Most investors' definition of a penny stock has broadened to include not just companies trading at less than $1 per share, but also those with slightly higher stock prices up to about $5 per share. Regardless of your exact threshold, these firms remain a high-risk, high-reward proposition. Companies in the penny stock category are often newly-established and untested, or are heading toward bankruptcy, or are otherwise less stable than higher-value stocks. Many penny stocks lack liquidity and are the target ...