best penny stocks to buy making a comeback bullish

Penny stocks are some of the riskiest asset classes in the stock market today. Trading these cheap stocks isn’t for the timid. However, if you can learn how to trade correctly, volatility could be the thing you look for to make money in the stock market. Today we look at a handful of penny stocks trying to mount a comeback.

One thing that attracts people to stocks like these is their low price. In theory, the potential for significant gains is much greater with cheaper stocks. A small jump in value can equate to much more substantial percentage gains. For example, if you have a $1 penny stock that jumps 10 cents, that move is equal to a jump of 10%. Then again, if we’re talking about a stock trading at $10, the same 10-cent move is negligible.

Penny Stocks To Buy

How do you find the best penny stocks to buy? A lot depends on your strategy, and today we look at some stocks under $5 that have sold off this year but have mounted a comeback so far in September.

Azure Power Global (NYSE:AZRE)

penny stocks to buy Azure Power Global AZRE stock chart

Energy stocks are getting a recharge in the stock market today. Azure Power is one of the names surging with this trend. The company provides sustainable energy solutions in India and has gone through a significant level of scrutiny lately.

Looking at the AZRE stock chart, you’ll see what we’re talking about. Shares of the energy penny stock imploded after its CEO resigned and confirmed some aspects of a whistleblower complaint it received earlier this year. In particular, the elements of the complaint related to procedural irregularities at a plant owned by one of its units came into question.

[Read More] 3 Penny Stocks To Buy Now For Under $4 In September

Nevertheless, AZRE stock caught a substantial boost of bullish momentum this week. No headlines came alongside the move. However, Wednesday marked one of the stock’s most significant one-day moves in recent weeks.

Nutex Health (NASDAQ:NUTX)

penny stocks to buy Nutex Helath NUTX stock chart

With another day of bullish trading, Nutex Health remains a focus for traders. The physician-led healthcare technology company continued higher on Wednesday with no immediate news to pair with the move. The company was recently named one of 14 companies selected for the Houston Business Journal’s Innovation Awards. Nutex and the other honorees will be featured in the Business Journal later this month.

As we discussed yesterday, the company is also a favored name among notable hedge funds. In the article 4 Hot Penny Stocks To Buy Now According To Top Hedge Funds, we pointed out some of these firms. At the end of the second quarter, Paul Tudor Jones’s Tudor Investments, Ken Griffin’s Citadel Advisors, and BlackRock reported stakes worth upward of $5 million in NUTX stock. BlackRock is the largest holder with more than 1.66 million shares.

Now that the merger with Clinigence Holdings is complete, Nutex has placed its focus on growth. In its second-quarter update, management said that “We are actively working on contracting with primary care physicians as well as specialists. Once this phase is completed, the Company expects to contract with health insurance plans and start enrolling patients in 2023.”

Against this backdrop, NUTX stock has mounted a comeback of more than 46% since hitting 52-week lows last week.

Quoin Pharmaceuticals (NASDAQ:QNRX)

penny stocks to buy QUoin Pharmaceuticals QNRX stock chart

Earlier this quarter, we discussed Quoin on a list of penny stocks with big news. The company announced receipt of FDA acceptance for an Investigational New Drug Application. This application was for Quoin’s QRX003 in treating Netherton Syndrome. Quoin previously licensed a formulation, Invisicare, from Skinvisible.

[Read More] Are These Penny Stocks on Your September Buy List?

After the excitement leveled off, Quoin ultimately slid to fresh 52-week lows. So why is QNRX stock bouncing back right now? Analysts from Alliance Global began covering QNRX stock. Following a slew of price target cuts from other firms, Alliance started QNRX with a Buy rating and a price target of $20. One of the focus points was on what analyst James Molloy cited as his expectations for Quoin’s QRX003 for the treatment of Netherton Syndrome. Molloy wrote that it “has a clear, rapid path to possible approval” and discussed the value of priority review vouchers.

This helped bring back some bullish sentiment this week as QNRX stock upheld a 3-day rally in September.

SelectQuote (NYSE:SLQT)

penny stocks to buy SelectQuote SLQT stock chart

Last week SelectQuote dropped below the $1 level to 52-week lows of $0.95. But since then, SLQT stock has been in rally mode. As of Wednesday, shares reached new highs for September of $1.44. For the better part of the last few weeks, SLQT stock had steadily dipped following lackluster fourth-quarter earnings results. Sales were down from the same period last year. Meanwhile, guidance came in much lighter than analysts expected.

[Read More] 5 Top Penny Stocks With Unusual Options Activity Today

The company has been going through a strategic redesign of its business. Chief Executive Officer Tim Danker commented on his plans for the company in SelectQuote’s Q4 update.

“Our goal is to optimize our core senior and healthcare services businesses with a focus on improving returns and higher visibility in our projected cash flows. Now six months into our strategic redesign, we have increasing confidence and high conviction that SelectQuote will create value for shareholders in the years to come. Clearly, the responsibility to prove our value to shareholders is ours and we can only do that through consistent execution, but our results year-to-date and in the fourth quarter demonstrate expanding profitability in both our core senior and healthcare services businesses including our growing SelectRx business.”

SLQT stock saw its second-highest one-day trading volume on Wednesday, making a move higher as markets attempted to rebound.

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