Artificial intelligence (AI) will never be able to predict with 100% accuracy where a given share price will be at a given moment. Currently, investors can merely leverage ChatGPT and Google Sheets machine learning to help guide their judgment. That’s what I have done here. Those tools essentially help investors gather information quicker than they might otherwise be able to do.
In fact, AI is helpful in locating resources that give humans an advantage in understanding the market. Let’s take a look at what AI-predicted penny stocks the resource helped me uncover that could deliver triple-digit returns in 2023.
American Lithium (AMLI)
American Lithium (NASDAQ:AMLI) is moving closer to lithium production, and as it does so, investors remain high on its stock. Lithium prices have leveled off, and production is again at the forefront of industry concerns.
There are a few reasons to be very optimistic about American Lithium as it approaches production. For one, overall market growth is not cooling. The value of the market is expected to double or triple by 2030, with strong compound annual growth expected. That growth rate sits at 22.1% based on 2023 numbers and is higher because demand has returned. Further, predictions are that smaller firms will fill a significant portion of future demand by taking back market share from a handful of dominant industry players.
American Lithium is also set to own about 9.7% of Surge Battery Metals (OTCMKTS:NILIF) after investing in the firm. The company identified increased lithium resources at two sites during the quarter and listed on the Nasdaq this year, which grants it increased access to capital.
Great Elm Group (GEG)
Great Elm Group (NASDAQ:GEG) is a relatively unique business that has changed significantly during the most recent quarter. Until recently, Great Elm Group owned an interest in a healthcare equipment business while operating as an alternative investment firm.
But during the most recent quarter, Great Elm Group sold its Durable Medical Equipment (DME) business for $80 million. The company also sold its remaining 19% equity stake in Forest Investments following a previous equity sale of the same firm. The result was an additional $45 million in cash proceeds.
All told, the company ended on March 31 with $84 million of liquidity on its balance sheet to deploy into its main center. The company is now solely focused on alternative assets management and has cash to deploy in service of that business.
Additionally, total revenue increased by 92% during the period. The company is concentrating on long-duration capital vehicles as its target for cash deployment. Since Great Elm Group has been simplified and cash fortified, it is reasonable to anticipate rapid growth in the coming quarters.
Spire Global (SPIR)
The primary reason to believe Spire Global (NYSE:SPIR) stock can double in 2023 is not simply its target price and implied 5X returns. There are dozens, if not hundreds, of penny stocks that offer that profile or better.
Instead, the assessment is more about the progress the satellite data-gathering firm continues to make as it moves toward profitability. Revenues, losses, and EBITDA all improved during the first quarter. Chief Financial Officer (CFO) Thomas Krywe is confident that Spire Global can reach profitability and free cash flow in the next 10 to 16 months following the early May earnings release.
The company reached a record $24.2 million during its most recent quarter. Annual recurring revenue eclipsed $100 million during the period as well. The company had 781 annual recurring customers as of March 31. Its ARR net retention rate of 108% was an improvement from the previous year and showed that the company continues to derive greater value from its business relationships. All of that information is suggestive of the idea that Spire Global will continue to provide strong returns this year, perhaps 100% or more.
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Read More: Penny Stocks — How to Profit Without Getting Scammed
On the date of publication, Alex Sirois did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.