Best penny stocks under $1 to buy in 2024

Penny stocks are high risk, high reward companies. These can be the best place to look for the next big thing. Here are our top five penny stocks under $1 to buy this year.
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Updated: Nov 30, 2023
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Our experts have analysed the market to find their 10 best penny stocks below $1. Keep reading to see which companies make up the best stocks we’re most excited by right now, along with a summary of each one.

What are the 10 top penny stocks under $1 to buy?

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These are the best penny stocks for the year ahead, according to our experts. You can find their latest share price by clicking on one of the links in the table, or scroll down to learn more about why they made the list.

#Stock symbolCompany nameTrade now
1CYRNCyren Inc.
2NOKNokia Oyj
Trade NOK

eToro offers real assets only, no CFD products. eToro USA LLC and eToro USA Securities Inc.; Investing involves risk, including loss of principal; Not a recommendation.

3SHIPSeanergy Maritime Holdings Corp.
4RKDAArcadia Biosciences Inc.
5GTEGran Tierra Energy Inc.
6GPLGreat Panther Mining
7CINECineworld Group
Trade CINE

eToro offers real assets only, no CFD products. eToro USA LLC and eToro USA Securities Inc.; Investing involves risk, including loss of principal; Not a recommendation.

8BIOLBiolase
9TTOOT2 Biosystems
10ASRTAssertio Therapeutics
List chosen by our team of analysts, updated February 2024.

10 best penny stocks to buy, reviewed

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1. Cyrn Inc. (NASDAQ: CYRN)

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Founded in 1991 and based in Herzliya, Israel, Cyrn is an international cybersecurity player. The company develops and markets information security solutions that protect web, email and mobile transactions.

Cyrn had its heyday back in the early 2000s, and since then its share price has been on a long and dramatic decline to its current value. However, there are some reasons to be positive about this penny stock. Most notably, several major hedge funds hold a position in the stock, demonstrating a degree of institutional confidence in the company’s technological solutions.

The key reason Cyrn has found a place on our list is its diverse suite of cybersecurity products, which are especially marketable in its home jurisdiction of Israel. We don’t doubt the technical proficiency of the company; it just needs to deliver a sustained period of increased revenues to reignite this growth story.

Sign-up & trade Cyrn Inc.

2. Nokia Oyj (NYSE: NOK)

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Nokia is a Finnish telecoms company that makes computer hardware and network equipment. Best known as one of the biggest early providers of mobile phones, it now focuses almost exclusively on infrastructure and hardware instead.

The glory days at the cutting edge of mobile technology are gone, and Nokia’s share price is well off its peak. The last few years have been a time of transition, as it’s focused instead on producing network hardware and developing 5G infrastructure, a process that hasn’t been entirely successful.

That transition – and its lingering popularity with people who grew up using its phones – is why Nokia is second here. It has a substantial 15% market share of global telecoms equipment, new leadership, and 5G represents an opportunity to catapult it back to relevance.

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3. Seanergy Maritime Holdings Corp. (NASDAQ: SHIP)

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Seanergy Maritime Holdings is a transportation company that owns a fleet of cargo ships. These are big ships, often used to move raw materials like coal around the world.

Shipping stocks tend to be particularly volatile, so you need to stay on top of the news cycle if you are going to invest. They’re also cyclical, tending to grow when global trade is booming and fall when economies start to stagnate. Institutional investors have drifted away from shipping, which is why stocks like this are trading so cheaply.

The reason SHIP is third on this list is it’s trading below the value of its assets – a fleet of 14 massive cargo ships. It’s also been able to improve its fundamental business model in recent times, setting it up for a potential rebound.

Sign-up & trade Seanergy Maritime Holdings Corp.

4. Arcadia Biosciences Inc. (NASDAQ: RKDA)

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Arcadia is an ‘agriculture biotech’ company that specialises in adapting crops to improve their nutritional and health benefits. It’s particularly focused on wheat, soybean, and hemp.

Recent times have been tough for Arcadia, thanks to a difficult financial situation and a share price that has fallen from well over $100 in 2015 to reside in the penny stock zone, below $5, since 2019. 

The potential upside is its focus on healthy food and adapting common crops to offer farmers more environmentally-friendly solutions. Arcadia could be primed to benefit from a world that’s becoming more concerned with finding climate conscious solutions to the difficult problem of feeding a growing population. 

Sign-up & trade Arcadia Biosciences Inc.

5. Gran Tierra Energy Inc. (NYSEAMERICAN: GTE)

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Gran Tierra Energy is an energy company that’s involved in oil and gas exploration. It operates in South America, particularly Colombia and Ecuador, to discover new sources of oil and gas and then develop and produce the fuel.

Like many of the companies on this list, it has fallen on hard times. Gran Tierra shares peaked close to $10 in 2011, but had collapsed to just $0.30 in the aftermath of the March 2020 coronavirus crash, when oil prices briefly fell below zero.

Much of GTE’s business plan relies on oil prices being around $50, and in discovering new sources of oil in Ecuador. It has experience in exploring and extracting oil in remote locations and is predicting a steep increase in revenues in the months and years to come.

Sign-up & trade Gran Tierra Energy Inc.

6. Great Panther Mining (NYSEAMERICAN: GPL)

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Great Panther Mining is a Canadian company that mines precious metals like gold and silver. First founded in 1965, it has undergone a few transformations since then and now trades on both the Toronto Stock Exchange and the NYSE American.

The changes in the company over the past half century have taken it from an Emerald mining company that focused on exploration in Zimbabwe, to a metals miner with operations in Mexico and South America. Its stock has never been very expensive and has been stuck around the £1 mark for many years.

The reason for buying any mining or exploration company is the potential for it to discover lucrative new sites. Great Panther Mining is exploring a number of possible opportunities and if it is able to find some quality ore in these places then the stock might be able to reverse its long term trend.

Sign-up & trade Great Panther Mining

7. Cineworld Group (LON: CINE)

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Cineworld is a UK-based cinema chain that was hit hard by the pandemic. It’s the second largest cinema chain in the world and operates about 800 sites across Europe and the US.

Cinemas were affected as badly by COVID-19 as any industry and Cineworld bore the brunt of it. Its stock price plummeted by 75% in March 2020 and has barely recovered, with dire warnings that the company might go bankrupt occurring at regular intervals throughout the crisis.

However, although the company burned through a lot of cash, it hasn’t had to close too many cinemas. It might not offer as much growth potential as other stocks in this price range but it could quite easily recover back to its former glories. The risk is how much of a systemic change the pandemic wrought by turning more viewers to Netflix and Disney+, who might never return to the cinema.

Sign-up & trade Cineworld Group

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8. Biolase (NASDAQ: BIOL)

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Biolase is an American company that is the global leader in pioneering dental lasers. This technology lets dentists perform procedures without needing invasive drills, making the process much easier and more comfortable for the patients.

The company has been very badly affected by COVID-19, which is why its stock now trades at such a low price. Not only did lockdowns affect dental clinics themselves, but it meant salespeople couldn’t visit them and impacted international deliveries. Biolase’s 2020 results were even worse than the previous two years, and meant it has now reported losses for three years in a row.

The bullish case for Biolase is that the market might have overreacted to a one-off event and it can rebound after the pandemic eases. It has an innovative product and lots more (40+) laser systems in development. There might be a clearer route to profitability if it can get through its short term troubles.

Check this guide out to learn more about how to invest in Biolase.

Sign-up & trade Biolase

9. T2 Biosystems (NASDAQ: TTOO)

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T2 Biosystems is a biotech company whose technology is used to detect early signs of diseases like sepsis and Lyme disease. It can return blood test results in a few hours, compared to the days it would normally take, and identify bacteria earlier than has been possible up to now.

The reason T2 is available so cheap is because it has had some significant financial difficulties over the past couple of years. It pours a lot of money into developing new technology and regularly posts serious annual losses, to the extent that it has been close to running out of money. That has driven its share price down from nearly $10 to below $1.

Its ability to reverse the trend relies on having its diagnostic tests approved by the medical authorities, which is a process that’s difficult to predict. However, biotechs often only need a single, big name success to prove the technology works. Investing in cheap biotechs with little money is risky, without question, but there is the potential for them to rise dramatically in price if they capture the public imagination.

Sign-up & trade T2 Biosystems

10. Assertio Therapeutics (NASDAQ: ASRT)

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Assertio is a pharmaceutical company that develops treatments for the central nervous system and pain medication. It has fallen on hard times of late, after the patent protection for some of its successful drugs ran out, which is when other companies can come in and produce cheaper alternatives.

Since 2016, Assertio stock has lost 99% of its value. That led to it having to perform some financial gymnastics to stay afloat. If a stock falls below $1 for 30 days they can be removed from the NASDAQ exchange, so Assertio performed a reverse stock split (reducing the overall number so that each one is worth more). It worked for a while but the stock is back below $1 again at the time of writing.

It’s not a sustainable long term strategy to live so close to the line, so there’s more risk with Assertio than others on the list. However, pharma companies only need to get approval for one or two new treatments to make big money. Assertio has achieved that before and if you invest, that’s what you’re banking on happening again.

Sign-up & trade Assertio Therapeutics

Where to buy the best penny shares

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What is a penny stock?

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Companies whose shares cost below $5 in the US or £1 in the UK. They also have market capitalisations – the total value of all their shares combined – of less than $300m or £100m, respectively. Penny stocks tend to come without much of a track record of making money or creating good products, so investing them is a high risk, high reward opportunity.

Are penny shares a good investment?

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They can be in moderation, if you thoroughly research a company before investing. You have to be prepared for the fact that not every penny stock you buy is going to succeed; many are cheap because they aren’t good companies or have been surpassed by their competitors.

At this price point, it can be more difficult to buy the stock in the first place as well. Companies that don’t trade on the major stock exchanges, like the NYSE, NASDAQ, or FTSE, might not be available through your broker. On top of that, it’s harder to find information about them online.

The ones that do succeed, however, have the potential to pay off in a big way. It’s possible to see 5x or 10x returns on your investment. For that reason, the best way to use them is to spread small amounts around a number of different companies to improve your chances.

If you do decide to trade penny stocks, it’s important to keep tabs on them so that you’re able to react to new developments. Just making it into the news can have an impact on the price of a penny stock, and they’re often more volatile than more mainstream companies. The latest news below is the best way to do this.

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James Knight
Editor of Education
James is the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets.... read more.
Charlie Hancox
Financial Writer
Charlie is a Financial Writer for Invezz. He covers commodities, cryptocurrencies, and breaking news. Prior to joining Invezz he helped grow Crux Investor into the fastest-growing... read more.