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Top 10 Penny Stocks of 2010

8. Wabash National (WNC) is a truck trailers and transportation-related equipment maker based in Lafayette, Ind. Shares spent most of 2009 in penny-stock land after the company suspended dividend payments and sought a capital infusion, finishing the year at $1.89.

Closing Price: $8.24 (June 16)

Total Return (YTD): 336%

Developments in 2010: Wabash National secured a three-year purchase agreement with Swift Transportation in March, and a month later the company announced a three-year purchase agreement with Prime Inc. In May, Wabash National reported a first-quarter net loss of $139.1 million, or $4.64 a share, on net sales of $78 million. That compared to a year-ago loss of 94 cents a share on net sales of $78 million. Shares pulled back from their 52-week high of $10.69 following the earnings release. The stock fell further after Wabash National priced an offering of 11.75 million shares of common stock at $6.50 per share, with net proceeds used to repay debt.

Valuation: A total of three analysts cover Wabash National and all three have buy ratings on the stock. With an average stock price target of $14.33, analysts are predicting that Wabash shares will nearly double over the next 12 months. Before the recent pullback after the stock offering was announced, Wabash National shares were trading at levels before the company suspended dividend payments in December 2008. Wabash National has a price-to-sales ratio of 0.71, offering investors a discount to that of other commercial vehicle and truck makers, which have an average price-to-sales ratio of 1.49, according to Bloomberg.
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