Analyst forecasting 15% growth in these less than $10 stocks for April

As we enter the second quarter of 2024, markets are turning from bearish to bullish, with the S&P 500 reaching an all-time high.

• Uranium Energy (NYSE: UEC) and New Gold (NYSE: NGD) can grow 15% in April.
• UEC is poised for growth as uranium prices surge, and the company plans to begin operations in Wyoming.
• NGD shows promise and significant potential as gold prices soar and the company exceeds gold production forecasts with strong mine performance.

Amidst this, Saqib Iqbal, a financial analyst at Trading.Biz, thinks that small stocks can generate significant returns as the risk appetite increases. He identified two less than $10 stocks that could generate 15% in April.

1. Uranium Energy (NYSE: UEC)

Uranium prices, used to fuel nuclear power plants, have skyrocketed. Uranium prices peaked at $105 earlier this year before falling, but given future supply-demand dynamics, uranium prices should see more upside.

According to Saqib, “UEC might be an excellent choice for investors who believe in the world’s trend toward nuclear energy. Uranium might, therefore, play a critical part in this, and UEC could be an attractive entry opportunity for investors looking to ride this momentum.”

In addition, UEC plans to begin operations in Wyoming, where it runs a processing plant, in August. Its Wyoming properties include more than 66 million pounds of reserves.

The stock has been up by 8.85% since the start of the year and can reach $8. That’s an increase of 15% from the current price.

2. New Gold (NYSE: NGD)

New gold stock has jumped by more than 17% since the start of the year and has significant potential as gold prices reach an all-time high.

Saqib adds, “Investing in NGD as a penny stock may potentially give some defensive and growth traits to one’s portfolio, and I believe that the best is yet to come for this business.

As the price of NGD is correlated with Gold, I think if the Gold prices rise above 2300-level, we can see NGD rising above $3.

Gold production attained by the company last year was 423,517 ounces, exceeding its initial forecast of 365,000 to 425,000 ounces.

As the company’s Rainy River and New Afton mines also succeeded, Rainy River’s gold production exceeded its guidance, and New Afton’s gold production was significantly higher than expected.

With solid fundamentals and high gold prices, it’s only a matter of time before NGD takes off.