Are you looking for penny stocks to buy now? You’re not alone. However, finding the right ones for you is where the challenge lies. According to the definition of the term, we’re talking about stocks under $5, and there are plenty to choose from. If you’re not prepared or lack experience trading volatile equities, you could be in for a rude awakening. On a daily basis, more than a handful of cheap stocks explode. At the same time, those stocks that breakout hundreds or even thousands of percentage points can reverse course quickly.
Take, for instance, one of the most active penny stocks this week, Motorsport Games Inc. (NASDAQ: MSGM). The company specializes in racing game development and provides esports ecosystems. This week shares of MSGM stock traded as low as $2.54, but one day later, on headlines of regaining Nasdaq compliance, prices skyrocketed as high as $27.60.
Even more notable was its continuation move during premarket trading on Wednesday. Motorsport Games reached highs of $80.67 before Wednesday’s opening bell. That was quickly cut down after announcing a financing round at a steep discount to those premarket figures. Motorsport Games announced a $3.9 million financing round at $21.40 per share. Nevertheless, MSGM stock remains significantly higher than it was trading at the beginning of the week.
This isn’t the case for all penny stocks. But it is one of the main reasons that traders (probably you) look for the hottest penny stocks to buy. This article looks at a few of the most active stocks under $3 on Wednesday. With the January FOMC meeting coming to a close, there is already plenty of volatility to weather in the stock market today. We look at some potential catalysts in play for some of these companies, and then you can decide if they deserve a spot on your list of penny stocks to watch this week.
Penny Stocks Under $3 To Watch
Iveda Solutions Inc. (IVDA)
Thanks to the move made by MSGM stock this week, there’s plenty of sympathy sentiment driving momentum. We’ve seen a surge of interest in esports-related stocks. Another area of interest is stocks with lower floats. This is regarding the total number of shares available in the actively traded retail market. Iveda Solutions is a lower float name trending higher in the stock market today, and the move is also paired with fresh headlines from the company.
Iveda announced $1 million in new tech deals with organizations and municipalities in Taiwan to implement smart city solutions. “As an organization on the forefront of digital transformation, we’re seeing cities and countries across the globe – especially those with dense populations – investing in smarter infrastructure to maintain and manage operational efficiencies through accurate, real-time data,” said David Ly, Iveda Founder and CEO.
The update also comes shortly after the company announced its $1.5 million Utilus Smart Pole deployment in Taiwan. We reported on that earlier this week in the article, “3 Hot Penny Stocks Under $1 To Watch For February 2023.” The full details can be found in that update.
MicroVision Inc. (MVIS)
Shares of MicroVision Inc. have been on the radar recently thanks to attention on stocks with higher short interest. As of this article, Fintel and TDAmeritrade show this figure sitting around 23% as the latest headlines from the company have helped to propel its share price on Wednesday.
MicroVision announced its completion of a long-awaited acquisition of German-based Ibeo Automotive Systems GmbH. As we discussed earlier this month in the article “4 Penny Stocks To Watch This Week With High Short Interest,” we expanded on the company’s vision and how this pending (at the time) deal could impact its revenue model, according to MicroVision.
“The acquisition, in particular, would combine MAVIN with Ibeo’s perception software into the MicroVision ASIC for automotive OEMs. Furthermore, the company explained in a related update that it also accelerates the combined company revenue streams from hardware and software products, with a forecast ranging between $8 to $15 million in 2023. The deal’s closing is also expected to happen during the first half of 2023.”
Tonix Pharmaceuticals (TNXP)
Tonix Pharmaceuticals is another one of the penny stocks to watch with news this week. The company has focused on building a portfolio of product candidates for everything from central nervous system diseases to immunology and infectious disease treatment candidates.
This week the company announced a research agreement with the University of Maryland, Baltimore. The deal supports the study of its TNX-1500 for the prevention of rejection in heart xenograft transplantation in animals. Seth Lederman, M.D., Chief Executive Officer of Tonix Pharmaceuticals, explained in this week’s update, “TNX-1500 is a third generation anti-CD40L monoclonal antibody that has been designed by protein engineering to decrease FcγRII binding and to reduce the potential for thrombosis. Previous preclinical studies in non-human primates demonstrated that TNX-1500 showed activity in preventing allograft and xenograft organ rejection and was well tolerated. A positive result from this study would potentially help support an Investigational New Drug (IND) application and human clinical studies.”
Shares of TNXP stock have been moving higher since the start of the year, thanks to a string of updates on new milestones reached in 2023. The question now is after today’s news will the trend continue?
List Of Penny Stocks To Watch
Iveda Solutions Inc. (NASDAQ: IVDA)
MicroVision Inc. (NASDAQ: MVIS)
Tonix Pharmaceuticals (NASDAQ: TNXP)