Many great penny stocks have slumped in value as concerns over the economic recovery have risen. I think this gives eagle-eyed UK share investors a chance to nip in and grab a bargain or two.

Here are some top dirt-cheap stocks that are on my radar following recent price weakness.

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Strong trading has brought Arabian Food Industries Company Domty (LSE: DOMT) into my crosshairs. This London-quoted share supplies a broad range of cheeses in the Egyptian food market under the Domty brand. And sales here have been going much stronger than anticipated (turnover jumped 32% year-on-year in the third quarter).

I’m confident Domty could experience strong and sustained sales growth too. Certainly as population levels in Egypt rise strongly and personal wealth levels increase. The country’s population grew almost 2% in 2020, for instance, World Bank statistics show. Despite the threat of rising raw material prices, I think the food producer could prove an excellent long-term buy. A penny stock to ride the EV boom

Getting exposure to the green vehicle revolution is another great idea in my opinion. I’ve sought to do so by buying shares in TI Fluid Systems , a UK share which builds fluid-carrying components for automobiles. And I think investing in penny stock Proton Motor Power Systems (LSE: PPS) could be another good way to play this theme. The hydrogen fuel cells it produces can be used for a variety of purposes, including powering cars.

Tesla ’s Model 3 was the best-selling car in Europe in September, a landmark moment in the history of low-carbon vehicles. It’s the first time a battery-powered car has sat at the top of the charts, and illustrates how strongly demand for reduced emissions vehicles is.

Hydrogen-propelled autos are tipped for strong and sustained growth as part of this revolution. Remember though, a failure by lawmakers to build the required refuelling infrastructure could hit uptake hard and, by extension, profits at companies such as Proton Motor Power Systems. Primed for take-off

Air Partner (LSE: AIR) is a UK share that’s not without its risks either, as the Covid-19 crisis escalates again in many regions. The business supplies a wide range of aviation services, from chartering large aircraft and private jets through to providing consultancy on safety and security. This means the brakes could be slapped on its operations if rising infection rates prompt fresh waves of travel restrictions.

However, I still like the risk-to-reward profile of Air Partner a lot. I’m encouraged by steady growth in the number of high-wealth individuals and what this means for the private jet market.

I also think demand for charter planes could receive a sustained pandemic-related boost as these people cut back on using standard carriers. Finally, I like the penny stock’s ambitious approach to acquisitions to turbocharge earnings growth.

Markets around the world are reeling from the coronavirus pandemic…

And with so many great companies trading at what look to be ‘discount-bin’ prices, now could be the time for savvy investors to snap up some potential bargains.

But whether you’re a newbie investor or a seasoned pro, deciding which stocks to add to your shopping list can be daunting prospect during such unprecedented times.Fortunately, The Motley Fool is here to help: our UK Chief Investment Officer and his analyst team have short-listed five companies that they believe STILL boast significant long-term growth prospects despite the global lock-down…You see, here at The Motley Fool we don’t believe “over-trading” is the right path to financial freedom in retirement; instead, we advocate buying and holding (for AT LEAST three to five years) 15 or more quality companies, with shareholder-focused management teams at the helm.That’s why we’re sharing the names of all five of these companies in a special investing report that you can download today for FREE . If you’re 50 or over, we believe these stocks could […]

source £1,000 to invest? 3 penny stocks to buy right now

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