Hot Penny Stocks To Buy For Under $1 Right Now

Penny Stocks To Buy For Less Than A Dollar Menu Item

This article looks at a few of the hottest penny stocks to buy for under $1. While that’s not anything to guarantee gains, lower-priced stocks tend to offer up stronger and faster gain potential if the stars align. After you read about some of these companies and their latest developments, you can decide if they’re worth adding to your list of penny stocks to watch this week.

Are Penny Stocks Worth It?

Risk and reward are two things that go hand in hand when it comes to investing. For traders, the risk of crushing losses from a small move in price is weighed against the potential for huge windfalls. This summer has been one of the most active for small-cap and micro-cap stocks. Just look at some companies we’ve discussed in the last month alone.

Minerva Neurosciences (NASDAQ:NERV) is a clear example of how worth it penny stocks can be. Shares of NERV stock were sitting at $2.63 on July 29th, and one month later, the small-cap printed trades above $12.60. The exciting part about this is that roughly 380% move isn’t an anomaly. Countless other stocks have made moves like these and are more significant over the last 30-60 days.

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The downside of this bullish excitement is that quick drops in price can result in crushing losses. This article looks at some of the most volatile stocks under $5, ones trading for 99 cents or less. Even a change of 5-10 cents can mean big windfalls or considerable losses in these cases.

Penny Stocks To Buy For Under $1

1. Plus Therapeutics (PSTV)

Shares of certain biotechnology penny stocks have been heating up this month. Plus, Therapeutics is one of them and has seen its shares explode over the last few weeks. The company specializes in radiotherapy for different types of cancer, and this week a key milestone was reached in its ReSPECT trials.

Plus announced an update after receiving formal minutes from an FDA Type C meeting. It discussed the company’s clinical and commercial manufacturing process for its lead radiotherapeutic for treating recurrent glioblastoma. Based on the feedback, Plus expects to use it in other clinical development programs and for other indications. Marc H. Hedrick M.D., President and Chief Executive Officer of Plus Therapeutics, “The Company remains on track, on time, and on budget to have cGMP ¹⁸⁶RNL available in the second half of 2022 for all ongoing and planned ReSPECT™ clinical trials.”

Earlier this month, the company announced positive data regarding its lead brain cancer drug candidate. The data from two ongoing trials showed that the drug was well tolerated with only mild, expected events. Given the newest milestone, PSTV stock is in focus at the top of the week.

2. Mullen Automotive (MULN)

The EV company has been one of the more popular penny stocks on Reddit and gained a cult-like following this year. Despite MULN stock’s slow bleed over the last few months, the company has maintained a level of interest thanks to a more active newswire.

Last week the company said it plans to launch fully functional demonstrator FIVE EV crossover vehicles next month. The significance of the milestone is that it gives the market a live glimpse at its suite of EVs. The company is also collaborating with Team Rosberg Engineering this month. The two will work on chassis and safety development for the company’s FIVE EV program. In response to the latest achievements, CEO David Michery explained in an update last week, “These new partnerships are accelerating our path to start of production, which we previously slated for Q4 2024 and Q1 2025. Having companies such as ARRK and Team Rosberg involved in the FIVE program is a great privilege for Mullen.”

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The thing to remember with MULN stock is that it has a history of volatility. Even though it’s trading below $1, even 10 cents makes a big difference in percentage change.

3. The Metals Company (TMC)

Even with the stock market down today following last week’s Jackson Hole meeting, several penny stocks are trading higher. The Metals Company is another one of the stocks under $1, pushing toward highs after a few weeks of sideways action.

More robust earnings and a favorable outlook for the remainder of the year brought a vote of confidence to the market. The Metals Company reported a much better EPS and set plans to initiate a multi-vessel pilot test and environmental monitoring campaign. The goal of the mission is to develop its nodule collection processes further. TMC explores low-impact battery metals from seafloor polymetallic nodules.

In addition to the pilot program, the company also secured a $30 million investment from existing TMC stockholders, including funds affiliated with company directors and officers and directly from management. CEO Gerard Barron, for example, snagged over 100,000 shares of TMC stock earlier in the month. Barron filed a 13D last week, showing that he has a 7.1% stake in the company with over 18.8 million shares.

4. American Virtual Cloud Technologies Inc. (AVCT)

One of the most active penny stocks today is American Virtual Cloud Technologies. With more than 90 million shares traded before the lunch hour, AVCT stock hit several technical scanners early. The move comes as a continuation of last week’s action, thanks to important news.

What did American Virtual announce? The company not only made changes to its Board and management but also discussed strategic review alternatives. Its departing chairman, Michael Tessler, said, “I have enjoyed working with the AVCT board and management team.  I wish the new management team well as it works with the board to consider the range of possible strategic alternatives to optimize the value of the entity.”

Regarding ” alternatives, “the company said it wouldn’t write off the sale of select assets or even the entire business. With this new directive, AVCT stock has begun moving more on speculation than anything else. Keep this in mind if it’s on your list of penny stocks to watch this week.

List Of Penny Stocks In This Article

1. Plus Therapeutics (NASDAQ:PSTV)
2. Mullen Automotive (NASDAQ:MULN)
3. The Metals Company (NASDAQ:TMC)
4. American Virtual Cloud Technologies Inc. (NASDAQ:AVCT)

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