5 Penny Stocks That Can Grow Big in 2023

1. WeWork Inc. (NYSE:WE)

Number of Hedge Fund Holders: 20

WeWork Inc. (NYSE:WE) is a New York-based provider of coworking spaces.

WeWork Inc. (NYSE:WE) leases out complete office buildings to well-known corporations as well as small entities and freelancers. The company offers its locations for a shorter period as compared to conventional landlords. During the present challenging macroeconomic environment, WeWork Inc. (NYSE:WE)  is reducing costs by shutting down underperforming locations to streamline its portfolio. The company was able to lower its expenses during Q3 2022 and observed its top line grow by 20% YoY.

In an update provided to investors on November 4, Thomas Catherwood at BTIG commenced coverage on WeWork Inc. (NYSE:WE) stock with a target price of $7.50 and a Buy rating. The analyst is forecasting a strong period for flexible working spaces in the short and medium term, which will be beneficial for WeWork Inc. (NYSE:WE), making it one of the best penny stocks with the potential to grow big in 2023.

You can also take a peek at the Best AI Penny Stocks Under $1 and the 10 Best Halal Dividend Stocks To Buy.

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