8 Penny Stocks to Watch As the Market Heats Up
With higher than average volume right now, penny stocks are heating up. Many thought that the Summer Slump would be well upon us, however, it is turning out to be just the opposite. While the threat of the Delta Variant of Covid is pertinent, current vaccines are helping to inspire confidence in the market. And with Covid cases still lower than they have been in months, the hopes of an economic recovery are well underway.
Considering this now is the time to find the best penny stocks to watch. To do so involves understanding where the market could be headed and what could cause certain industries to move up or down. Of course, we have the pandemic, but we also have to account for the fears of long-term inflation and the rise of certain sectors over others.
The best investors will always be the ones that are the most informed. And for that reason, staying up to date with all the latest happenings in the market will be in your best interest. Considering all of this, let’s take a look at eight penny stocks to watch as the market heats up.
3 Penny Stocks to Watch Right Now
Auddia Inc. (NASDAQ: AUUD)
AUUD stock is one of the biggest gainers of the day so far. By EOD on June 28th, shares of AUUD pushed up by around 43%, ending the day well above penny stock territory. In the past month, this number jumps to over 148%, which is quite a staggering gain. Much of the recent bullish sentiment surrounding Auddia has to do with the announcement of its radio-related tech advancement.
The company announced only a week or so ago that its new AI content processing could increase accuracy by more than 170%. Additionally, it could likely eliminate the majority of the hard costs associated with broadcasting on the radio. This is a major advancement and one that investors continue to show bullish sentiment towards.
“Our latest advancement in AI takes advantage of what we always understood to be one of the most valuable elements of the audio content ecosystem, which is the abundance and open availability of audio data. Accurately tagging that audio data with precise metadata is the ultimate objective and our new methodology enables us to meet that objective.”Peter Shoebridge, CEO of Auddia
With this major breakthrough and its solid gains in mind, AUUD continues to show its bullish face. But, investors should keep in mind that AUUD stock does seem highly speculative right now. Considering this, will it be on your list of penny stocks to watch?
Zomedica Corp. (NYSE: ZOM)
Another big gainer of the day is ZOM stock, shooting up by a respectable 5% or so at EOD. Zomedica is a biotech penny stock that we’ve been covering for months now. During that time, it has been able to sustain solid gains in the face of market adversity. For some context, ZOM is a veterinary health company working on a new animal diagnostic platform.
This platform can be used in veterinary offices to speed up and enhance the accuracy of standard domesticated animal testing. In the past six months, shares of ZOM stock have shot up by a staggering 270% to its current price of just under $0.90. Some analysts believe that ZOM could be severely undervalued, and its true value could be somewhere well above the $1 range.
But, for it to achieve this, it would need to prove the validity of its Truforma animal diagnostics platform. To date, it has only sold a few of these systems. However, if it can manage to commercialize this product on a country-wide and international scale, there’s no telling how much potential ZOM could have. For now, however, it remained highly speculative and frequently mentioned across social media sites like Reddit and Twitter. But, keeping in mind its vast potential, it could be worth keeping an eye on in the near future.
Ambev ADR (NYSE: ABEV)
If you’ve enjoyed a beer or had a soda in the last few years, there’s a good chance it’s been from one of Ambev’s brands. This includes those such as Modelo, Corona, Budweiser, Bud Light, and soft drinks like Canada Dry, Squirt, Pepsi Cola, and plenty more. Founded back in the late 1800s, Ambev has been a major player in the beverage market for decades upon decades.
And, during both times of economic prosperity and global hardships, alcohol, and beverage sales remain very high. So, throughout the pandemic, we’ve seen an increased demand for alcohol and beer specifically. And as the pandemic ends, many investors expect this to continue rising.
Interestingly enough, the company also recently announced that it would be purchasing as much as 1,000 electric vehicles to make its fleet of trucks more renewable. This comes as the world converts over to clean energy, and Ambev states that it could do so by 2023.
With over 5,300 trucks in its possession, this is a major step in the right direction. And, it could help to reduce certain costs associated with supplying fuel for its large delivery fleet. While this doesn’t make it a pure-play EV penny stock, it is something to keep in mind. Considering Ambev’s role in the beverage market and its future prospects, will it be on your watchlist moving forward?
5 More Penny Stocks to Watch
- Tonix Pharmaceuticals Holding Corp. (NASDAQ: TNXP)
- Tellurian Inc. (NASDAQ: TELL)
- Luokung Technology Corp. (NASDAQ: LKCO)
- Evofem Biosciences Inc. (NASDAQ: EVFM)
- Exela Technologies Inc. (NASDAQ: XELA)
Are These Penny Stocks Worth it or Not?
Finding the best penny stocks to buy is all about understanding what the market may do in the short or long term. In addition, building out a viable investment strategy will help to keep you on the right track to your portfolio goals. Lastly, doing as much research as you can, will always help to put you one step ahead of the game.
The best investors are always the ones with the most information at hand, and with the internet available to everyone, this is more possible than ever. Considering that the market is so volatile right now, make sure that you are sticking to your strategy and that it aligns with your investing goals. With all of this in mind, are these penny stocks worth it or not?