports

Beasley Broadcast Group Inc. (NASDAQ: BBGI) touched new highs last weekend but has pulled back slightly.

The stock appears to be consolidating recent gains before making another run-up and through the 52-week highs. But traders are not the only ones throwing money into the stock. Corporate officers and directors are so confident the company has a bright future that they are buying more shares in the open markets.

Beasley Broadcasting has been around since 1961 when high school principal George Beasley received an FCC license to operate a small AM radio station in Benson, NC. He eventually sold that station and used the cash to buy a bigger station n Goldsboro, NC.

His new career in broadcasting was launched. Today, Beasley Broadcasting owns and operates 62 stations in 15 large- and mid-size markets in the United States. They have a combined listener base of more than 20 million people every week.

Beasley is also pushing into the fast-growing esports markets. They own the Houston Outlaws professional esports Overwatch League team and esports content company CheckpointXP, its offshoot that covers the hot collegiate space with CheckpointXP On-Campus.

The combination of a stable broadcasting business with cash to invest in faster-growing segments like esports attracts attention from traders right now. As a result, when the stock goes through the current 52-week high, we could see explosive buying push the stock toward all-time highs.

This next penny stock takes advantage of an age-old trend but no doubt benefits from a broad market rise.

Top Oil Penny Stock Is Shedding Debt

Dynagas LNG Partners LP (NYSE: DLNG) is a Greek company that transports, owns, operates, and maintains liquid natural gas carriers. Their vessels are leased on long-term contracts to large oil and gas companies around the world.

Dynagas owns six vessels, all of which are currently leased with an average life of 7.7 years until they expire. They have no leases expiring until 2023. After that, the next lease expiration is not until 2026.

Dynagas had to refinance its debt back in 2019 after running into a cash crunch caused by paying out too much cash to shareholders using borrowed money. Today, all of the cash flow will help pay down debt and strengthen the balance sheet.

Every dollar of debt paid down increases the value of the equity of Dynagas Partners. The combination of continued debt reduction and the eventual resumption of dividend payments give this stock the long-term potential to soar in price.

Patient but aggressive investors could see returns of 5x or more on their initial investment over time.

Finally, we'll show you our best penny stock to buy now. This retailer verges on a massive pent-up demand wave this summer...

Best Penny Stock to Soar on Pent-Up Demand

Destination XL Group Inc. (DXLG) operates as a specialty retailer of big and tall men's clothing and shoes in the United States and Canada. They have 26 DLX retail stores, 17 DLX outlet stores, 46 Casual Male XL retail stores, and 22 Casual Male XL outlet stores, as well as an e-commerce site at dxl.com. They have been around since 1976.

Like every other brick and mortar retail chain, Destination XL took some hits from the COVID-related shutdowns in their markets.

Destination XL will see pent-up demand explode and drive revenues back toward pre-pandemic levels. Already in the first quarter of 2021, total sales were $111.5 million, up 94.8% from $57.2 million in 2020.

Destination XL also generated free cash flow for the first time since the pandemic began last year.

They have been using a lot of that free cash flow to pay down debt. Total debt net of cash was $44.3 million compared to $68.2 million on May 2, 2020, and $72.3 million on May 4, 2019.

The strong results caused Destination XL to raise their estimates for both revenues and EBITDA for 2021.

Insiders have been buying the stock continually over the past year. The people running the company have a great deal of confidence in the ability to keep growing the company once the pandemic is behind us.

The Complete List of Best (and Worst) Stocks for 2021

Wall Street insider Shah Gilani says 2021 could be a gold mine for Americans.

He's showing his subscribers exactly which stocks to buy and which to sell.

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Prices, tickers, and company names will be coming your way fast.

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