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Penny stocks, as they are called, are not really stocks that trade under $1 per share. The term generally refers to stocks trading below $5 per share. As any early investor in Amazon (NASDAQ: AMZN), Apple (NASDAQ: AAPL), NVIDIA (NASDAQ: NVDA) or other juggernauts will tell you, when you manage to correctly predict a future Wall Street darling while it’s still a penny stock and keep holding it over the long term, you’ll be happy with the results. However, for every Apple or Amazon, hundreds or even thousands of penny stocks go nowhere. Then again, many of them “grow up” to be good, solid companies. Even if they don’t turn out to be the next Amazon, these top penny stocks for 2024 could just become sturdy investments that generate excellent returns for shareholders. Here are two penny stocks that may not be 10-baggers but could become solid growers in the years to come.   1. SoundHound AI As its name suggests, SoundHound AI (NASDAQ: SOUN) provides customers with AI-voice solutions. Its platform has the ability to enable products, services and apps with voice-related capabilities like speech recognition, text to speech, music and content recognition, and other voice features. SoundHound’s technology is used by restaurants for ordering, in call centers, and in cars, to name a few of its applications. According to the company, its mission is to “voice-enable the world with conversational intelligence.” SoundHound received a lot of attention earlier this year, when it was revealed that AI powerhouse NVIDIA had invested about $3.6 million in SoundHound stock. The stock promptly surged to almost $9 per share in March. However, SoundHound shares are now back in penny-stock territory, trading at $4.08 per share. As such, this looks like a good time to maybe kick the tires on this stock, as…

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Filed under: News - @ June 20, 2024 5:24 am