Best Penny Stocks To Buy This Week?
What are the best penny stocks to buy this week? That’s a question I am sure you’re asking if you’re on this website. We like to allow you the ability to arrive at that decision on your own. However, in this article, we provide some extra information that you might be able to use when researching some of the popular penny stocks under $1 to watch this week.
Considering that volatility will likely remain present for the time being, why not pick an asset class that thrived during times like these? On any given day, even if there’s a significant stock market crash, there are sure to be a handful of stocks under $5 making moves to the upside. Are all penny stocks meant to be stocks with 1,000% upside potential? No, but a single-day move of 20% or more isn’t necessarily a bad thing, either. For this reason, we look at some of the most popular stocks under $1 today and peel away the different catalysts contributing to their latest market activity.
Why Buy Stocks Under $1?
The definition of the term “penny stocks” includes cheap stocks usually trading for less than $5 per share. Taking out all other factors and focusing solely on price, the lower it is, the more significant the potential percentage change there will be, even if that means a jump of just a few pennies.
For example, a stock trading at $10 needs to climb 100 pennies to see a 10% return. Meanwhile, a stock trading at $0.10 only needs to move 1 cent to experience the same percentage change. For that reason, risk and reward are much great in theory when looking at some of the cheapest stocks to buy like these.
Thanks to significant moves in the stock market today from a few of the stocks under $1, traders are on the hunt for the next multi-bagger move. Bother Acorda Therapeutics Inc. (NASDAQ: ACOR), and FedNat Holding Company (NASDAQ: FNHC) saw huge moves of as much as 170% in the case of ACOR stock, upward of 117% for FNHC shares. The kicker was that both tiple-digit breakouts came from market moves of less than $1. Here’s a list of active penny stocks to watch this week also trading for under $1.
Penny Stocks Under $1 To Watch This Week
- Oblong Inc. (NASDAQ: OBLG)
- Clever Leaves Holdings Inc. (NASDAQ: CLVR)
- Nutex Health Inc. (NASDAQ: NUTX)
1. Oblong Inc. (NASDAQ: OBLG)
Oblong offers multi-stream collaboration solutions, including its flagship Mezzanine product. The meeting technology platform allows for content sharing and engagement tools for virtual meetings. Shares have been on the move since the beginning of October, thanks to an uptick in attention to low-priced stocks with lower floats.
The company hasn’t released much news since its Q2 update. However, something that may have become a source of speculation is what was discussed in that update. It wasn’t the lower sales figures or, the larger net loss. It was a comment from CEO Pete Holst:
“We also remain focused on exploring strategic alternatives, including a potential sale or merger, to maximize value for our shareholders.”
– Penny Stocks & The Stock Market This Week: What To Watch Now
With the pivot to more hybrid work models, streaming collaboration platforms have gotten pushed to the back burner. As the broader market crashes, there have been plenty of companies experiencing much more aggressive declines on lower sales, which has caused some concern among investors. Like many other small and microcap companies, Oblong has sought strategic alternatives.
2. Clever Leaves Holdings Inc. (NASDAQ: CLVR)
Shares of marijuana stocks caught some breathing room in the stock market today. U.S. Senator Cory Booker made statements regarding the potential passage of marijuana reforms. Booker said that he thinks bipartisan motions have a “good chance” to negotiate a package of cannabis proposals. However, in the same interview, he explained that he wouldn’t say it’s a “great shot,” something happens, “but it’s on a good path.”
The initial move for marijuana stocks push most higher, including Clever Leaves Holdings. As the speculative trade develops on the back of Sen. Booker’s comments, the market grows optimistic. Shares of CLVR stock jumped back above the $0.50 level during the early afternoon session. As a licensed producer of pharmaceutical-grade cannabinoids, the company has attracted the attention of retail traders looking for cheap pot stocks.
Last month Clever Leaves announced a partnership today with House of Kush to be the exclusive grower and distributor of proprietary genetics globally. Clever Leaves will be the exclusive producer of various genetics for House of Kush outside the US and Canada.
The thing to remember about pot stocks is that they are usually heavily influenced by industry news. As such, the outcome of Sen. Booker’s plan could play a more significant role when it comes to the next move for CLVR stock.
Nutex Health Inc. (NASDAQ: NUTX)
Like the other companies on this list of penny stocks, Nutex came under selling pressure earlier this year. The most recent trend, however, has been more bullish than bearish. The company develops healthcare management platforms and, last week, reported updated operational plans.
These plans included reiterating expectations to open 20 new facilities by the end of 2024. This would result in expansion into four new states, including Florida, Wisconsin, Ohio, and Idaho. The company also said it formed two new independent practice associations and is actively working on contracting with primary care physicians and specialists.
“Once this phase is completed, the Company expects to contract with health insurance plans and start enrolling patients in 2023. Nutex also anticipates forming one more IPA in 2022 in Phoenix, Arizona, where it already operates two micro-hospitals. The Company currently operates one IPA in Los Angeles, California, with over 22,000 patients,” Nutex said in its press release.
Thanks to the latest news-fueled action, NUTX stock could be on the watch list for some traders this week.
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