penny stocks to watch right now

Penny Stocks To Watch Right Now

The stock market is moving higher again today and so are penny stocks. Continued hope about the economic turnaround has investors focusing on a very specific piece of the headline flow on Wednesday. I’ve had conversations with people that don’t “understand what’s going on in the stock market” and to be honest, speculation has become a driving force.

We’ve seen riots, a pandemic, economies shutting down, and more this year. However, in spite of all of this, economic headlines seem to be the main point of focus right now. Even has stimulus checks continue to pour out into the hands of citizens, the hope that the economy reopens soon has captivated the attention of market bulls.

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Let’s just take a moment and look at where the S&P 500 SPY ETF sits right now. Since dropping to a low of $218.26, the SPY has now bounced back over 40% as of this week. Considering that happened in the span of a little over 2 months is unheard of. That means the stock market is back to November 2019 levels right now.

Penny Stocks To Watch This Week

Is all of this momentum simply due to speculation? Are we looking at a bubble or is this “hope” going to turn into the next leg of the longest bull run in history? Either way, penny stocks are a different beast altogether. Some might jump with sector news, but others may break out completely on their own unrelated to what the broader markets are doing.

Consider this, Genius Brands (GNUS Stock Report) was one of the companies we discussed a lot this year. Most recently, GNUS stock was a key focus through the second quarter. When we first began looking at the company in closer detail it was in late-April when GNUS was still trading under $0.40. As an entertainment company raising money, one might expect a few breakouts here and there.

More On GNUS Stock

But as many readers have seen, GNUS has become much more than “just another penny stock” recently. Since then and over the last month or so, we’ve seen, first-hand how much progress Genius Brands has made. This week shares have reached new highs of $5.49; up over 1,840% since late-April.

So, if you’re asking, “Are penny stocks worth it?” then you may want to reference examples like this and decide for yourself. With this in mind, let’s take a closer look at some of the penny stocks to watch before Friday.

Penny Stocks To Watch: MicroVision Inc.

MicroVision Inc. (MVIS Stock Report) has been one of the top penny stocks to watch this quarter. In fact, since the end of April, MVIS stock has seen some of its most explosive days in the market. What’s been a driving force behind the move? Let’s say a bit of speculation and rumors might have helped boost momentum early on.

There were rumors that were ultimately refuted of a certain large tech giant buying out the company. In any case, the focus for most “longs” on MVIS has been with the strategic opportunities that its advisor was brought on to present.

Specifically, it retained Craig-Hallum Capital Group LLC to serve as its financial advisor as it explores various licensing and other strategic alternatives. The company said this includes a potential sale or merger of the company. Over the last few days, shares of MVIS appear to have gotten back into the swing of things. That swing being a bull trend. Wednesday saw the penny stock break back above $1 for the first time since late last month.

After regaining compliance with Nasdaq per its May 27th PR, is it now more attractive to the market? Given the current state of things without news or updated filings, that may be a possibility.  What do analysts think about MVIS? Of the ones tracked, the majority rate it “Hold” as of this week. Do you think it is one of the penny stocks to buy or avoid right now?

best penny stocks to watch right now MicroVision Inc. (MVIS Stock Report)

Vislink Technologies (VISL Stock Report) has been one of the top trending penny stocks to watch as well this month. This was one we talked about as one of the penny stocks to watch under $1. VISL stock traded around $0.25 at the time and just announced receipt of a $180,000 order for satellite communications equipment for deployment in Asia. 

If you’re not familiar with Vislink, the company, among other things offers satellite technology & communications products. We talked about this company over the weekend in light of some speculation arising from the SpaceX launch of all things. An apparent Vislink satellite was in the camera shot on C-Span’s coverage of the SpaceX launch. But it doesn’t appear to have much to actually do with SpaceX itself. To us, it looks more like a simple broadcast satellite. View this video here and go to the period between 1:00:40 and 1:01:00 to see for yourself.

This week, the company released a video urging its stockholders to vote on proposals outline in the filed proxy materials. Something important to consider is this statement from the company: “If you voted “NO” on Proposal 3, the reverse stock split, please consider changing your vote FOR the proposal. Effecting a reverse stock split in the future is critical for us to remain listed on Nasdaq and may be necessary to issue shares to raise capital or effect acquisitions.”

[Read More] 3 Penny Stocks To Watch This Week; 1 Up Over 220% In Q2

Is this the source of the recent market excitement and what will the reverse mean for VISL stock? Sometimes that scenario presents risks as a higher stock price has resulted in “more room to go down”. But that is heavily reliant on how companies raise money. So if the reverse is approved, we’ll have to see how the company addresses that instance. Either way, shares continue to climb this week.

best penny stocks to watch right now Vislink Technologies (VISL Stock Report)

Penny Stocks To Watch: Acasti Pharma

Shares of Acasti Pharma (ACST Stock Report) started picking up momentum on June 3 as well. You might remember this penny stock from last year. ACST stock rallied from around $0.80 in May to initial highs of $2.95, pulled back, then rallied to 52-week highs of $3.08 just before the end of the year.

However, as you might be able to see, ACST stock fell apart earlier this year. It came after Acasti announced disappointing trial results. How bad were they? Bad enough to trigger a drop in ACST stock from over $2 to eventual lows of $0.25 in March. But now we’re looking at this penny stock after a few months of a consistent uptrend in the market.

The last bout of speculation has focused mostly on the company’s meeting with the U.S. FDA. Acasti filed its meeting request with the FDA to discuss TRILOGY 1 data, and gain alignment with the FDA on the interpretation of the results. The anticipated meeting is earmarked for later this month. Besides that, the last major headline from ACST was the announcement of a submission of TRILOGY 1 briefing package to the FDA in April.

Again, the company expects a formal response from the FDA by the end of June. As this is the beginning of the month, ACST stock could be benefitting from a bit of speculation ahead of these proposed dates Acasti expects responses from the FDA. Is it on your list of penny stocks to watch right now?

best penny stocks to watch right now Acasti Pharmaceuticals (ACST Stock Report)

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