3 Penny Stocks to Watch This Week

While June is only just getting started for penny stocks, we’ve already witnessed quite a bit of momentum. Trading penny stocks or any stocks for that matter over the past few months has been extremely volatile. Couple this with lower than average volume and investors are simply hoping for the market to turn around. 

But, with the pandemic still around, fears of inflation in the back of the mind, and uncertainty about the future, this all makes sense. So, to work around this, investors should search for the best penny stocks to buy that could perform in the coming months. 

The low volume we’re witnessing right now is a result of traders having less confidence in the market. This, however, could be just a short-term trend. When the pandemic began, the market shifted downwards quite dramatically. A few months later, trading picked up, and stocks were hitting all-time highs. But, those massive gains couldn’t go on forever, right? It’s only natural that we’d witness a correction. 

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And while no one knows when this correction will turn around, the stock market is always in a state of ebb and flow. This means that when prices go down, they usually will go up again and vise versa. So in the meantime, finding penny stocks that could be at value levels is extremely beneficial to your portfolio. With that in mind, here are three to look at. 

3 Penny Stocks to Watch Right Now 

  1. Acasti Pharma Inc. (NASDAQ: ACST)
  2. Electrameccanica Vehicles Corp. (NASDAQ: SOLO)
  3. Cinedigm Corp. (NASDAQ: CIDM)

1. Acasti Pharma Inc. (NASDAQ: ACST)

Acasti Pharma Inc. is a popular biotechnology company that is frequently discussed by traders. And, it’s worth noting that the momentum with Acasti has continued throughout the pandemic. If you’re not familiar with it, let’s get you up to speed on what Acasti does. ACST is a biotech penny stock focused on the research, development, and commercialization of prescription drugs to treat cardiovascular diseases. Its lead candidate is CaPre which is an omega-3 phospholipid therapeutic in Phase III clinical trials to treat patients that have hypertriglyceridemia.

While shares of ACST stock are pushing up, there is no company-specific news to back it right now. This is often the case with penny stocks, as speculation and price fluctuations can occur without notice. Yet in the last six months shares of ACST have jumped from around $0.30 to over $0.50 as of June 4th. This represents a gain of more than 75%. 

Currently, there are some worries about ACST being de-listed from the NASDAQ exchange as it does not meet the $1 minimum bid requirement. Because of this, it will offer a game plan to the NASDAQ on how it will get its price up. This involves sharing a plan of compliance in a hearing before the NASDAQ panel. How this pans out could be a deciding factor on the future direction of ACST stock. With this in mind, will ACST stock make it onto your watchlist?

Penny_Stocks_to_Watch_Acasti_Pharma_Inc._(ACST_Stock_Chart)

2. Electrameccanica Vehicles Corp. (NASDAQ: SOLO)

If you’ve been watching the market recently, you’ll know that electric vehicle penny stocks like Electrameccanica Vehicles Corp. are seeing increased momentum. Led by Tesla Inc. (NASDAQ: TSLA), the EV market is growing larger and larger every year. And, with President Biden pushing renewable energy heavily, the EV market only stands to continue growing in the future. So how does Electrameccanica contribute to this industry? 

SOLO is a development-stage vehicle company that creates, manufactures, and sells electric vehicles. Its main product is the SOLO, which is a single-seat EV aimed at the commuter market. It also has the Tofino product which is a fully electric two-seat roadster. In the past, Electrameccanica has been a producer of custom vehicles throughout its decades-old history. Currently, its vehicles are on sale through its e-commerce website as well as 10 retail locations.

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In mid-May, the company reported its first-quarter financial results for 2021. The CEO Paul Rivera said, “In the first quarter of 2021 we continued making progress on several major initiatives, including finalizing customer-ready designs, increasing production throughput, optimizing logistics and supply chain management, and taking additional steps towards realizing our U.S. assembly facility and engineering technical center.” 

The company believes it will continue enhancing its profitability and efficiency in the coming years. Right now, Electrameccanica is in its strongest financial position in company history. As a result, the last month for SOLO stock has been great for investors. With prices on the rise, SOLO could push beyond penny stock territory if all goes according to plan. On June 3rd, shares of SOLO stock hit a high of over $4.75, providing confidence to investors. So will you add SOLO to your list of penny stocks to watch?

Penny_Stocks_to_Watch_Electrameccanica_Vehicles_Corp_SOLO_Stock

3. Cinedigm Corp. (NASDAQ: CIDM)

In the last 6 months, we have mentioned Cinedigm Corp. quite a few times due to its popularity in the market. Additionally, its relation to AMC Entertainment Holdings Inc. (NYSE: AMC) as another entertainment company, is adding to its momentum. For some context, Cinedigm is a distributor of movies, television, and short-form content in the U.S., Canada, and New Zealand. It has a library of distribution rights for many titles and episodes. This media is released across digital, physical, and several other entertainment platforms. Currently, it has digital cinema assets as well that cover over 12,000 movie screens.

On May 27th, Cinedigm provided its latest company update. It announced significant year-over-year growth in total users and minutes viewed in April on its Dove Channel. Minutes viewed increased 85% and total users increased 72% year over year. This is characteristic of other entertainment companies during the pandemic, as the demand for digital content has continued to increase.

“As the digital landscape evolves, we continue to be mindful of viewer-centric opportunities, whether it is the acquisition of family-friendly properties or increased accessibility of the channel through new partnerships.

By understanding the needs of those watching the Dove Channel, we are able to strengthen our viewership and subscriber base and stimulate growth and retention for the channel.”

The President of Cinedigm Digital Networks, Erick Opeka

The company has involvement in non-fungible tokens or NFTs as well. For those unfamiliar, NFTs are a method of digital ownership in use with art, licensing and almost any digital work. Blockchain-powered technology is extremely popular right now, and companies are only just figuring out how to utilize it. Regarding this, Cinedigm announced Fandor Selects, which is the world’s first NFT film label. It will release films and other film assets as NFT collectibles. With all of this to note, will CIDM stock make it onto your watchlist this month?

Penny_Stocks_to_Watch_Cinedigm_Corp._(CIDM_Stock_Chart)

Penny Stocks Are Heating Up Right Now 

As we move further into the Summer, penny stocks are heating up more and more. While volume is still slightly lower than average, this is natural for this time of year. However, with the influence of retail traders such as those on Robinhood or Reddit, we could see momentum be higher than ever this Summer.

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Considering the downturn we’ve witnessed in the past few months, it’s only natural that we could see a turnaround. Whether this occurs and what timeline it could occur in remains unknown. But, with positivity all around the market, penny stocks are continuing to heat up. 


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