3 TSX Penny Stocks To Consider In November 2024

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As the Canadian economy navigates a cooling labor market and potential interest rate cuts, investors are closely watching how these factors might influence financial markets. Penny stocks, often representing smaller or newer companies, remain an intriguing option for those seeking growth opportunities at lower price points. Despite being considered a somewhat outdated term, penny stocks can still offer significant potential when backed by strong financials and solid fundamentals.

Top 10 Penny Stocks In Canada

Name

Share Price

Market Cap

Financial Health Rating

Alvopetro Energy (TSXV:ALV)

CA$4.80

CA$182.32M

★★★★★★

PetroTal (TSX:TAL)

CA$0.67

CA$593.32M

★★★★★★

Amerigo Resources (TSX:ARG)

CA$1.81

CA$290.15M

★★★★★☆

Pulse Seismic (TSX:PSD)

CA$2.37

CA$117.59M

★★★★★★

Foraco International (TSX:FAR)

CA$2.33

CA$222.65M

★★★★★☆

Findev (TSXV:FDI)

CA$0.41

CA$11.46M

★★★★★☆

Winshear Gold (TSXV:WINS)

CA$0.16

CA$5.66M

★★★★★★

Mandalay Resources (TSX:MND)

CA$3.28

CA$321.48M

★★★★★★

Vox Royalty (TSX:VOXR)

CA$3.96

CA$205.39M

★★★★★★

Enterprise Group (TSX:E)

CA$2.09

CA$132.27M

★★★★☆☆

Click here to see the full list of 963 stocks from our TSX Penny Stocks screener.

Below we spotlight a couple of our favorites from our exclusive screener.

Quarterhill

Simply Wall St Financial Health Rating: ★★★★☆☆

Overview: Quarterhill Inc., along with its subsidiaries, operates in the intelligent transportation system sector both in Canada and internationally, with a market cap of CA$186.27 million.

Operations: The company generates revenue of $151.42 million from its intelligent transportation systems segment.

Market Cap: CA$186.27M

Quarterhill Inc. shows potential in the penny stock arena with a focus on intelligent transportation systems, generating CA$151.42 million in revenue. Despite being unprofitable and not expected to turn profitable soon, its short-term assets cover both short- and long-term liabilities, indicating financial stability. Recent contracts valued at $5.8 million for vehicle enforcement technology highlight growth opportunities, while new advisory appointments aim to enhance its tech roadmap. Although debt levels have risen over five years, they remain satisfactory relative to equity. Analysts expect a significant price increase despite current undervaluation compared to estimated fair value.

TSX:QTRH Debt to Equity History and Analysis as at Nov 2024
TSX:QTRH Debt to Equity History and Analysis as at Nov 2024

Roots

Simply Wall St Financial Health Rating: ★★★★☆☆

Overview: Roots Corporation, along with its subsidiaries, designs, markets, and sells apparel, leather goods, footwear, and accessories under the Roots brand in Canada and internationally with a market cap of CA$80.90 million.