In this article, we delve into the realm of speculative penny stocks, uncovering three intriguing opportunities that possess the potential to reshape investors’ portfolios. So here are three speculative penny stocks for investors to consider.
Archer Aviation (ACHR)
Archer Aviation (NYSE:ACHR) is one of my favorite speculative penny stocks and perhaps the company that I’m the most bullish on for this article.
ACHR stock is focused on pioneering electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. The company has made serious moves toward commercialization, and I feel that it is on the right track to reach this goal. Archer is on the cusp of achieving a major milestone. It is constructing its first three Midnight aircraft that conform with Federal Aviation Administration (FAA) certification standards. When completed in the next few weeks it sets the stage for piloted flight testing and subsequent “for credit” flight testing with the FAA.
Analysts also have a positive outlook on ACHR stock, with an average stock price target of $9.60, suggesting a significant upside from its current price. This consensus rating of “buy” from analysts. I feel that Archer’s continued developments in the flying car industry make it one of those speculative penny stocks to buy.
Hecla Mining (HL)
Hecla Mining (NYSE:HL) is a silver and gold producer with operations focused in the U.S., Canada and Mexico.
As with the other speculative penny stocks on this list, I think that 2024 will be strong for HL stock. The reason is that Hecla anticipates silver production to exceed 17.5 million ounces, according to its revised guidance. It also expects 20 million ounces of silver production by 2025, which is staying true to its original strategy.
This year will also see the miner explore other strategies to improve its operational performance. These include managing debt levels and engaging in strategic base metal and foreign currency hedging to protect against price volatility.
Wall Street seems to like HL stock’s prospects over the next twelve months. It carries a “strong buy” rating, and the average upside for its stock price is predicted to be 79.1%.
Tilray Brands (TLRY)
Tilray Brands (NASDAQ:TLRY) is one of those speculative penny stocks that has a substantial presence in the cannabis market. Although the results so far from the cannabis industry have been disappointing for most, the long-term outlook still looks accretive for investors. TLRY stock could be in a prime position to deliver those gains.
For the current fiscal year, Tilray reiterated its adjusted EBITDA target of $68 million to $78 million. That indicates growth of 11% to 27% compared to fiscal year 2023. Moreover, generating positive adjusted free cash flow is a primary focus of the company.
Tilray reported significant progress across its various business lines last quarter. Internationally, the company has seen 55% growth in its cannabis net revenue. Management is confident that it can continue to see strong growth. That’s enough for analysts to reward TLRY stock with average upside potential of 103.8% and a “buy” rating
Take note, Tilray does have negative GAAP profits. However, analysts forecast the pot stock will soon enter into positive territory. The timeframe varies for GAAP profitability but some estimates put it in the ballpark of FY2026 and FY2027.
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On the date of publication, Matthew Farley did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Matthew started writing coverage of the financial markets during the crypto boom of 2017 and was also a team member of several fintech startups. He then started writing about Australian and U.S. equities for various publications. His work has appeared in MarketBeat, FXStreet, Cryptoslate, Seeking Alpha, and the New Scientist magazine, among others.