After a long holiday weekend, the markets were off to a slow start on Tuesday. Shares of penny stocks and stocks over $5 went back into volatility mode. Meanwhile, significant indexes slipped below Friday’s closing levels. The S&P 500 (NYSEARCA: SPY) dipped back to the $412 area, while the tech-heavy Nasdaq (NASDAQ: QQQ) dropped well below $309.

Economic concerns seem to be back in the driver’s seat thanks to higher-than-expected Eurozone inflation data. With more FOMC members expected to speak this week, rates and economic data will undoubtedly become a factor for investors.

Economic Calendar This Week

Here are a few of the top Economic Calendar events to watch this week:

Tuesday

  • U.S. President Joe Biden & Federal Reserve Chair Jerome Powell Speak

Wednesday

  • Redbook (YoY)
  • Beige Book
  • Manufacturing PMI
  • ISM Manufacturing Data
  • JOLTs Job Openings For April
  • FOMC Members Williams & Bullard Speak

Thursday

  • Challenger Job Cuts (YoY & May)
  • Initial & Continuing Jobless Claims
  • ADP Nonfarm Employment Change (May)
  • FOMC Member Mester Speaks

Friday

  • Average Hourly Earnings
  • Nonfarm Payrolls
  • Unemployment Rate
  • ISM Non-Manufacturing Business Activity, Employment, & New Orders
  • FOMC Member Brainard Speaks

Best Penny Stocks To Buy Now

Penny stocks, in particular, are one of the asset classes that tend to be unencumbered by broad index moves. Though it isn’t the case for all penny stocks, you’re likely to find at least a few stocks under $5 on the move, even if the stock market is down. Today, we look at a handful of names trading higher during the early half of the short holiday week.

1. Eledon Pharmaceuticals Inc. (NASDAQ: ELDN)

penny stocks to buy now Eledon Pharmaceuticals ELDN stock

A quiet rise in the share price of Eledon Pharmaceuticals has commenced over the last few weeks. Though this was on lighter volume than other names on this list, ELDN stock has started turning heads. The initial move came after the company’s latest round of earnings results were published for its first quarter.

Though it missed earnings per share, the market seems to have focused its attention on other things. These mainly had to do with Eledon’s development pipeline. In particular, the company reported dosing its first patient in a Phase 2a trial evaluating the company’s tegoprubart in IgA nephropathy.

[Read More] What to Know About Buying Penny Stocks on May 31st

“We are excited to approach the first of four distinct opportunities to highlight tegoprubart’s broad therapeutic potential this year, beginning with our upcoming ALS readout in June. Based on the growing body of evidence validating the CD40/CD40L pathway, we remain more encouraged than ever in the potential of tegoprubart as a best-in-class anti CD40L antibody,” said David-Alexandre C. Gros, M.D., Chief Executive Officer of Eledon.

With plenty of data to keep track of later this year, ELDN stock could be on the radar.

What To Watch With ELDN Stock

Once again, shares of Eledon stock are in focus at the start of the short week. The company reported positive topline results from its Phase 2a tegoprubart trial in patients with amyotrophic lateral sclerosis. Data showed the treatment was well tolerated without any adverse events. The therapy met the primary endpoints of safety and tolerability. As a result, the company said that this was enough to support advancing the candidates into larger studies.

2. Mullen Automotive Inc. (NASDAQ: MULN)

best penny stocks to buy under $1 right now Mullen Automotive MULN stock

Electric vehicle stocks are back in the spotlight, with companies like Nio Inc. (NYSE: NIO) and Tesla (NASDAQ: TSLA) bouncing back big at the end of May. Mullen Automotive is on the lower-priced end of the industry as a penny stock under $1 as of Friday’s close. Despite the lower price, the EV stock has gained plenty of attention over the last few months, thanks to key updates highlighting strong progress. It was also on the list of short squeeze stocks earlier this month, which was a big point of interest for retail traders.

A few weeks ago, Mullen reported that its development partner, Linghang Guochuang Group, would be taking their solid-state polymer battery cell technology into vehicle pack level development for Mullen. The company also has an outstanding proposal with Thurner Design for developing the Mullen FIVE RS, expected to reach close to 1,100 HP with a 0-60 time (1.95 seconds) encroaching on the Tesla Roadster (1.1 seconds 0-60).

What To Watch With MULN Stock

This week, MULN stock is back on the watch list after announcing more battery test results. Its solid-state battery testing with Battery Innovation Center in India was completed, showing positive data.

In a statement, the company discussed the potential of this battery, “It is expected that with this technology, when scaled to the vehicle pack level, a 150-kilowatt hour solid-state battery can deliver over 600 miles of range on a full charge for the Mullen FIVE EV Crossover.   In general, solid-state batteries offer higher energy density, faster charging time, smaller size and safety compared to traditional lithium-ion cells.”

3. Grab Holdings (NASDAQ: GRAB)

penny stocks to buy now Grab Holdings GRAB stock

Asia stocks are in focus today as covid restrictions continue being lifted. Grab Holdings is one of the prominent “superapps” in Southeast Asia. Grab allows users to access everything from food delivery to ride-sharing through one access point. The company has experienced significant growing pains in the face of geopolitical concerns and, of course, covid lockdowns.

[Read more] Penny Stocks to Add to Your Watchlist Next Week, 3 to Watch

What To Watch With GRAB Stock

This week, GRAB stock is back in focus for some traders after its latest update. Grab gained the attention of analysts at Bernstein. The firm upgraded the company to Outperform from Market Perform. It also has a $3.04 price target set.

4. Guardforce AI Co Ltd. (NASDAQ: GFAI)

Tech stock may have gotten beaten up a bit over the last few weeks. However, there’ve been pockets of bullishness from specific penny stocks. Guardforce AI, though down from highs, is up nearly 100% from its February lows. The company’s progress in extending its reach security technology offerings has helped boost things.

For instance, earlier this month, Guardforce acquired eight companies in China to help accelerate its Robotics-as-a-Service platform. The $30 million deal turned heads in May and was just one of a few critical updates driving momentum in GFAI stock.

What To Watch With GFAI Stock

GFAI stock is back on the watch list heading into the short week. The jump comes after more news related to a contract with Government Savings Bank in Thailand. The contract’s total value is roughly $19.5 million over three years. While this news is bullish, Guardforce also slipped in additional information related to the Nasdaq sending a notice that the company isn’t in compliance with the minimum price requirement and could face delisting if it doesn’t meet it by November 23.

Final Thoughts On Penny Stocks

Volatility remains prominent whether this is a bear market rally or a full stock market rebound. Thanks to the inherent volatility in penny stocks, traders and investors alike have reasons to follow them. These names were just a few gaining steam in the stock market today. If you’re new to trading, in general, check out some of these articles:


Sign up for our FREE Newsletter and get:

  • The Beginner’s Handbook For Trading Penny Stocks
  • Penny Stock Alerts And Ideas
  • Learn To Trade Penny Stocks
  • Free Access to The Fastest Growing Highest Rated Trading Chatroom
Privacy Policy

Midam Ventures, LLC | (305) 306-3854 | 1501 Venera Ave, Coral Gables, FL 33146 | news@pennystocks.com

Leave a Reply

Your email address will not be published.

You May Also Like

Best Penny Stocks To Buy According To 4 Analysts & Targets Up To $8

Best penny stocks to buy according to analysts.