While the markets continue to face macroeconomic headwinds, I still believe that now is a great time to buy some of the most undervalued penny stocks and growth stocks. As an observation, the, the S&P 500 index has trended higher by 11% for year-to-date 2023. However, during this period, several growth and penny stocks have delivered multi-bagger returns.
For example, Tesla (NASDAQ:TSLA) is a good example among growth stocks and has surged by 107%. Similarly, Riot Platforms (NASDAQ:RIOT), a penny stock at the beginning of the year, has surged by 209%. The key point I want to make is that undervalued stocks can skyrocket in quick time and even in tricky market conditions. This column looks at some of the most undervalued penny stocks to buy. I believe that these stocks can easily double in the next 12 months. The focus is entirely on non-speculative penny stocks with specific business catalysts that will drive stock upside.
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