2 falling penny stocks I would buy for my stock and ISA shares!

I’m looking for the best penny stocks to buy following recent price declines. Here are two that I would buy for my stock and ISA shares before the April year-end deadline.

A penny stock for the electric vehicle boom

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I think blue jay mine (LSE:JAY) could prove to be a great stock to own as demand for electric vehicles (EVs) soars. You see that this particular British mining action is developing a series of projects in Greenland that contain elements like nickel, copper, cobalt and lead.

It also owns various copper projects in Finland, the future development of which it is evaluating. These raw materials are essential to the manufacture and operation of these low-carbon vehicles.

The problem with investing in Bluejay is that it currently generates no income, which means it may struggle to afford to put its assets into production. Racking up a lot of debt and tapping into shareholders for cash are common options for companies in this scenario.

Encouragingly though, Bluejay has formed a joint venture with KoBold Metals – the mining technology firm backed by Bill Gates and Jeff Bezos – to fund the Disko-Nuussuaq nickel, copper, cobalt and platinum project. This has eliminated much of the risk for Bluejay and its investors.

Bluejay Mining’s stock price skyrocketed after the KoBold Metals news broke. But it has more than halved since then to current levels of 7.4p. I think this could present an attractive buying opportunity for my ISA.

A top buy after the IPO disaster

Victorian plumbing group (LSE: VIC) began trading in London to much fanfare last summer. Its initial public offering was the largest ever on the OBJECTIVE market and so it came with high expectations. News of tough trading conditions since then inevitably dragged him down.

At 54p per share, Victorian Plumbing is trading at a tempting discount to its IPO price of 262p. The stock, now at a penny, was hit by slowing sales and rising costs due to broader inflationary pressures. And that threatens to continue for some time (consumer price inflation just jumped to 6.2%, according to today’s data).

However, I still believe in the long-term prospects of Victoria Plumbing. And as someone who loves value, I’m very tempted to take on the business. At today’s prices, Victorian Plumbing is trading on a price-to-earnings growth (PEG) ratio of just 0.5. Any reading below 1 suggests that a stock might be undervalued.

I love Victorian Plumbing’s online-only business model and the steps it has taken to create a cutting-edge internet presence. Its focus on e-commerce enables it to tap into the growing popularity of online shopping among consumers and reduce costs. The strength of its online offering is one of the reasons for its “excellent” customer rating on Trustpilot.

I also believe that Victorian Plumbing will continue to benefit from a strong housing market. The favorable mortgage rates of recent years are expected to persist, meaning Victorian’s plumbing sales to sellers and buyers should be robust.

I expect Victoria Plumbing to recover from this disastrous IPO and deliver strong returns for shareholders.

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Royston Wild has no position in any of the stocks mentioned. The Motley Fool UK has no position in any of the stocks mentioned. The opinions expressed on the companies mentioned in this article are those of the author and may therefore differ from the official recommendations we give in our subscription services such as Share Advisor, Hidden Winners and Pro. At The Motley Fool, we believe that considering a wide range of information makes us better investors.

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