Top three penny stocks to buy in April

Stocks priced at under $5.0 are broadly seen as high-risk investments. But there still are a few hidden gems in them if you have limited capital and can stomach the risk.

Here is our list of top three penny stocks to buy in April.

IQIYI Inc (NASDAQ: IQ)

IQIYI makes up to our list top penny stocks to buy as it has close to quadrupled its operating income on a year-over-year basis.

The Chinese subscription streaming service has more than 100 million subscribers in total that helped it post record revenue and cash flow for 2023.

More importantly, $IQ is aggressively investing in generative artificial intelligence which suggests potential for further upside moving forward.

Despite record financial performance in 2023, it is currently down some 40% versus its 52-week high. So, the IQIYI stock is attractive in terms of valuation as well.

Bit Digital Inc (NASDAQ: BTBT)

Bit Digital is another pick in penny stocks as it’s a capital-light means of capitalising on a continued rally in Bitcoin.

Let’s face it: the world’s largest cryptocurrency at over $70,000 is not a suitable investment for all. But $BTBT at just over $2.0 sure is.

It is currently down nearly 50% year-to-date even though BTC has done exceptionally well in 2024.

So, Bit Digital stock may be a good investment as it catches up to a continued increase in the price of Bitcoin on the back of recently approved spot ETFs and the upcoming halving event.

New Gold Inc (NYSEAMERICAN: NGD)

New Gold – as the name suggests – offers you a way to play the continued expected strength in gold.

It’s a top penny stock to buy in April for those interested in investing in the “safe haven” without having to put a lot of capital on the line.

Note that $NGD has plans of making investments this year that are expected to help boost its free cash flow. A projected increase in production at its Rainy River Mine to up to 280,000 ounces may also help boost its stock price.

New Gold significantly improved its revenue in 2023 as well.  

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