What Are The Best Penny Stocks To Buy Today? 3 For Your List

Looking For Cheap Stocks To Buy Right Now? Are These 3 Hot Penny Stocks On Your List?

Penny stocks are typically your fast-moving, high-volatility names in the stock market daily. It usually doesn’t matter what the broader markets are doing, there are usually at least a few penny stocks to buy that are moving higher. That means, if shares of Tesla (TSLA Stock Report) are down big, there could still be some tech or EV penny stocks to watch, that aren’t. However, it doesn’t hurt to look at current market trends to help decide where to focus, initially. The saying goes, “a rising tide lifts all ships,” and in the stock market, this can help.

I’m talking about different sectors experiencing either up or downbeat momentum. Obviously, optimism helps fuel buying in most cases, whereas negative sentiment usually sees more selling ensue. Analyzing these trends can become a great way to find the first few names to include on your list of penny stocks to buy. Today, for instance, we saw traders focus on things like economic numbers including jobless claims data. In light of this “event,” shares of several staffing companies were jumping during the early morning session.

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Heading into the end of the week, tech and energy stocks have begun to take some of the spotlight. It would seem that since Tesla’s Battery Day presentations, energy and tech dealing with energy have been a major focus for traders. It also helps that many of these stocks were also low float penny stocks. In these cases, it might not be a bad idea to take a closer look at some of these cheap stocks right now. Will they be on your list of penny stocks to buy or avoid before the weekend?

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Best Penny Stocks To Buy [or avoid] Right Now #1: Ocean Power Technologies

The rotation into industrials and niche tech and out of things like mainstream tech has seen a surge in things like alternative power stocks. Ocean Power Technologies Inc. (OPTT Stock Report) has been on our list of penny stocks to watch for some time now. Ocean Power focuses on renewable wave-energy technology and has been on the radar since August. The company develops power generation systems that actually use renewable energy of ocean waves as the source of “raw material”. Its PowerBuoy technology integrates with hydrodynamics, electronics, energy conversion, and computer control systems to extract the natural energy in ocean waves.

While August was an exciting month for the penny stock, OPTT has really taken off in October. Month-to-date, shares of the energy penny stock are up over 130%. Furthermore, OPTT has managed to jump as high as $3.72 on one of its heaviest volume days of the year. Last month, Ocean Power inked a $12.5 million common stock purchase agreement with Aspire Capital Fund for a period of 30 months. Net proceeds were earmarked for building more PowerBuoys and develop new products among other things. Though the company hasn’t released news recently, it has been vocal more frequently on its Twitter feed. A tweet from earlier in the month focused on its marine surveillance systems.

“OPT’s Marine Surveillance System offers remote, autonomous, low- to zero-carbon surveillance for security and enforcement efforts,” read the tweet. As energy penny stocks remain a focus, will OPTT stock continue this trend into the end of the week?

Best Penny Stocks To Buy [or avoid] Right Now #2: Foresight Autonomous Holdings Ltd.

Foresight Autonomous Holdings Ltd. (FRSX Stock Report) is another one of the penny stocks that’s been on and off the watch list throughout the year. Following a nice move from March to July, FRSX stock pulled back in August and traded mostly sideways in September. This month, however, things are a bit different. The tech company has steadily crept up over the last few days and Thursday, an analyst rating has sparked a bigger rally.

Analysts at Aegis Capital initiated overage on the penny stock. The firm gave Foresight a Buy rating and started it with a $2.50 price target. Earlier this week, Foresight was already on the list for traders after announcing that its affiliate, Rail Vision Ltd., and Knorr-Bremse Systeme für Schienenfahrzeuge GmbH, executed an agreement whereby Knorr-Bremse will make a new investment of $10 million in Rail Vision. Rail Vision provides cognitive vision sensor technology to increase safety in the railway industry.

What’s more, is that Knorr-Bremse originally invested $10 million in Rail Vision last year. Following the additional investment, Knorr-Bremse will own a total of 36.79% of Rail Vision’s outstanding shares. Considering the large spike that FRSX stock experienced this week, can the trend continue or is it due for a pullback?

Best Penny Stocks To Buy [or avoid] Right Now #3: Gevo Inc.

Gevo Inc. (GEVO Stock Report) has been on our list of penny stocks for months. It’s one of the “ESG stocks” to watch. ESG stands for “Environmental, Social, and Governance.” The basic idea behind it is in support of companies that leave a positive impact on those specific areas of interest. How Gevo falls into the category has everything to do with its business model.

The company itself also holds 118 patents and patent applications directed to its technologies and specific methods & products. Peak Value IP LLC conducted an independent valuation of the company’s IP portfolio earlier this year. The firm yielded an indication of investment valuation of $412 million using its “Income Approach”.

Gevo focuses on renewable hydrocarbons. Over the last few months, it has continued inking deals with several companies and it has added up. Through its deal with Trafigura it brought Gevo “to over $1.5B of revenue in long term contracts when added to the other contracts we have in place” according to the company.

Since spiking in August and pulling back in September, the recent trend in renewable and alternative energy stocks has taken hold in October. The last 2 weeks have seen GEVO stock climb over 30% so far. It’s also worth mentioning that in sympathy with this energy stock trend, we’ve also seen the likes of CBAK Energy Technology Inc. (CBAT Stock Report) and Sunworks Inc. (SUNW Stock Report) begin trading higher during the afternoon session on Thursday. These have both been other energy stocks we’ve discussed a number of times in the past few months.