Investors looking to invest in penny stocks (learn more about penny stocks here) for 2024 could keep an eye on Usio (NASDAQ:USIO), Smith Micro Software (NASDAQ:SMSI), and Rigetti Computing (NASDAQ:RGTI). These stocks belong to the tech sector and have a Strong Buy rating.
Furthermore, the image below shows that USIO, SMSI, and RGTI stocks offer significant upside potential from current levels based on analysts’ average price target.
Is USIO a Good Stock to Buy?
USIO stock is a Strong Buy based on analysts’ ratings. This FinTech company provides cloud-based electronic payment and embedded financial solutions and has consistently grown its revenues. Further, it continues to invest in strengthening its infrastructure for long-term growth.
With three Buy and one Hold recommendations, Usio stock has a Strong Buy consensus rating. While the stock has underperformed and is down about 3% year-to-date, the average USIO stock price target of $7.33 suggests that it has the potential to go up by a whopping 356.7% from current levels.
Is Smith Micro Software a Good investment?
Analysts’ recommendations suggest Smith Micro Software is a good investment. Smith Micro is a software company. The company experienced a sequential improvement in its top line in Q3. What stood out is that the company exceeded its cost reduction targets and lowered its operating expenses.
Four analysts cover SMSI stock, and all recommend a Buy. While the stock has lost substantial value, declining about 62% year-to-date, the average SMSI stock price target of $3.50 suggests that it has the potential to rise by 334.4% from current levels.
What is the Stock Price Prediction for Rigetti Computing?
Rigetti Computing is focused on building quantum computers. The company expanded its quantum processing unit (QPU) customer base in Q3. Moreover, it was awarded a quantum foundry services contract.
With three unanimous Buy recommendations, Rigetti Computing has a Strong Buy consensus rating. RGTI stock has gained about 36% year-to-date. Further, the average RGTI stock price target of $3 suggests 201.8% upside potential from current levels.
Bottom Line
These penny stocks sport a Strong Buy consensus rating from analysts and have significant upside potential. Meanwhile, investors can use TipRanks’ penny stock screener to find more top-rated penny stocks.
