May 23, 2022 (Penny Stocks via COMTEX) -- Want to buy penny stocks? You might have thought about starting by following analysts. Today we look at 4 penny stocks to buy according to a few Wall Street analysts with bullish price targets to go with them.
The thing to remember about analyst ratings is that they usually have an outlook beyond "today." These firms will dig into things like recent financials, development or product pipelines, and the current industry or market conditions that could contribute to the success or failure of the companies.
Penny Stocks To Buy [According To Analysts]
EOS Energy Enterprises Inc. ( NASDAQ: EOSE )
Porch Group Inc. ( NASDAQ: PRCH )
FTC Solar Inc. ( NASDAQ: FTCI )
Ginkgo Bioworks Holdings Inc.( NYSE: DNA )
1. EOS Energy Enterprises Inc. : +498% /zigman2/quotes/218739493/composite EOSE +10.30%
Energy stocks have recharged bullish traders looking for pockets of opportunity. Even with the stock market crash this year, shares of oil & gas and even alternative energy stocks have jumped. EOS Energy focuses on clean energy systems using its Znyth aqueous zinc battery platform. It is being designed to compete with traditional lithium-ion batteries already in the market.
EOS reported first-quarter earnings and worse than expected EPS and sales results earlier this month. However, based on comments from company CEO Joe Mastrangelo, it appears that EOS is looking at just a simple bump in the road. Mastrangelo explained in a May update that, "We are building a company ready to deliver safe, scalable, flexible, and affordable energy storage. Our manufacturing capacity expansion is on plan, we are seeing improved first-pass production yields, and we are proud to be working towards a cleaner, brighter energy future."
Though analysts have lowered price targets, firms including B. Riley appear to remain bullish based on price targets. Its analysts have a Buy on EOSE stock and a $7 price target. Despite this being much lower than the previous $13 target, the new outlook is still nearly 500% higher than current price levels.
2. Porch Group Inc. : + 74% /zigman2/quotes/215941509/composite PRCH -6.18%
Shares of Porch Group continued trading higher on Monday. This extended a move that began earlier this month after the company announced earnings. Porch's specialty is software development for the home services and insurance industries.
Total revenue for the first quarter reached $62.6 million, equating to a jump of over $35 million compared to the first quarter of last year. "Porch is off to a strong start in 2022…Our vertical software and insurance segments are performing very well and reported substantial revenue increases. This strong performance early in the year gives us confidence in affirming our previously disclosed guidance and highlights why the team is excited about the remainder of the year," said Matt Ehrlichman, founder and Chief Executive Officer of Porch Group, Inc.
With new approvals in Arizona, Georgia, and Virginia, the company is also on track to leverage particular insights from its current data into its underwriting models. Adding to this, JP Morgan analysts recently initiated coverage of the company. The firm set its rating at Overweight and gave a price target o $8. Based on current trading levels, this target sits roughly 74% higher.
3. FTC Solar Inc. : +80% /zigman2/quotes/226387844/composite FTCI +6.93%
Like EOS, FTC is also focused on alternative energy applications. In this case, as the name suggests, the company is part of the solar industry. In particular, FTC provides solar tracking systems and solutions, including engineering and software.