What’s happening on Wall Street in the stock market today? Well, not a lot as the S&P 500, Nasdaq, and Dow chop their way through a dull session. But it isn’t all stocks following suit, and in this article, we discuss several penny stocks outperforming the vast majority of broad-sector stocks. Much of the indecision is due to the upcoming FOMC meeting that begins on Tuesday and concludes on Wednesday with a 2:30 PM ET press conference.
Why Have Penny Stocks Outperformed?
The basic answer is that most of these cheap stocks tend to move independently. Retail traders are the ones who mainly focus on the daily trends of smaller companies trying to capitalize on volatile moves. Today’s list of penny stocks has a handful of names outpacing the stock market today and could be ones to watch later this week.
Penny Stocks to Watch
- Amyris Inc. (NASDAQ: AMRS)
- Coeur Mining Inc. (NYSE: CDE)
- Celularity Inc. (NASDAQ: CELU)
- Advent Technologies Holdings (NASDAQ: ADN)
- Avaya Holdings Corp. (NYSE: AVYA)
1. Amyris Inc. (NASDAQ: AMRS)
Amyris has been on plenty of penny stock watch lists lately, for a good reason. The trend in short squeeze stocks has grown exponentially the lower the stock market crashes. Traders hoping to catch bearish traders by surprise have hunted down stocks with high short float percentages to squeeze them out. In the case of AMRS stock, it has joined the list of low float penny stocks to watch.
Beyond that, however, Amyris has focused on advancing its clean beauty consumer brands. This week it filed a U.S. patent application for its ECOFABULOUS, which will include digital media including collectibles, tokens, art, and, you guessed it, non-fungible tokens. The company’s platform leverages machine learning to manage and enhance its more than 20,000 products from top consumer brands.
AMRS Stock: What To Watch
While this new patent application has likely raised some eyebrows, analysts’ activity paired with updated short data could be a few things to pay attention to if AMRS stock is on your list. This week, Piper Sandler analysts raised their $2.50 price target to $4 and reiterated their Neutral rating. Traders are also focusing particular attention on the 22.52% short float percentage, according to Fintel.IO.
2. Coeur Mining Inc. (NYSE: CDE)
The precious metals mining company Coeur Mining saw its shares explode on Monday. CDE stock jumped over 17% following news that it struck a $200 million deal with AngloGold’s (NYSE: AU) subsidiary to sell its Crown and Sterling holdings. The $200 million comes in the form of $150 million in closing cash and deferred cash of $50 million paid upon Crown Sterling, gaining a total resource of at least 3.5 million gold ounces.
This news helped bring bullish interest back into the mining penny stock after weeks of selling pressure, taking shares below the $3 level.
CDE Stock: What To Watch
Mining stocks have been more stagnant than anything, even with rising inflation and higher rates. Despite this, CDE stock could be one to watch as the closing of this deal is expected to come next quarter.
“The divestiture of Crown Sterling unlocks significant value for Coeur stockholders and demonstrates our ongoing commitment to allocating capital into our existing portfolio of near-term core growth projects, highlighted by the Rochester expansion in northern Nevada,” said Mitchell J. Krebs, President and Chief Executive Officer.
3. Celularity Inc. (NASDAQ: CELU)
Celularity shares hit fresh 52-week lows last week during the company’s highest volume trading day all year. What was the catalyst? The company entered into a $150 million agreement with an affiliate of Yorkville Advisors Global, where the company can request pre-paid advances up to $40 million at a time.
CELU Stock: What To Watch
While this capital will help contribute to working capital, including R&D and clinical development, other events could be considered when looking at this company. First, Celularity has begun treatment of its first patient in a Phase 1/2a trial for its NK cell therapy candidate CYNK-101. It has already received Fast-Track & Orphan Drug designations from the FDA for HER2-positive gastric and gastroesophageal junction cancers.[Read More] 3 Hot Penny Stocks To Buy For Under $1 This Week
With the estimated primary completion date of next February, the market has looked for any further progress updates on this study. In addition, new analyst coverage from Alliance Global Partners has helped boost sentiment after the firm initiated coverage in August with a Buy rating and a $15 target.
4. Advent Technologies Holdings (NASDAQ: ADN)
While it doesn’t have the entire Fintwit community bellowing about the “huge potential,” Advent Technologies stock quietly mounted a move of over 260% since mid-June. The company specializes in fuel cell development and renewable energy applications. With the rising interest in green energy, traditional commodities, including oil, are taking a back seat to things like hydrogen and flex fuels.
Advent has continued inking new deals with customers, including the Hellenic Army, DD Dannar, and Hydrogen Systems Inc. (an agreement signed earlier this month). After beating sales estimates for the second quarter, hopes have seemed high that the company continues executing on its model, which brings us to this week and what to watch with ADN stock.
ADN Stock: What To Watch
On Monday, the energy penny stock continued its steady climb amid heightened stock market volatility. This was thanks in part to a new supply agreement for fuel cell systems in Germany. Advent signed a three-year deal with the German State of Brandenburg for methanol-powered fuel cell systems. They will be used as backup power for Brandenburg’s digital radio network to replace diesel-driven systems.
In addition, some notable institutions hold positions in ADN stock, including BNP Parabaas Asset Management, Vanguard Group, BlackRock, Morgan Stanley, and Millennium Management. If you read our article “4 Hot Penny Stocks To Buy Now According To Top Hedge Funds,” you’re already familiar with the fact that cheap stocks don’t scare away “big” money. Whether or not the trend in ADN stock continues is to be seen, but the latest trend in green energy could see it on a few watch lists in 2022.
5. Avaya Holdings Corp. (NYSE: AVYA)
We discussed Avaya stock earlier this month, highlighting the retail market’s speculative nature regarding the company. First, it has attracted the attention of a few Wall Street hedge funds, including Tudor Investment Corp., Citadel Advisors, BlackRock, and Israel Englander’s Millennium Management.[Learn More] Buy Penny Stocks Like Hedge Funds Do: A How-To Guide
Avaya recently announced cutbacks that could save more than $250 million annually. The move came just as the company announced an expanded partnership with Sen Spirit Technology to provide Avaya’s OneCloud to businesses in Hong Kong last month. Sen Spirit distributes communication technology and enables government agencies, banks, and telecom industry customers to access cloud technology.
Avaya Stock: What To Watch
Avaya stock has also gotten folded into the list of short-squeeze stocks to watch. According to Fintel.IO and TDAmeritrade, the short float percentage for AVYA stock is around 33.29-33.53%.