10 Best Rising Penny Stocks to Buy According to Analysts

4. SurgePays, Inc. (NASDAQ:SURG)

Price: $2.34

1-Month Performance: 93.39%

Analyst Upside Potential: 113.68%

Number of Hedge Fund Holders: 4

SurgePays, Inc. (NASDAQ:SURG) is a fintech and communications company that focuses on providing financial and connectivity services to underbanked communities in the United States. It operates through two main segments including the Mobile Virtual Network Operator Telecommunications segment and Comprehensive Platform Services.

The company faced losses in fiscal 2024, the revenue fell to $60.9 million, reflecting a 56% decrease year-over-year. This was mainly due to the shutdown of the federal Affordable Connectivity Program (ACP) funding. However, despite the losses SurgePays, Inc.’s (NASDAQ:SURG) Comprehensive Platform Services segment performed positively as revenue grew from $11.3 million in 2023 to $17.4 million in 2024. Management has been utilizing its cash reserves to transition ACP subscribers to new business models including its LinkUp Mobile and Lifeline, and is also investing in upgrading its retail platform.

In addition to this, the company was also able to complete its strategic integration with AT&T which led to the launch of LinkUp Mobile. This new business model is expected to contribute to growth for SurgePays, Inc. (NASDAQ:SURG) and analysts expect more than 113% upside for the stock, making it one of the best-rising penny stocks to buy according to analysts.