best penny stocks to buy today

Will You Add These Penny Stocks To Your Buy Or Avoid List Today?

Penny stocks usually don’t trade in tandem with the broader markets. Today is a clear sign of that. In fact, the entire week have given a glimpse in to the world of penny stocks. Where we might see certain sector strength influence a few stocks under $5 the general consensus is that these tend to move on their own accord. Friday marked yet another day of sell-off in the broader markets. Most tech stocks helped lead that charge. Why is Apple stock down today along with other FAANG names?

Well, the shakeup with TikTok and WeChat has caused some concern with international regulations for certain tech companies. Previous to today, Oracle and Walmart were rumored to have won a bid to buy into social media app, TikTok.

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However, on Friday, the Trump Administration took a hard stance on the matter. The Commerce Department announced that it will prohibit U.S. business transactions with messaging app WeChat starting Sept. 20 and video-sharing app TikTok on Nov. 12.

Penny Stocks Just Hit Different

Even with this as the case, smaller-cap and lower-priced stocks didn’t seem to feel the effects as much. In fact, many companies are pushing even higher amid this mass market sell-off on Friday. Now, it is important to keep in mind that volatility is a big factor with penny stocks. These can shift direction in a moment’s notice. So that multi-week uptrend that you’ve just fallen in love with can come crashing down without notice.

On the other hand, that “dead penny stock” you were about to move on from can break out in the blink of an eye. In consideration of this type of trend, it’s always good to be ready to trade first before investing in penny stocks, for instance. Heading into the back half of September, will these names be on your list of penny stocks to buy today or avoid for now?

Best Penny Stocks To Buy Today [or avoid]: AquaBounty Technologies

If you want to talk about penny stocks making dramatic turn arounds, AquaBounty Technologies (AQB Stock Report) is in the category. We started discussing it earlier this month after identifying some unusual volume in the penny stock. What might have been more “unusual” is the company’s business model and how it didn’t match up to any trending industry we’ve seen recently. Let me explain. While things like coronavirus stocks and tech stocks have been hot, AQB stock is on fire but has nothing to do with either of these as a pure-play. Yes, it has “Technologies” in its name but the “tech” actually has to do with its genetically modified fish platform.

[Read More] 3 Penny Stocks To Buy For Under $1 In September 2020

AquaBounty has also been pushing more attention on its platform at a series of recent investor conferences. Starting with the LD 500 Conference, momentum started to build after comments from Sylvia Wulf, Chief Executive Officer of AquaBounty.

“The highlight of the second quarter was the announcement of our first harvest of conventional Atlantic salmon at our Indiana farm, an important milestone as we refine harvest systems and processes ahead of our expected initial harvest of AquAdvantage salmon in the fourth quarter this year in Indiana, followed by the anticipated first harvest of AquAdvantage salmon at our Canada-based, Prince Edward Island Farm in the first quarter of 2021.”

With upcoming milestones and more presentations this week, will ABQ remain on the list of penny stocks to trade right now? ABQ stock is up nearly 80% in September alone .

penny stocks to buy today AquaBounty Technologies (AQB stock chart)

Best Penny Stocks To Buy Today [or avoid]: Taseko Mines

If there’s been one industry that has carried a strong trend during all of 2020, it’s been mining. Gold stocks, silver stocks, and the prices of these precious metals have been flying high. Taseko Mines (TGB Stock Report) has been able to benefit from this rise as well. TGB stock is up over 170% year-to-date and just reached a new 52-week high on Friday.

Quite possibly the biggest catalyst in recent months came after reporting its Q2 earnings. The company delivered strong operational performance and an adjusted EBITDA figure of $51 million for the quarter. Remember, this is one of the stocks under $5 right now reporting figures like that. What’s more, Taseko managed to beat analyst estimates by 700%. Its EPS came in at $0.08 compared to estimates of $0.01.

Looking ahead, management appears relatively unfazed by the recent pandemic. “Discussions with potential joint venture partners and lenders, as well as streaming and royalty companies, continue. Interest on all fronts remains at a high level and we believe a financing package will be finalized and committed prior to final permits being issued. For the most part, this process has not been hindered by COVID-19,” said Russell Hallbauer, CEO and Director.

penny stocks to buy today Taseko Mines (TGB stock chart)

Best Penny Stocks To Buy Today [or avoid]: ReneSola Power

ReneSola Power (SOL Stock Report) also pulled an immediate about-face earlier this week. SOL stock had experienced a big move between March and August to the tune of 250%. That came to an abrupt end with shares dropping from 52-week highs of $2.98 to recent lows of $1.51 last Friday. It traded sideways most of this week but over the last 2 days, SOL stock is on fire. In fact, since Thursday’s opening bell, SOL has rallied over 65% so far.

We can talk about how renewable energy has been a focus. Certainly the EV auto trend has helped shift focus to renewables as an ancillary beneficiary of the surge in interest. However, this week, there were other things to take into consideration. Thursday the company obtained some new analyst coverage with H.C. Wainwright starting the penny stock with a Buy rating. It also issued a $4 price target for SOL stock.

[Read More] Are Penny Stocks Worth It? 5 That Hit It Out Of The Park In 2020

The company also presented on the UBS Global Energy Transition Call Series. This came just a few days after ReneSola presented at H.C. Wainwrights Investor Conference on the 15th. At the end of August, the company acquired certain assets including solar projects from an undisclosed U.S.-based developer in an $8 million, all-stock transaction. This is important to note because the company expects to close on this by the end of the quarter.

penny stocks to buy today ReneSola Power (SOL stock chart)

Best Penny Stocks To Buy Today [or avoid]: Onconova Therapeutics Inc.

Onconova Therapeutics Inc. (ONTX Stock Report) sticks with this idea of penny stocks that can shift at a moment’s notice. Back in August, the penny stock dropped by more than 70% overnight. This came after one of the biggest rallies ONTX stock saw this year. What was behind the drop?

Onconova announced Phase 3 INSPIRE trial results for its IV rigosertib treatment. It didn’t meet the primary endpoint of significantly improved survival versus the best supportive care in patients with myelodysplastic syndromes. As a result, the company turned its focus on other pipeline treatments.

Richard C. Woodman, M.D., Chief Medical Officer of Onconova said in a press release, “We plan to take learnings from genomic analyses of the INSPIRE trial to inform the future development of rigosertib. We also look forward to the continued expansion of the investigator-initiated study program with oral rigosertib beyond the ongoing Phase 1/2a study in KRAS+ lung adenocarcinoma into additional solid tumors. Our novel CDK4/6 + ARK5 inhibitor, ON 123300, could also represent a meaningful advance over existing products.”

This week things appear to be picking up after a series of investor conference presentations. September 10th, 14th, and 16th are days that Onconova presented information on the company’s pipeline treatments. Will this latest surge of momentum mark a turnaround for ONTX stock?

penny stocks to buy today Onconova Therapeutics (ONTX stock chart)

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