Want to find penny stocks to buy right now? Start looking for relative strength. Broader markets are all over the place thanks to uncertainty stemming from rate hikes, inflation, Fed speak, geopolitical conflicts, energy prices, and plenty of other headwinds. This can make it difficult (at first) to find opportunities to buy stocks. However, there’s a solution, and it’s an easy one. Don’t fight the trend; trade with it.

In today’s article, we look at a few of the top penny stocks to watch that has gained significant momentum in the stock market this week. With the S&P, Nasdaq, and Dow all trading lower, these cheap stocks are going against the trend and have shown relative strength against the broader market’s weakness.

Besides relative strength, it’s also essential to look for momentum and volume. Since penny stocks are thinly traded, you’ll want plenty of action to be present in the market. A low-priced stock might climb 50% or more, but if it happened from just a few traded shares, it could pose a greater risk overall.

For this reason, we’ve gone a step further and looked at NASDAQ and NYSE listed names. Call them Robinhood Stocks, listed penny stocks, or just “stocks,” at the end of the day, the goal is to make money trading. Once you’ve made it through this quick list of penny stocks, then you can decide what to do next. Are they worth the risk? Should you put them on your watch list, or should they be avoided entirely?

Penny Stocks To Buy [or avoid]

1.HyreCar Inc. (HYRE)

One of the hottest penny stocks today, with more than 100 million shares traded, is HyreCar. The company specializes in ridesharing and delivery services, leveraging Mobility as a Service. This week’s momentum comes from news that HyreCar inked a deal with “a premier global investment bank and Medalist Partners” for a $100 million credit line. According to the company, this will allow its fleet operator, AmeriDrive Holding to buy vehicles for listing on the HyreCar platform.

Initial expectations are that AmeriDrive will add 6,000 to 7,000 vehicles over the next year to year and a half. Joe Furnari, CEO of HyreCar, expanded on the news by saying, “We continue to expect to be profitable at the 6,500 to 7,000 daily car rental threshold, and we believe this deal will allow us to exceed that number. As a reminder, every 10,000 active rented cars on the HyreCar platform represents approximately $100 million in run rate revenue.”

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HYRE stock’s lackluster year has undoubtedly raised questions about the staying power of the latest move. Shares surged over 50% at times as HYRE reached some of its highest levels all quarter. With a small market cap, thinly traded stock, and10% short float, the news headline seems to have prompted a bit more attention on other details related to the penny stock today.

best penny stocks to buy now HyreCar Inc. HYRE stock chart

2. FuboTV Inc. (FUBO)

Sports entertainment streaming and wagering company, FuboTV has once again hit the scanners. Whether it’s short squeeze stocks or stocks with unusual options activity, FUBO stock has become part of the conversation.

The company recently announced its Fall programming lineup and released a preliminary conference schedule that includes the ISI Tech Conference this week. Its subsidiary, Fubo Gaming, will also participate in and support the American Gaming Association Responsible Gaming Education Month. But all these developments may come second to some of the more technical aspects of this penny stock.

What does that mean? Options activity and short interest have gained the interest of day traders. In this case, FUBO stock currently shows a short float percentage of between 25.75% and 27.9%, according to Fintel & TDAmeritrade data. There’s also some very short-term, initially bullish action in the options market. As of this article, FUBO stock’s $3.50 and $4 Calls expiring this week have experienced the highest level of volume in the options chain. Whether this is genuinely a bullish trend or a hedge against a more significant short position is to be seen. For now, it has been something closely monitored by some of the Fintwit and Reddit communities.

best penny stocks to buy now FuboTV Inc. FUBO stock chart

3. LiqTech International (LIQT)

The cheapest name on this list of penny stocks is LiqTech International. The company saw its highest volume day of the third quarter, on Tuesday. Shares have more or less treaded water in the stock market up until this week. The filtration products manufacturing company caught a surge just about a week after appointing a new President and CEO, Fei Chen. She takes the helm, officially, on September 12th. She also comes on board just in time to participate in the upcoming Lake Street Investor Conference on September 14th.

There weren’t any new headlines, it doesn’t have a massive short, and so far, options activity is relatively light. But something interesting that might be a focus is which funds are invested in the company. In an earlier article on PennyStocks.com, 4 Hot Penny Stocks To Buy Now According To Top Hedge Funds, the discussion was about hedge fund positions. In this light, LiqTech has a few notable names that reported stakes in the last round of quarterly holding reports. Ken Griffin’s Citadel Advisors, Israel Englander’s Millennium Management, and Jim Simons’s Renaissance Technologies are among these names.

With broad attention on stocks under $1 and a potential upcoming catalyst with September 12th and 14th right around the corner, LIQT stock could be on the watch list.

best penny stocks to buy now LiqTech International LIQT stock chart

List Of Penny Stocks In This Article

  1. HyreCar Inc. (NASDAQ:HYRE)
  2. FuboTV Inc. (NYSE:FUBO)
  3. LiqTech International (NASDAQ:LIQT)

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  • Penny Stock Alerts And Ideas
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Midam Ventures, LLC | (305) 306-3854 | 1501 Venera Ave, Coral Gables, FL 33146 | news@pennystocks.com

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