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TipRanks

2 “Strong Buy” Penny Stocks That Could See 100% Gains (Or More)

In a recent review of the market’s current conditions, JPMorgan strategist Eduardo Lecubarri recaps his view that 2021 will see modest gains across stocks generally – but outperformance among the small/mid-cap sector. Lecubarri believes that investors can find opportunities for big upside among stocks in that class. Driving the general stocks gains, Lecubarri points to recent manufacturing PMI prints, which are at 15-year high levels, and the falling unemployment numbers – both data points indicate a firm foundation for economic recovery. With consumer confidence also rising, and relatively high savings, he sees a tailwind for the small/mid-cap as the year unfolds. A general trend of rising small-cap stocks should naturally impel analysts and investors to look at the ‘pennies,’ stocks that are priced below $5 per share. While not a sure indicator, low share price usually goes along with low market cap – but it also comes with the solid upside potential that Lecubarri mentions. However, before jumping right into an investment in a penny stock, Wall Street pros advise looking at the bigger picture and considering other factors beyond just the price tag. For some names that fall into this category, you really do get what you pay for, offering little in the way of long-term growth prospects thanks to weak fundamentals, recent headwinds or even large outstanding share counts. Taking the risk into consideration, we used TipRanks’ database to find two compelling penny stocks, as determined by Wall Street pros. Each has earned a “Strong Buy” consensus rating from the analyst community and brings massive growth prospects to the table. We’re talking about over 100% upside potential here. Biolase Technology (BIOL) We will start with Biolase Technology, a leader designer, producer, and innovator in dental laser technology. Lasers bring a host of benefits to dentists and their patients, including fewer aerosols and a gentler touch during procedures, and more comfortable healing afterwards. Biolase products are used in periodontal, endodontic, hygienic, and implant procedures; the company markets online directly to dental practices. Biolase put a positive spin on its recent 4Q20 earnings report. Even though the top line revenues of $8.52 million were down 16% year-over-year, the sequential quarterly gain was impressive, at 31%. The company benefited as dental clinics got back to work in the economic recovery of 2H20. Biolase reported two positive trends in sales in Q4, with 78% of sales coming from new customers and 40% going to dental specialists. Even better, the company provided Q1 revenue guidance for $7.5 – 8.0 million, up 60–70% yoy, and above consensus of $7.0 million. Currently going for $0.76 apiece, Biolase shares could see major gains, according to some analysts. Among the bulls is Maxim analyst Anthony Vendetti who noted that the company’s…

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