Intro To Penny Stocks
Penny stocks are generally referred to as stocks trading at under $5 per share. They’re high-risk and high-reward equities that typically attract retail traders looking to capitalize on short-term moves. Chances are, if you’re looking for the best penny stocks to buy today, you’re on the hunt for names to add to your watch list. In today’s article, we cover five trending penny stocks in the stock market today, what catalysts are in play, and then you can decide if they deserve a place on your list or not.
What’s Happening In The Stock Market Today
First, it may be helpful to know what’s happening in the stock market today to avoid any potential pitfalls of trading on Tuesday.
Tuesday through Thursday are when things likely heat up. First, some Fed speak throughout the mid-morning with FOMC members Harker and Mester speak as the lunch hour approaches. We’ll also see U.S. consumer inflation expectations, which may or may not weigh on sentiment. There are also some global events regarding other central bank speakers that could be looked upon for a glimpse into inflationary sentiment. Check out the article Stock Market This Week: What To Watch October 10 – October 14 2022 for more details on this week’s events.
With that backdrop, it’s also worth noting that penny stocks sometimes tend to move independently from the broader market. That’s typically true, especially when these small companies release news updates and corporate filings. Here are 5 penny stocks to watch after recent milestones were made public this week.
Penny Stocks To Watch
1. Canoo (GOEV)
Advanced mobility electric vehicle company Canoo saw a glimmer of bullishness on Tuesday. The penny stock had been slipping lower ever since it made a splash in July and August, thanks to multiple milestones and contracts. Its roster of deal flow includes organizations like NASA, the U.S. Army, and even grocery chain Walmart to name a few.
What To Watch With GOEV Stock Today
Canoo announced its latest purchase agreement on Tuesday. This time it was with Zeeba to purchase 5,450 of the company’s electric vehicles. The deal also stipulates that Zeeba commits to 3,000 through 2024.
If you’re unfamiliar, Zeeba is a company providing fleet solutions. Zeeba CEO Kayvon Marashi commented in a press release, “We are focused on offering the most advanced fleet solutions and have recognized Canoo’s vehicles as leaders in technology-driven sustainable mobility. We also wanted to secure EV vehicle supply for years to come.”
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2. Joby Aviation Inc. (JOBY)
Another electric vehicle company has turned heads in the stock market today. Joby Aviation is an electric vertical take-off and landing aircraft or ‘eVTOL’ company. Like Canoo, it has faced its share of bearish selling in the face of reaching important corporate milestones. Other than being on the list of Cathie Wood penny stocks, Joby has recently inked deals with the US Department of Defense and Skyports Infrastructure.
What To Watch With JOBY Stock Today
This week, Joby Aviation stock is back in focus after its latest deal. This time it was with Delta Airlines (NYSE: DAL). The two enjoyned in a multi-year partnership to deliver home-to-airport transport services. The service begins in New York and Los Angeles markets. Delta is also investing in JOBY stock. The airline made an upfront equity investment of $60 million with the opportunity to expand the total investment up to $200 million based on milestones.
3. Ginkgo Bioworks Holdings (DNA)
With Cathie Wood stocks as a current theme, it’s worth noting that Joby isn’t the only penny stock on the list. Ginkgo Bioworks attracted the attention of the high-growth fund manager. As of the most recent holdings report from Ark funds, Wood has hundreds of thousands of shares of DNA stock across multiple funds in her portfolio.
The company recently boosted its biosecurity platform by acquiring epidemiological data infrastructure assets from Baktus Inc. It also announced the tuck-in acquisition of French biotech business, Altar, which is developing an adaptive lab instrument integration with Ginkgo’s Foundry.
What To Watch With DNA Stock Today
More collaboration news hit the wire this week thanks to Ginkgo’s latest deal with Merck (NYSE: MRK). The two are working together to engineer “up to” four enzymes used as biocatalysts in Merck’s active pharmaceutical ingredient (API) manufacturing program.
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“Ginkgo’s fungal strains present a major opportunity for improving biocatalysis. E. coli is currently the mainstay host for expressing enzymes, but a large number of enzymes will not express properly in E. coli, and those that do express in E. coli may have better homologs that only express in fungal strains,” said Behzad Mahdavi, SVP of Biopharma Manufacturing and Life Sciences Tools at Ginkgo.
Ginkgo has an opportunity to earn upfront R&D fees as well as success-based milestone payments. Potential commercial milestone payments for each biocatalysis target could add up to $144 million.
4. Blue Apron Holdings Inc. (APRN)
Recent meme stonk Blue Apron has seen a wash-out from its latest bull run that saw APRN stock reach highs of $8.22 last month. The jump came after the meal kit company experienced a wave of interest due to higher short activity in the stock. While Blue Apron has reached a few business milestones over the last few months, the stock’s squeeze potential is the main point of interest. Whether or not that gets revisited this week is to be seen, but there are new events to note if APRN stock is on your watch list.
What To Watch With APRN Stock Today
This week Blue Apron announced that its products are now available in the U.S. Amazon store without a subscription.
Josh Friedman, Blue Apron’s Chief Product Officer, explained some of the reasoning behind the move. “By offering a selection of products in the U.S. Amazon store, we are able to provide Amazon customers the opportunity to buy a range of chef-curated meals that will arrive quickly to their door.”
The company further stated that “Blue Apron is expanding its ecosystem as part of its goal to drive customer growth through multiple avenues, including third-party sales platforms designed to reach new audiences while removing barriers to trials.”
5. Velodyne Lidar Inc. (VLDR)
Since its big move in August, lidar sensor company Velodyne has been relatively quiet in the market. The jump came after the company’s earnings beat but quickly fell after analysts at JP Morgan initiated coverage with an Underweight rating. The tech company is back in focus in the stock market today.
What To Watch With VLDR Stock Today
This week Velodyne announced a multi-year deal with Yamaha Motor. The company will provide its lidar sensors to Yamaha for eve autonomy. Eve is a JV between Yamaha and Tier IV Inc. to develop autonomous goods transport services and logistical support. Shipments begin this month to support eve’s October launch.
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List Of Penny Stocks To Watch
- Canoo (NASDAQ:GOEV)
- Joby Aviation Inc. (NYSE:JOBY)
- Ginkgo Bioworks Holdings (NYSE:DNA)
- Blue Apron Holdings Inc. (NYSE:APRN)
- Velodyne Lidar Inc. (NASDAQ:VLDR)
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