Using TipRanks’ Stock Screener Tool, we selected the 2 Best Canadian Penny stocks to buy in the week of June 10-14. These two penny stocks have a Strong Buy consensus rating from analysts and could offer massive share price appreciation in the next twelve months. In Canada, a penny stock is defined as a company whose shares are trading at less than C$5 per piece.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Investing in penny stocks has its share of merits and demerits. An investor having a high risk-return appetite can consider penny stocks, as they have the capacity to generate enormous returns with their highly volatile nature. With this background in mind, let’s understand more about the two penny stocks.
Patriot Battery Metals (TSE:PMET)
Vancouver-based Patriot Battery Metals engages in the exploration of hard-rock lithium metal in the fully-owned Corvette Property in Quebec. The Corvette Property boasts to be the largest lithium pegmatite resource in the Americas and is one of the top 10 largest lithium pegmatite resources in the world.
Patriot Battery is a pre-revenue company. For three months ending December 31, 2023, PMET reported a net income of C$0.02 per share, up from C$0.01 reported in the prior-year period. The company reported a higher flow through premium income under Other Income (Loss), which drove the increased earnings.
What is Patriot Battery Metals Stock Price Target?
On TipRanks, the average Patriot Battery Metals price target is C$14.83, implying a massive 106.6% upside potential from current levels. Also, PMET stock commands a Strong Buy consensus rating, backed by four unanimous Buy ratings. In the past year, PMET shares have lost nearly 56%.
Vizsla Silver Corp. (TSE:VZLA)
Vancouver-based Vizsla Silver Corp. engages in the exploration and development of its 100%-owned Panuco silver-gold project, located in Sinaloa, Mexico. As of date, the company has finished more than 350,000 meters of drilling at Panuco, which has led to the discovery of several new high-grade veins. For 2024, Vizsla Silver has forecasted another 30,000 meters of resource/discovery-based drilling at the site.
Like Patriot Battery Metals, Vizsla Silver is also a pre-revenue company. For the three months ended January 31, 2024, VZLA posted a loss per share of C$0.02, the same as in the prior-year period.
Is VZLA Stock a Buy?
With four unanimous Buy ratings, VZLA stock has a Strong Buy consensus rating on TipRanks. The average Vizsla Silver price target of C$4.25 implies 84.9% upside potential from current levels. In the past year, VZLA shares have gained 45.6%.
Ending Thoughts
Investors with an adequate high-risk, high-reward profile can consider penny stocks. They can seek exposure to the above two companies with high growth potential after undertaking thorough research.