5 Best Penny Stocks That Could Reach $5 in 2022
Look out for penny stocks to invest in 2022 and drive profit in wallets
Penny stocks are cheaply priced stocks with the prospects of high percentage returns. These are stocks of small companies with low market capitalisations. Little wonder why many investors are considering the best penny stocks to buy now.
This guide details the best penny stocks to watch. These stocks have the potential to go as high as $5 this year! Learn how best you can put yourself in a position to purchase them.
Top 5 Penny Stocks That Could Reach $5 in 2022
To kick-off, let's examine the best penny stocks to buy now.
- Lucky Block (LBLOCK)
- Snipp Interactive (SPN)
- Taseko Mines Limited (TGB)
- Exela Technologies (XELA)
- Transocean Limited (RIG)
If you're looking for the best stocks to buy now, you can find heaps of shares listed on 17 different stock exchanges.
A Closer Look at the Best Penny Stocks to Invest in 2022
1. Lucky Block (LBLOCK)
Before we begin, it's worth noting that Lucky Block isn't a stock – it's a cryptocurrency. However, this asset is currently one of the hottest in the industry, with massive growth prospects.
LBLOCK is the governance token for Lucky Block, a blockchain gaming platform that's getting massive buzz across the tech space. Lucky Block is looking to change the way online games are played entirely.
The platform is open to anyone worldwide, giving it a massive market. It also uses blockchain to improve transparency and fairness. Transactions can easily be seen and tracked, and everyone has access to the game's records.
This year, Lucky Block launched the LBLOCK token on PancakeSwap – a top decentralized crypto exchange. Since then, the asset's valuation has skyrocketed, rising from $0.0052 to an all-time high of $0.0092. There's been a jump of 76.9% over the past month alone.
LBLOCK has a lot of prospects right now, and it's one of the most promising cryptocurrencies out there. You can also join the Lucky Block Telegram group for all the latest updates.
Cryptocurrency markets are highly volatile and your investments are at risk.
2. Snipp Interactive Inc. (SPN)
Next on our list of the most promising stocks is Snipp Interactive, a Canadian promotion, and loyalty technology company.
As Snipp explains, it offers marketing, loyalty, and rebate solutions for companies across several countries. The company's stock currently trades at $0.17, but its performance has been pretty impressive over the past six months, with a growth of 136.8%.
Snipp has a lot going for it right now. It has an impressive list of clients, from Starbucks to L'Oréal S.A. The company's bookings have also been growing, with a healthy backlog of $10 million recorded as of December 31, 2021.
Revenues for the company across the fourth quarter of 2021 grew by 100%, while its EBITDA jumped by over 300% from a year ago. We believe that the company is among the best penny stocks to buy now.
68% of retail investor accounts lose money when trading CFDs with this provider.
3. Taseko Mines Limited (TGB)
Taseko Mines is an explorer in the copper sector. The company operates in the United States and Canada, some of the most stable copper extraction regions.
There are a lot of benefits for Taseko Mines. For one, copper is looking more attractive right now, with its price up so far this year. With the dollar retreating in value and global supply chains tightening, the copper price has gone higher than 2020's value.
Copper is also an important fixture in electric vehicles (EVs) and infrastructure – two spaces expected to see exponential growth in the next few years.
Taseko is yet to report its Q4 2021 earnings, but its numbers for Q3 were pretty impressive. Revenues hit $132.6 million, while adjusted EBITDA grew to $76.3 million. Adjusted net income was also pegged at $27.0 million ($0.10 per share), a 171% increase from the second quarter.
68% of retail investor accounts lose money when trading CFDs with this provider.
4. Exela Technologies (XELA)
Exela Technologies, based in Texas, is a business process automation company. The company offers services and software for business operations like human resources, accounting, and more.
We included Exela as part of our best stocks to buy right now because the company is in a massive expansion phase. Tech stocks are surging right now, and you could get on the ground floor of something pretty awesome.
Last month, Exela expanded its partnership with Mastercard in Europe, supporting the automation of 11 million payments in Norway.
As for the financials, Exela is admittedly dealing with a bit of a rough patch right now. The company missed its revenue expectations for the third quarter of 2021, recording $279 million in revenues compared to analysts' expectations of $310 million.
However, with 2022 rolling, the company's fundamentals remain very strong. That gives us every reason to believe it is primed for a rebound.
68% of retail investor accounts lose money when trading CFDs with this provider.
5. Transocean Limited (RIG)
Transocean Limited is last on our list of the best penny stocks in 2022. Based in Vernier, Switzerland, the company is the world's largest offshore drilling contractor based on revenue. Its stock is currently up by 14.3% in February alone – a remarkable feat, considering that energy stocks tend to move slowly.
Transocean makes our list of best stocks to invest in 2022 because the company has been doing a great deal to improve its business. The company announced contracts to build five new rigs just this month.
Also, in its latest fleet status report, it explained that these rigs could bring in an aggregate incremental backlog of $87.7 million. With the prices it could charge for deployed vessels, this is more than great news.
This week, Transocean's backlog is valued at a staggering $6.5 billion. With the energy industry showing bullish sentiment over the past few weeks, and tensions in Eastern Europe threatening to upend the market, Transocean is one company to watch.
68% of retail investor accounts lose money when trading CFDs with this provider.
How to Buy the Most Promising Stocks
Now that you know the most promising stocks, it's important to find the best ways to purchase them. Below, we'll examine ways to get your hands on these shares.
How to Buy Lucky Block
You can easily buy LBLOCK on PancakeSwap following these steps:
Visit PancakeSwap
Head over to the official website of PancakeSwap.
Connect Your Wallet
Click on 'Connect Wallet' and choose the crypto wallet you want to pair with PancakeSwap. Note that the crypto exchange currently supports MetaMask, BSC Wallet, Trust Wallet, Wallet Connect, etc.
Use BNB
PancakeSwap is based on the Binance Smart Chain. This means that you'll need Binance Coin (BNB) to purchase tokens here. You can buy BNB from eToro. Once you purchase your BNB, transfer to your PancakeSwap wallet, or just head over to buy LBLOCK if you have BNB in your wallet.
Buy LBLOCK
With your funded wallet, Click on the 'Trade' button on PancakeSwap and click on "Exchange." Select BNB in the "From" section and search for "LBLOCK in the "To" section.
The LBLOCK tokens would be automatically deposited into your crypto wallet within minutes.
How to Buy Stocks on eToro
Here's how to lay hands on any of the best penny stocks to buy now via eToro:
Sign Up
Visit the eToro homepage and click on "Join Now." Enter your username, email and password, and confirm your email address.
Verify Your Identity
Click on the "Verify" prompt on your profile page and proceed. eToro requires verifying your identity using a government-issued ID card and proof of residence.
Deposit Your Funds
There's a "Deposit" button on your profile page. Click on it and deposit your funds. eToro allows you to deposit using bank transfers, payment processors, and cards.
Buy Your Stock
Search for the desired stock in the search bar and click on "Open Trade." Enter how much you'd like to trade, and click on "Trade."
Conclusion
Trading in the stock market is a top means to make money and achieve financial stability. There are multiple options for investors looking for the best penny stocks to buy now; you can start with some of our recommended options above.
However, if you decide to buy shares in any of the companies mentioned in this guide, we recommend using eToro. The broker is highly regulated and easy to use. eToro also offers benefits like commission-free trading, a low minimum balance, and more.
68% of retail investor accounts lose money when trading CFDs with this provider.
