Top 5 Penny Stocks for April 2024

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Penny stocks have gained significant attention in recent years as investors seek opportunities for substantial returns. With their low share prices and potential for high growth, these stocks have become increasingly popular among traders and investors alike. However, navigating the world of penny stocks requires thorough research, a clear strategy, and an understanding of the risks involved.

In this article, we will explore the top 5 penny stocks for April 2024, carefully selected based on their market trends, financial health, and growth prospects. From SoundHound AI Inc to Mira Pharmaceuticals Inc, we will delve into each company’s unique position and potential for significant gains.

1. Ventyx Biosciences Inc (NASDAQ: VTYX)

Ventyx Biosciences, Inc. (VTYX) is a biotechnology company that made its debut on the NASDAQ stock exchange on October 21, 2021. As of April 2024, the company has a market capitalization of $393.684 million, with its stock price trading at $5.59 (+1.64%) after hours on April 1, 2024. The 52-week range for VTYX is between $1.87 and $40.58, indicating the potential for significant volatility and growth.

Key Highlights:

  • Operates in the biotechnology industry, part of the healthcare sector
  • Employs 79 individuals
  • Analysts have an average “Buy” rating for VTYX, with a price target of $20.5 (+266.73%)
  • Recently announced a $100 million private placement of common stock
  • Reported cash, cash equivalents, and marketable securities of $252.2 million as of December 31, 2023

Ventyx Biosciences has been actively participating in investor conferences and hosting virtual investor events to showcase its growth prospects and financial health. The company is set to present data from its Phase 2 trial of VTX002 in ulcerative colitis at the 19th Congress of the European Crohn’s and Colitis Organization (ECCO), demonstrating its commitment to advancing its pipeline. However, investors should be aware of the inherent risks associated with penny stock trading, including high volatility and the potential for significant losses. It is essential to conduct thorough research and due diligence before making any investment decisions.

2. Federal National Mortgage Association (OTCPK: FNMA)

The Federal National Mortgage Association (FNMA), commonly known as Fannie Mae, is a government-sponsored enterprise that has shown promising potential as a penny stock investment in April 2024. As of April 1, 2024, the FNMA stock price stands at $1.695, with a notable uptrend over the past year. Our site’s custom algorithm, based on deep learning, indicates a future price of $2.6331223426817 after one year, taking into account various factors such as volume changes, price changes, market cycles, and similar stocks.

In the short term, the stock is expected to rise 56.54% in the next 3 months, with a 90% probability of holding a price between $2.25 and $3.09. The stock holds a sell signal from the short-term moving average and a buy signal from the long-term average, with the short-term average being above the long-term average, indicating a general buy signal. Resistance is expected at approximately $1.84 on further gains, while support can be found at approximately $1.45 on a fall.

Despite some negative long-term forecasts from certain analysts, Fannie Mae has recently received recognition for its sustainability efforts.

  • Fannie Mae has received the 2024 ENERGY STAR Partner of the Year—Sustained Excellence Award from the U.S. Environmental Protection Agency (EPA) and the U.S. Department of Energy.
  • Both Fannie Mae’s multifamily business and single-family business have received the Energy Star Partner of the Year—Sustained Excellence Award for four consecutive years.

Additionally, Fannie Mae announced the winning bidder for its twenty-third Community Impact Pool (CIP) of non-performing loans, expected to close on May 22, 2024 [12].

3. SoundHound AI Inc (NASDAQ: SOUN)

SoundHound AI, Inc. (SOUN) has shown impressive growth and potential in the voice and speech recognition market. As of April 1, 2024, the SOUN stock price stands at $5.56 , with a forecasted 3.11% increase to $5.84 per share by April 6, 2024 . The company’s revenue has grown significantly from $13 million in 2020 to $46 million in 2023, representing a 52% three-year CAGR. SoundHound AI expects revenue to reach $63–$77 million in 2024 and exceed $100 million in 2025.

Key Highlights:

  • The voice and speech recognition market is expected to grow at a CAGR of 14.9% from 2023 to 2030 .
  • The generative AI market is projected to expand at a CAGR of 47.5% during the same period.
  • Companies like Hyundai, Stellantis, Vizio, White Castle, and Church’s Chicken use SoundHound AI’s Houndify platform for voice recognition services.
  • The company is investing in acquisitions and scaling up its business, pushing back its goal of achieving a positive adjusted EBITDA in 2025.

Investors should consider the following factors when evaluating SoundHound AI as a potential penny stock investment:

  1. Stock Performance:
    • The stock has recorded 15/30 (50%) green days with 25.18% price volatility over the last 30 days.
    • The 50-day SMA is $4.41, and the 200-day SMA is $2.88.
    • The stock is in a rising trend in the short term and is currently in the lower part of this trend.
  2. Risk Assessment:
    • The stock is considered to be “very high risk,” with a large prediction interval from the Bollinger Band.
    • The stock will find resistance at approximately $6.32 and support at approximately $5.53.
  3. Growth Potential:
    • By 2025, analysts expect SoundHound to generate $102 million in revenue with a positive adjusted EBITDA of $2 million.
    • To turn a $50,000 investment into $1 million by 2030, SOUN’s stock would need to rise 20-fold to $120, requiring the company to grow its revenue at a CAGR of 79% from 2025 to 2030.

4. Kidpik Corp (NASDAQ: PIK)

Kidpik Corp. (PIK) is a promising penny stock pick for April 2024, currently trading at $4.57 as of April 1, 2024. The stock has seen a significant 39.76% increase since the beginning of the trading day, with its lowest reported price being $4.16. The company, incorporated in 2015 and based in New York, operates in the Consumer Discretionary Distribution & Retail sector under the Internet Retail classification on the NASDAQ Exchange.

Key Highlights:

  • 1.9 M outstanding shares, with 193.23 K shares currently shorted
  • Debt-to-equity (D/E) ratio of 0.37, with a current ratio of 3.18
  • majority of outstanding shares owned by insiders
  • Beta coefficient of 1.1343, indicating high sensitivity to market returns
  • Market capitalization of 8.27 million, with revenue (ttm) of 15.61 million and net income (ttm) of -7.70 million

Technical Analysis:

  • 50-day Simple Moving Average (SMA): $1.550640
  • 200-day SMA: $0.818538 
  • 14-day Relative Strength Index (RSI): 16.21
  • Price volatility over the last 30 days: 84.66%
  • Mixed signals from various SMAs, with 5-day, 10-day, and 21-day suggesting a buy, while 3-day, 50-day, and 100-day suggest a sell

Investors should keep a close eye on Kidpik Corp.’s recent announcement of a definitive merger agreement with Nina Footwear Corp. Post-merger, the combined company will operate as Nina Holdings, with Nina Footwear stockholders owning 80% of Kidpik’s outstanding common stock. This unique position and potential for significant growth make Kidpik Corp a top penny stock pick for April 2024. However, as with any penny stock investment, thorough research and due diligence are essential to understanding the inherent risks and potential rewards.

5. Mira Pharmaceuticals Inc (NASDAQ: MIRA)

Mira Pharmaceuticals Inc (NASDAQ: MIRA) has shown promise as a penny stock pick for April 2024, despite reporting no revenue for Q4 2023. The company’s Q4 2023 earnings report revealed an EPS of -19 cents, surpassing the analyst estimate of -23 cents. As of April 2, 2024, MIRA stock is trading at $1.080000, with a 5-day prediction of $1.141865 (4.76%) and a 1-month prediction of $1.897601.

Key Highlights:

  • MIRA Pharmaceuticals’ net loss for the full year ended December 31, 2023, was USD 11.98 million
  • basic and diluted loss per share from continuing operations was USD 0.64
  • The company announced the appointment of Itzchak Angel as Chief Scientific Advisor on Mar. 21
  • Management changes were announced on Mar. 13
  • Updated information regarding the patented, pre-clinical drug candidate molecule known as Mira1a was provided on Mar. 7

Technical Analysis:

  • The Fear & Greed Index for MIRA stock is 39 (Fear)
  • The Sentiment for MIRA stock is Bearish
  • The Volatility for MIRA stock is 13.42%
  • Daily and Weekly Simple Moving Average (SMA) and Exponential Moving Average (EMA) signals are sold for all periods

Investors should keep an eye on MIRA Pharmaceuticals’ recent developments, including the discovery of a new molecule, MIRA-55, during preclinical trials for MIRA1a, an oral pharmaceutical marijuana drug candidate. MIRA-55 has shown greater potency and potential for efficacy than MIRA1a, leading the company to favor its development while retaining rights to MIRA1a. The news of this discovery has resulted in heavy trading of MIRA stock, with over 6 million shares changing hands, significantly higher than the daily average trading volume of 232,000 shares.

Top 6 Insurance Stocks for April 2024


In conclusion, it’s critical to acknowledge the varied landscape of small businesses across various sectors, from renewable energy to technology, as we delve into the top 5 penny stocks for April 2024. These investments have gained popularity thanks to platforms like Robinhood, which make them accessible through mobile apps. Penny stock trading does, however, entail a unique set of risks, such as market volatility, incomplete information, and difficulties with operational efficiency.

While research teams and online brokers are important sources of insightful information, investors still need to be cautious and use effective risk management techniques. While historical price action and high volume can be encouraging indicators, it’s crucial to carefully examine balance sheets and revenue growth in order to find equities with solid fundamentals and significant growth potential.

Compared to over-the-counter transactions, major exchanges such as the New York Stock Exchange provide more regulated environments; however, even here, investors need to be cautious about low-volume stocks and possible language barriers. Being a publicly traded company, you must follow rules such as IN-DP-CDSL-443-2008 CIN No. in order to protect against unauthorized activity and ensure the security of transactions when navigating the securities market.

Penny stocks are similar to lottery tickets in this ever-changing market; they have the attraction of large catalysts but also entail a high level of risk. It is imperative to maintain knowledge, control risks, and diversify your portfolio when investing in small-cap stocks or top choices like Nvidia Corporation. Investors can aim for a strong buy position in their investment journey by being alert and knowledgeable as they navigate the intricacies of trading penny stocks in the US and other countries.


What are the best penny stocks to purchase in 2024? The most promising penny stocks in India for 2024 include:

  • Seacoast Shipping Services Ltd.
  • Taparia Tools Ltd.
  • Indian Overseas Bank.
  • Virgo Global Ltd.
  • Swiss Military Consumer Goods Limited.
  • Brightcom Group Ltd.
  • Alok Industries Ltd.
  • Dish TV India Ltd.

Which penny stocks are currently considered the top 5 picks? The top 5 penny stocks to consider buying at the moment are not specified in the provided information.

Which penny stocks have the potential for the quickest growth? The fastest-growing penny stocks are not identified in the provided information.

How often do penny stocks turn out to be successful investments? Penny stocks are generally not a reliable path to wealth. In fact, the odds are higher that an investor will lose money. Penny stocks, including those traded over-the-counter (OTC), typically see an average annual return of negative 24%. More than 90% of penny stocks are unsuccessful.

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