top penny stocks to buy right now

Penny stocks are shares of companies trading for less than $5 and are some of the most volatile in the stock market today. Thanks to last week’s Jackson Hole speech from Fed Chair Jerome Powell, investors are on the hunt for new trade ideas.

When it comes to stocks under $5, there’s plenty to look at when it comes to making money in the stock market. In many cases, day traders will take advantage of the short-term, daily trends. Meanwhile, a select few penny stocks go on to become serious market contenders in their respective industries.

Whether you’re looking to trade them or invest in them, the first step to finding the right penny stocks to buy is putting together a strong watch list. Today’s article looks at a handful of popular names in the stock market today. We’ll discuss the reasons behind the moves and any upcoming potential catalysts to be on the lookout for. Then you can decide if they’re suitable for your penny stocks watch list.

Penny Stocks To Watch

  • American Virtual Cloud Technologies (NASDAQ: AVCT)
  • Nuwellis Inc. (NASDAQ: NUWE)
  • Mullen Automotive (NASDAQ: MULN)
  • Gran Tierra Energy Inc. (NYSEAMERICAN: GTE)

American Virtual Cloud Technologies (AVCT)

penny stocks to buy American Virtual Cloud Technologies AVCT stock chart

Tech stocks have been hit or miss this quarter. But this week, companies, including American Virtual Cloud, have gotten some bullish reactions in the market. Recent news that it plans to explore the sale of its entire business has piqued the interest of traders.

 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.”

Like others on this list of penny stocks, there is a short on AVCT stock. This sits just over 15%, according to Fintel.IO and TDAmeritrade. With short squeeze penny stock and stocks under $1 in the focus of day traders, this could be one of the names to know this week.

Nuwellis Inc. (NUWE)

penny stocks to buy Nuwellis Inc. NUWE stock chart

One of the most popular penny stocks today is Nuwellis Inc. The company specializes in treatments for fluid overload. One of the reasons NUWE stock is moving today is from a Wednesday update. Nuwellis announced that it published clinical data supporting the use of ultrafiltration with its Aquadex FlexFlow system in post-op coronary artery bypass grafting patients. The publication was in the Journal of Cardiac Surgery. In particular, data showed 100% survival after 30 days.

This news comes just a few days after the company was awarded a US patent for its pediatric dialysis technology. In response, aid Nestor Jaramillo, Jr., President, and CEO of Nuwellis, said in an August update, “Clinicians rely on us to provide advanced technology that affords them with the flexibility to safely and easily expand treatment options for their young patients. We are pleased to have received a patent for this novel innovation that can enhance current and future technology development initiatives.”

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Something to consider with NUWE stock is that it has already experienced a significant move overnight. Shares closed on August 30th at $0.63 and saw highs of $1.85 during the first hour of trading on the 31st. Since this is such a massive jump, selling pressure from profit-taking and general market volatility could play a more significant role. Keep this in mind when weighing risk/reward with NUWE stock today.

Mullen Automotive (MULN)

penny stocks to buy Mullen Automotive MULN stock chart

Shares of Mullen Automotive saw signs of life in the stock market today. This comes after weeks of steady downward pressure took shares to lows of $0.60. Much of the anticipation with MULN stock has stemmed from the proposed launch of fully functional demonstrator FIVE EV crossover vehicles next month. This will give the market a live look at its suite of EVs.

Mullen has also begun collaborating with Team Rosberg Engineering. The two will work on chassis and safety development for the company’s FIVE EV program. With Mullen’s “Strikingly Different” US tour planned, it is another step toward broad market access. The tour begins next year and will showcase the Mullen FIVE production vehicles.

In addition to fundamentals, there are other things that traders seem to be looking at this week. One of these is the MULN stock short float percentage. According to Fintel.IO and TDAmeritrade, this sits just over 15%.

Gran Tierra Energy Inc. (GTE)

Energy penny stocks remain hot; Gran Tierra is an example of this trend. The company focuses on oil and natural gas exploration and production in Colombia and Ecuador. There are existing assets under development and plans to pursue additional opportunities.

The company recently posted an earnings beat for the second quarter. Earnings per share came in at $0.14 compared to the $0.06 expected. Gran Tierra generated a net income of $53 million and saw an increase in adjusted EBITDA of 286% year-over-year. Even more impressive to some traders was the company’s ability to boost its funds flow from operations by 345% year-over-year and its highest since Q1 of 2013.

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Commenting on the beat, Gary Guidry, President and Chief Executive Officer of Gran Tierra, explained, “In this high oil price environment and with our high-quality asset base, we were able to reduce net debt by $298 million or 38% over the past two years…As we look forward to the third quarter of 2022, we are excited about spudding exploration wells in Colombia and Ecuador and increasing production in our core assets.”

Against an already bullish backdrop for oil and gas, GTE stock has been one to watch in August.

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

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