3 High-Potential Penny Stocks to Turn $1000 into $1 Million: June 2024

InvestorPlace06-12

Try your luck with these millionaire-maker penny stocks. Village Farms (VFF): Village Farms’ cannabis business may offer long-term upside due to regulatory developments. Gold Royalty (GROY): Gold ...

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When you’re dealing with incredibly small market…","collect":0,"end_time":0,"defaultTopTitle":"investorplace.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"GROY":"Gold Royalty Corp","BK4017":"黄金","BK4523":"印度概念","BK4189":"农产品","TTM":"塔塔汽车","BK4139":"生物科技","ELDN":"Eledon Pharmaceuticals, Inc.","VFF":"Village Farms International Inc","BK4099":"汽车制造商"},"translate_title":"3只高潜力细价股将从1000美元变成100万美元：2024年6月","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ELDN":1,"GROY":1,"TTM":1,"VFF":1},"content_text":"Try your luck with these millionaire-maker penny stocks.\nVillage Farms (VFF): Village Farms’ cannabis business may offer long-term upside due to regulatory developments.\nGold Royalty (GROY): Gold Royalty may shine bright due to the prospect of permanent inflation.\nEledon Pharmaceuticals (ELDN): Eledon Pharmaceuticals may offer a solution to the vexing organ transplant problem.\n\n\n\n\n\n \n\nSource: John Brueske / Shutterstock\n\n\n\nEven if they’re labeled as millionaire-maker penny stocks, you must remember one thing: this sector is extremely dangerous. When you’re dealing with incredibly small market capitalization firms, anything can happen. Generally, it’s the bad stuff that happens more than not. After all, a good many small businesses fail within the first two years of opening.\nNow, I’m not entirely sure what the failure rate of so-called millionaire-maker penny stocks is. However, it’s probably not much better than what you see in the small business arena. It could be much worse. This sector is wildly unpredictable and should only be approached with money you can comfortably afford to lose.\nOn the other hand, the harsh reality is this: if you want to be rich through equities, you’re probably not going to do with blue chips. Instead, if you want to loads of wealth and be young enough to enjoy it, you usually must take huge risks.\nDon’t get me wrong, that’s no endorsement of these ideas. Again, they’re super risky. But if you want to skip a trip to Sin City, these millionaire-maker penny stocks just might fit the bill.\nVillage Farms (VFF)\nSource: bluedog studio / Shutterstock.comBased in Canada, Village Farms (NASDAQ:VFF) technically falls under the consumer defensive space; specifically, the farm products category. Per its public profile, Village along with its subsidiaries produces, markets and sells greenhouse-grown tomatoes, bell peppers and cucumbers. However, it also has a cannabis segment, featuring cannabinoid-based health and wellness products. The company should have just started with that.\nOf course, the cannabis sector is a bit tricky because of U.S. federal regulations against it. However, the Biden administration recently proposed rescheduling the maligned plant to a lower level of enforcement. It’s not quite full legalization but the overall trajectory is encouraging. Therefore, while Village Farms has had a choppy series of financial disclosures, circumstances may improve in the future.\nDuring the trailing 12 months (TTM), Village posted a net loss of $28.01 million, translating to 26 cents in the red. Revenue during this period hit $299.02 million. Its most recent quarterly revenue growth rate (year-over-year) stands at 20.8%.\nFor fiscal 2024, covering experts anticipate sales to rise 11.4% YOY to $318.26 million. Further, the high-side target lands at $327.9 million. It just might be one of the millionaire-maker penny stocks for patient speculators.\nGold Royalty (GROY)\nSource: ShutterstockAnother Canadian enterprise, Gold Royalty (NYSEAMERICAN:GROY) – as you might guess – falls under the basic materials industry. Per its corporate profile, Gold Royalty specializes in its namesake business model for the precious metals sector. Royalty firms typically don’t engage in actual mining activities. Instead, they provide upfront capital to those entities that do. In exchange, these enterprises receive all or a portion of the sales generated.\nThanks to the upfront terms, companies like Gold Royalty enjoy better predictability. That’s huge because the gold exploration and production sector can be unpredictable. Fundamentally, GROY potentially makes for one of the millionaire-maker penny stocks thanks to the underlying inflation dilemma and monetary policy. Basically, the labor market remains robust and the Federal Reserve might not want to tinker with that.\nStated differently, the inflation that we’re experiencing could be permanent. If so, that plays right into the commodities space, particularly precious metals. Analysts are looking for fiscal 2024 revenue to fly up to $12.96 million. If so, that would imply a growth rate of 325.2%. It’s definitely an idea to watch closely.\nEledon Pharmaceuticals (ELDN)\nSource: Gorodenkoff / Shutterstock.comHeadquartered in Irvine, California, Eledon Pharmaceuticals (NASDAQ:ELDN) is a small biotechnology firm. Per its public profile, the company only has 20 employees. It operates as a clinical-stage enterprise that leverages its immunology expertise in targeting specific pathways. This approach enables the biotech to help protect transplanted organs and prevent rejection. The company also offers a treatment for amyotrophic lateral sclerosis (ALS).\nOrganic transplants represent one of the trickiest medical procedures available. Since organ rejection can be catastrophic, there’s naturally a huge demand for viable solutions. It’s possible – though of course not guaranteed – that Eledon may provide an answer. Notably, Wall Street analysts rate ELDN a unanimous strong buy with a $14 average price target. That’s just massive if it gets there.\nOf course, the clinical-stage biotech ecosystem is fraught with risk. ELDN could fly higher or it could crater. Unfortunately, there may not be too many outcomes besides these two extremes. Still, the experts believe that in fiscal 2025, sales might hit $50 million, with a blue-sky target of $100 million.\nThat’s a long time to wait. Still, if the projections come true, that could be massive for Eledon since it’s a pre-revenue enterprise. If you like dreaming, ELDN ranks among the millionaire-maker penny stocks.\nOn Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.\nRead More: Penny Stocks — How to Profit Without Getting Scammed\nOn the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.\nA former senior business analyst for Sony Electronics, Josh Enomoto has helped broker major contracts with Fortune Global 500 companies. Over the past several years, he has delivered unique, critical insights for the investment markets, as well as various other industries including legal, construction management, and healthcare. Tweet him at @EnomotoMedia.Penny Stocks\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSubmit\n\n\n\n\n\n\n\nArticle printed from InvestorPlace Media, https://investorplace.com/2024/06/3-high-potential-penny-stocks-to-turn-1000-into-1-million-june-2024/.\n©2024 InvestorPlace Media, LLC","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.24.2","shortVersion":"4.24.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2442345933"}