If you’re looking for the best penny stocks to buy, you will want to have the stomach for volatility. Cheap stocks are inherently volatile, but mixing in the broader stock market environment can quickly amplify the price movement. In the stock market today, there are plenty of things to weigh against your trading game plan, including the latest economic events and significant headlines.
When it comes to penny stocks, however, other catalysts at play can more greatly influence price movement than your typical stock market news headlines. Company-specific updates typically trump whatever else is going on with broad sector trends. Even when the stock market is crashing, you’re sure to find at least a handful of top penny stocks making new daily highs. One of the more prominent and apparent catalysts is news headlines.
This article looks at a few of today’s most active penny stocks to see what’s moving them. We’ll also look for any other potential milestones to look out for in the near term. Then you can decide if they’re the best penny stocks to watch this week.
Hot Penny Stocks With News
BuzzFeed Inc. (BZFD)
BuzzFeed was in the news earlier this year with a resulting move in the stock market that took it to highs of nearly $4.30. The media organization gained attention after the Wall Street Journal highlighted BuzzFeed’s relationship with Meta Platforms. It was cited that Meta was paying “millions of dollars” to bring “more creators to the social-media giant’s platforms.”
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This speculation sparked plenty of bullish momentum for BZFD stock. Since the dust settled, the former sub-$1 penny stock has maintained levels above $1.70.
BZFD Stock News
This week BuzzFeed inked a “first-look content deal with Genius Brand’s (NYSE: GNS) Frederator Network Inc. The agreement gives Genius’ Frederator exclusive opportunities and a first right to develop and produce long-form series content. It will be based on properties that BuzzFeed Animation Lab has created. The company also gave the market a date for publishing the next round of financial results. BuzzFeed will release its Q4 and full-year 2022 results on March 13th.
Nano Dimension (NNDM)
Shares of Nano Dimension have been rebounding strongly this week. After the penny stock failed to break through its 200-day moving average, NNDM stock slipped. But, to the surprise of those holding shares, it held its support level at the 50-day moving average and has been bouncing back since.
Nano Dimension has been making headlines throughout February. One of the more significant announcements came when it secured a purchase order from a U.S. government defense supplier of Additively Manufactured Electronics (AME) and Additive Manufacturing (AM) 3D printers. The customer will leverage Nano’s DragonFly IV platform.
NNDM Stock News
This week, different headlines came from the company regarding its market fundamentals. Nano Dimension announced the initiation of an active share repurchase process. It will allow it to invest upwards of $100 million to buy back shares.
CEO Yoav Stern explained, “We now proceed as we have previously promised to our shareholders. While we continue with hitherto announced efforts to search and execute large synergistic M&A transactions for which we have the right financing sources, we can reduce the number of our outstanding shares by a careful buy-back program for the benefit of all of us, the shareholders.”
OpenDoor Technologies (OPEN)
Like BuzzFeed and NanoDimension, OpenDoor has managed to bounce back after a recent sell-off in the stock market this month. The residential real estate eCommerce company gained acclaim from analysts at CitiGroup this week as the firm boosted its price target to $2. It also has a Neutral rating on OPEN stock.
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However, one of the key drivers of the recent reversal in shares may have been helped by a few news catalysts. These include speculation on upcoming earnings next week (February 23) and a deal that was put in place and announced this week.
OPEN Stock News
Shares of OPEN stock traded higher this week after the company was featured in the news from the online real estate platform Zillow Group (NASDAQ: Z). Zillow announced that the two would offer homeowners in Atlanta and Raleigh a new way to “explore multiple home-selling options” on Zillow’s site. The sellers can request a cash offer from Opendoor and get an estimate of their home’s potential selling price on the market with a local Zillow Premier Agent.
“Selling a home can be stressful and full of unknowns for many people, but selling to Opendoor is simple, certain, and on the homeowner’s timeline,” said Brian Tolkin, Opendoor’s vice president of product. “An Opendoor sale means no home showings, no home prep or making repairs and none of the hassle that can come with a traditional listing. With this new Opendoor experience on Zillow, consumers can explore their selling options and choose one that meets their needs.”
With this news, OPEN stock has gained plenty of attention in the stock market this week.
List Of Penny Stocks To Watch
- BuzzFeed Inc. (NASDAQ: BZFD)
- Nano Dimension (NASDAQ: NNDM)
- OpenDoor Technologies (NASDAQ: OPEN)
2 comments
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