Investors have been snapping up penny stocks lately in search of major upside potential. These low-priced stocks often offer investors a way to make big gains in a short period of time. In this article, we’ll look at two penny stocks that analysts are bullish on. They both have the potential to surge over 400% in the near future.
1. NIO Inc. (NYSE: NIO)
NIO Inc. is a Chinese electric vehicle maker. The company manufactures and sells smart electric vehicles, as well as provides connected car services. Its products include the ES8, ES6, and EC6.
Analysts at Jefferies recently upgraded NIO to a “strong buy” rating and set a price target of $27 per share. That implies potential upside of over 400% from its current price of around $5.50 per share.
Analysts are bullish on NIO due to its strong product portfolio, expanding customer base, and improving financial performance. The company is also focusing on expanding its presence in China’s electric vehicle market, which is expected to grow significantly in the coming years.
2. Plug Power Inc. (NASDAQ: PLUG)
Plug Power Inc. is a fuel cell technology company. It designs, manufactures, and commercializes hydrogen and fuel cell systems. The company’s products are used in a variety of applications, including material handling and backup power.
Analysts at B. Riley recently upgraded Plug Power to a “strong buy” rating and set a price target of $20 per share. That implies potential upside of more than 400% from its current price of around $4 per share.
Analysts are bullish on Plug Power due to its improving financial performance and expanding customer base. The company’s products are increasingly being adopted in a variety of industries, which is expected to drive growth going forward.
Bottom Line
Penny stocks can be a great way to make big gains in a short period of time. NIO Inc. and Plug Power Inc. are two penny stocks that analysts are bullish on. They both have the potential to surge over 400% in the near future.