This week has been full of stock market catalysts, mostly stemming from economic data. August CPI data, PPI data, the latest round of retail sales, and jobs numbers have brought plenty of volatility. No other class of stock has benefited more than penny stocks and small caps.

HKD Stock Explodes [again]

One of the more famous small-cap stocks that made significant headlines in August is AMTD Digital (NYSE: HKD). It IPOd in the middle of July and within weeks rallied from around $12 to a jaw-dropping high of over $2,500. Just as quickly as it rose, HKD stock imploded and fell as low as roughly $45. That ack all changed during the last few days of this week as the small-cap stock woke up and began surging again. At the time of this article, it’s trading back above $360.

What’s the significance of this stock market event? Since mostly retail traders watched HKD stock back in August, it remained on the radar this month. Thanks to the latest explosion in price within the last few days, sympathy sentiment has begun taking over.

Traders are hunting for the next multi-bagger penny stocks and small caps. There are countless catalysts on the radar, whether it’s China-based companies, low float stocks, short squeeze stocks, insider trading, hedge fund buying, etc.

This article looks at a handful of penny stocks to watch as HKD stock sympathy sentiment has begun taking over.

List Of Penny Stocks In This Article

  1. Eos Energy Enterprises (NASDAQ: EOSE)
  2. ZW Data Action Technologies (NASDAQ: CNET)
  3. Aurora Innovation Inc. (NASDAQ: AUR)
  4. Jupiter Wellness (NASDAQ: JUPW)

Hot Penny Stocks To Watch

1. Eos Energy Enterprises (NASDAQ: EOSE)

best penny stocks to buy Eos Energy Enterprises EOSE stock chart

We discussed Eos Energy in our article, Penny Stocks To Buy: 4 Short Squeeze Stocks To Watch Before Next Week. We talked about how the energy penny stock’s short float percentage sat between 13% and 21%. But what we didn’t discuss, because it hadn’t been released yet, was a notable hedge fund established a position in EOSE stock.

Point72 Asset Management, L.P. reported a 5.1% stake in Eos Energy. This helped bring even more attention to the penny stock as shares continued rising on Thursday. Thanks to the awareness that EV and green energy have received this week, momentum in EOSE stock has gotten a nice boost.

The company specializes in zinc-powered energy storage systems. Despite its focus on industrial and residential customers, as we said yesterday, the bigger picture of clean energy was highlighted during mid-week trading. Eos Energy’s Znyth battery was designed to outperform lithium-ion technology, which has become a favored go-to for related segments, including EVs.

[Read More] Top Penny Stocks to Buy Right Now? 3 for Your Mid-September List

2. ZW Data Action Technologies (NASDAQ: CNET)

best penny stocks to buy ZW Data Actino Technologies CNET stock chart

Although ZW Data is one of the lighter volume penny stocks on this list, it hasn’t stopped traders from getting behind it over the last few months. If you pull up the CNET stock chart, you’ll see the price has steadily climbed from under $0.30 in May to highs of over $1.20 last month. Following the recent period of profit taking at the end of August, optimism started building in September.

ZW provides online advertising and data analytics for its clients. This week it announced a new letter of intent signed with Henan Baodun Information Technology. ZW proposed to purchase the company at a price yet to be negotiated. Baodun presents the potential to ZW as it provides internet & brand marketing services.

CNET CEO Handong Cheng explained, “The addition of the new team will accelerate the development of our short video merchandising capabilities and reinforce our commitment to building a leading merchandising enterprise in China.”

Thanks to the attention that many Chinese penny stocks have gotten from HKD sympathy sentiment, CNET could be one of the names to know heading into the second half of September.

3. Aurora Innovation Inc. (NASDAQ: AUR)

best penny stocks to buy Aurora Innovation Inc. AUR stock chart

The autonomous transportation technology company Aurora Innovation has continued its climb this week. This week could be important for AUR stock as the company presents at the Goldman Sachs Communacopia + Technology conference. CEO Chris Urmson participates in a fireside chat during the early afternoon on Thursday, and so far, the market has reacted bullishly to this upcoming event.

[Read More] Penny Stocks To Buy: 3 Short Squeeze Stocks To Watch Right Now

September remains busy for the company as Aurora hosts its analyst day next week. On September 28th, Aurora will host the event at its autonomous trucking terminal in Dallas. As investors await these subsequent few events, AUR stock has climbed back above the $2.80 level, which has recently been an area of relative resistance.

There’s still plenty of speculation after Aurora’s CEO said that Apple and Microsoft takeovers were “potentially appealing” to him.

4. Jupiter Wellness (NASDAQ: JUPW)

best penny stocks to buy Jupiter Wellness JUPW stock chart

Like others on this list of penny stocks, Jupiter Wellness has bounced back strongly from 52-week lows. The last few weeks of trading have seen the wellness company’s shares explode from under $0.60 last month to as high as $1.15 so far this week. A mix of strong Q2 earnings and industry momentum has helped give JUPW stock a boost in the market.

Jupiter products address issues like hair loss, eczema, and sexual wellness. It even has a sun care line that it recently exhibited. NoStingz is said to prevent jellyfish stings while also providing sun protection. It was demonstrated at the Orlando Surf Expo last week.

This week the company provided a shareholder update that discussed record quarter performance and a renewed focus on science-backed R&D. This includes a long list of products that Jupiter spent the last year developing testing and filing patents for. Here’s the list that was highlighted in the company’s full shareholder update:

  • JW-100 – Topical treatment of eczema (in development)
  • RJ-101 – Topical treatment for female sexual wellness (in development)
  • Minoxidil Booster – Topical treatment designed to improve Minoxidil efficacy (on the market)
  • Photocil – Topical treatment for psoriasis and vitiligo (on the market)
  • JW-300 – Topical treatment of first-degree burns and sun exposure (in development)
  • NoStingz – Topical protection from jellyfish, sea lice, and UVA/UVB rays (on the market)
  • JW-400 – Topical treatment of cold sores (in development)

In light of the latest news catalysts, JUPW stock has joined the list of penny stocks to watch.

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