5 Penny Stocks That Can Grow Big in 2023

3. Rocket Lab USA, Inc. (NASDAQ:RKLB)

Number of Hedge Fund Holders: 15

Rocket Lab USA, Inc. (NASDAQ:RKLB) is a Long Beach, California-based space company that is a known maker of launch vehicles and spacecraft. The company has the honor of deploying 151 satellites and has conducted 31 launches.

Following the Q3 2022 results, Edison Yu at Deutsche Bank assigned Rocket Lab USA, Inc. (NASDAQ:RKLB) stock a target price of $12, along with a Buy rating on November 14. The analyst noted that the company’s quarterly results were robust across all aspects. Yu added that Rocket Lab USA, Inc. (NASDAQ:RKLB) is gaining momentum as it is inducting new customers every day. This will aid the corporation in increasing its market share in a rapidly growing space infrastructure and launch services industry. Rocket Lab USA, Inc. (NASDAQ:RKLB) is also anticipated to experience margin expansion due to the cost reduction activity undertaken for the Electron project. Analysts consider the company one of the best penny stocks due to its strong growth catalysts.

As of Q3 2022, Rocket Lab USA, Inc. (NASDAQ:RKLB) was held by 15 hedge funds.

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