Best Penny Stocks To Buy Now?
Ready to make your list of the best penny stock to buy now? Make sure you know what you’re looking for. In this volatile world of cheap shares, the risks can outweigh the reward in many cases. Besides the outside risk of things like dilution or the ever-so-elusive “manipulation,” the price of penny stocks, in general, can become a source of volatility. A few pennies can mean the difference between 5% and 50% or more.
Are you still here?
If you’re still reading, you understand the risks involved with buying penny stocks. You probably also understand the potential rewards too. Look at the countless stocks under $5 that have exploded in recent weeks. There’s nothing like it and i,f you can catch a breakout that might double or even triple your account, that’s time well spent, in my opinion.
Penny Stocks To Watch
So what’s happening in the stock market today? Tuesday is a quiet day for the broader markets ahead of major inflation data this week. On August 10th we se,e if, in fact, inflation has begun peaking or if the Federal Reserve has a larger task at hand. In any case, there are still plenty of hot penny stocks to watch, experiencing strong moves even in light of the broader market sentiment. The big question now is will they be the best penny stocks to buy or should they be avoided entirely?
- Gevo Inc. (NASDAQ: GEVO)
- Sunworks Inc. (NASDAQ: SUNW)
- T2 Biosystems (NASDAQ: TTOO)
- Akanda Corp. (NASDAQ: AKAN)
Penny Stocks to Buy [or avoid] 1. Gevo Inc. (NASDAQ: GEVO)
Energy stocks have been on fire this year thanks to everything from supply chain bottlenecks to geopolitical tensions. Besides traditional oil and gas, alternative fuels have gained appeal and Gevo Inc. has managed to take part of that spotlight in 2022.
The company produces liquid hydrocarbon used for transportation fuels and can result in a net-zero greenhouse gas emission solution. This year and prior, Gevo has managed to ink deals with large companies in commercial markets including a recent deal with American Airlines. Gevo will supply 100 million gallons per year of sustainable aviation fuel.
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According to the latest round of earnings, Gevo now has more than 350 million gallons per year of financeable SAF and hydrocarbon fuel supply agreements. With a focus on carbon-efficient energy solutions and climate-friendly products, GEVO stock has come into focus in August.
2. Sunworks Inc. (NASDAQ: SUNW)
Sticking with the alternative energy stocks trend, Sunworks has steadily gained momentum over the last week. The company provides solar power and battery storage solutions for a range of applications. Residential, commercial, industrial, and agricultural markets fall under its umbrella. With the latest trend in strong industry earnings from companies like Sunrun, for example, speculative trading has shown sympathy sentiment take over.
This week, however, Sunworks reported its second-quarter results revealing that it wasn’t just sympathy sentiment driving the action. The company beat sales estimates after reporting $36.40 million compared to the $31.20 million that was expected. This was also a 13.4% increase from last year’s Q2.
“During the second quarter, we demonstrated measurable progress on our business transformation strategy, while continuing to capitalize on increased demand for our integrated solar solutions,” stated Gaylon Morris, Chief Executive Officer of Sunworks. “Net revenue and gross profit each increased on a year-over-year basis in the second quarter, driven by strong residential demand, while both orders and backlog increased to multi-year highs.”
Thanks to higher residential demand and an already bullish solar market, SUNW stock is on the radar this week. In addition, for chartists, the penny stock has once again made an attempt to break through the 200-day moving average, which has been a point of resistance for over a year.
3. T2 Biosystems (NASDAQ: TTOO)
By now, you know that there is a group of companies that are part of the monkeypox penny stocks niche in the market. These are companies with direct exposure to treatments, testing, or diagnostics involving the monkeypox virus. On our Twitter account, we highlighted TTOO stock as a diagnostic company that was made popular during the COVID pandemic, now, for the same reasons, it recently gained acclaim as a potential monkeypox stock to watch.
Fast-forward to this week, and T2 has released news highlighting exactly this. The company said it has plans to explore opportunities to develop a molecular diagnostic test for detecting the monkeypox virus.
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“Our team has demonstrated the scientific expertise to develop new tests on our proprietary platform, including direct-from-blood and swab tests, and we believe the development of a molecular diagnostic test for the monkeypox virus is possible on our platform,” stated John Sperzel, Chairman and CEO of T2Biosystems. “Given the urgent nature of the monkeypox virus, and the potential for global transmission, we have communicated with the FDA and CDC, and we are exploring the potential to develop and commercialize a test for the monkeypox virus.”
With this TTOO stock has turned heads in the stock market today. The biggest question now is can the momentum last, or is today’s news a single-session catalyst?
4. Akanda Corp. (NASDAQ: AKAN)
They may be down, but marijuana stocks are certainly not out of the conversation. Akanda Corp. is a clear example of that in the stock market today. The company has a portfolio of subsidiaries giving it exposure to the global market ranging from cultivation to pharmaceutical production.
This week Akanda announced a new supply deal with European medical cannabis company Cansativa GmbH. The company will supply two EU-GMP quality strains of dried THC flower for distribution to all pharmacies in Germany through the Cansativa platform.
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“This supply agreement with Cansativa represents one of the largest supply agreements in the nascent European medical cannabis industry and is certainly Akanda’s most substantial commercial development to date,” said Tej Virk, Chief Executive Officer of Akanda.
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