Small-cap summer is here, and there are a wide array of penny stocks to buy right now. Last week we saw the epic rallies in HKD stock, TBLT, and many others, which helped wake up cheap stocks. Not only that but the low float penny stocks trend has reemerged in the stock market today. With a one-two punch of technical catalysts and a retail trading thirst for momentum, the stage is set.

The latest name to pique interest is Ontrak Inc. (NASDAQ: OTRK). Why is OTRK stock up today? After months of slowly trending lower, a round of company updates, including upcoming earnings, has resonated with traders. In addition, the company named a new Chief Medical Officer charged with taking Ontrak’s healthcare technology solutions to the next growth phase. While OTRK stock is nowhere close to a “low float” penny stock, it was on the list of top short squeeze stocks to watch.

According to data from Fintel.IO, it has a 20.24% short float. TDAmeritrade also shows this figure at around 20%.

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Thanks to the stock market crash this year, there’s no shortage of companies with big bearish bets. When the right mix of high short interest and higher buying pressure comes into play, we’ve seen massive breakouts like the one that OTRK stock has experienced.

Remember that just as quickly as they move up happens, the reverse can trigger just as quickly. So for those looking at OTRK stock and thinking about finding other penny stocks to watch today, we’re looking at a handful of other companies experiencing heightened activity levels.

  1. Mullen Automotive Inc. (NASDAQ: MULN)
  2. Hut 8 Mining Corp. (NASDAQ: HUT)
  3. Volta Inc. (NYSE: VLTA)
  4. MannKind Corporation (NASDAQ: MNKD)

Mullen Automotive Inc. (NASDAQ: MULN)

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

Electric vehicle stocks are getting charged up this week thanks to Tesla (NASDAQ: TSLA). While it may not have direct ties to Tesla’s latest battery deal, the attention on the automaker stemming from a countersuit with Twitter (NYSE: TWTR) has prompted momentum in the stock market today. This list of penny stocks has a few EV-related names that have followed suit with TSLA stock.

Mullen Automotive is one of the popular names among retail traders. Earlier this year, it gained favor with Redditors for the progress the company was making with its EV platform. In recent weeks it closed significant deals with the likes of DelPack Logistics for EV cargo vans (600 to start). The significance of that deal was that it also included a company (DelPack) that was an Amazon Delivery Services partner.

It was also added to the Russell 2000 and 3000 indexes broadening exposure to the overall market. With a new automotive development center opening in California, Mullen continues expanding its footprint. In a press release this week, avid Michery, CEO and chairman of Mullen Automotive, explained, “This facility is a great addition and the logical next step in the evolution of our corporate footprint as we begin to scale our teams and dedicate more resources to support our EV programs…Irvine technology’s hub is a great location for us to anchor our EV team and provides us with the space and potential talent pool to support our growth over the next few years.”

For those making a list of short squeeze penny stocks, MULN’s short float percentage hovers around 15.8% right now, according to Fintel data.

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Volta Inc. (NYSE: VLTA)

Another EV-related name on this list of penny stocks is Volta. It’s taking on a “picks and shovels” approach to the industry. Volta is building an electric vehicle charging network. It also offers select clients access to its media network, which was brought to light when Michelin partnered with Volta to bring its “Motion For Life” campaign to Volta’s media network. Essentially, the EV charging stations double as billboards allowing for a dual-purpose solution.

Last month, Volta also secured a deal with the City of Hoboken to expand its EV charging infrastructure. This scales the charging station capabilities and grows the Volta media network with more locations.

The Mayor of the City of Hoboken, Ravi S. Bhalla, weighed in on this deal, saying, “Through this partnership with Volta, no matter where a resident lives in Hoboken, they will be within a five-minute walk of a charger, making it easier to own an electric or plug-in hybrid car. I look forward to cutting the ribbon on the first 25 stalls in the new year, which will have no impact on the municipal budget.”

With EV stock on the radar today and a short float of roughly 15%, VLTA stock has gained momentum.

Hut 8 Mining Corp. (NASDAQ: HUT)

bitcoin etf sec

Bitcoin prices and the overall cryptocurrency market have been incredibly volatile recently. This has helped put a spotlight on Bitcoin and blockchain stocks. Hut 8 Mining is one of the names closely tied to the price of the “digital gold” currency and has enjoyed an uptrend in recent sessions.

While Bitcoin prices have dictated most of the directional move for this niche, Hut has also made several achievements adding to the mix. In particular, a recent production update gave the market an idea of the size and scope of Hut’s current operations and forward-looking strategy.

[Read More] 4 Penny Stocks To Watch After HKD Stock Explodes Over 2000%

In a July update, Hut discussed several highlights, including its Bitcoin holdings. Those increased by 328 through June 30th. Hut also has an “unencumbered” Bitcoin reserve of 7,406. At today’s price of roughly $23,000 per BTC, those reserves are valued at over $170 million.

MannKind Corporation (NASDAQ: MNKD)

With a short float of roughly 11.5%, MannKind isn’t the most recognizable name on a list of penny stocks with higher short interest. But that doesn’t mean it isn’t worth watching, according to some traders. The company specializes in endocrine and lung disease treatments. Its FDA-approved Afrezza Inhalation Powder is a flagship product for delivering insulin to users.

MannKind also has Tyvaso DPI, another FDA-approved therapeutic for patients with pulmonary arterial hypertension. What has investors active today could have something to do with an upcoming presentation. MannKind announced Monday that it would participate in the BTIG Biotechnology Conference next week. Chief Executive Officer Michael Castagna, PharmD, and Chief Financial Officer Steven Binder will host 1-on-1 meetings throughout the event.

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