Generally speaking, penny stocks are defined as stocks under $5. They’re known for their potential for significant gains and higher risk profiles. In the stock market today, more and more retail traders are finding opportunities to trade these types of cheap stocks with varying results.
Whether you’re a pro or not doesn’t matter as long as you know how to handle volatility and use it to your advantage. In this sense, today, we look at some of the most volatile of the bunch: stocks under $1. Even the slightest move of 10 cents can equate to a 10% or more percentage change.
We look into what’s going on with the companies and see if any other upcoming catalysts or events could be worth noting. Then you can decide whether to add them to your penny stocks watch list this month.
Penny Stocks To Watch
Greenidge Generation Holdings Inc. (GREE)
Cryptocurrency prices are surging this week. Both Bitcoin and Ethereum are reaching levels not seen in months. With that move has come a sympathy jump in Bitcoin and Blockchain stocks. Greenidge Generation Holdings was mentioned in our article 3 Bitcoin Penny Stocks To Watch Right Now earlier this week.
In it, we discussed the potential for a volatile situation ahead. Since the move in the vast majority of cryptocurrency-related stocks has resulted from the increase in the price of digital currencies, the sentiment in the stock market has the potential to shift quickly. So far, that has remained bullish despite general economic concerns related to inflation and a pending recession.
Greenidge Generation is a cryptocurrency data center and power generation company. GREE stock has been one of the more beaten-down names; hence the price is below $1. However, the company’s recent earnings update and management commentary may have shed some positive light on Greenidge for 2023.
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CEO Dave Anderson explained, “We have effectively moved through a very challenging time in the industry by restructuring our balance sheet during the first quarter of 2023 and decreasing the risk profile of the Company. In addition to the steps taken to date, our team is evaluating opportunities designed to ensure we are in the best position to participate in the potential recovery of bitcoin, of which we have signs of in March 2023.”
Since the beginning of the week, GREE stock has climbed from lows of $0.3601 to highs of $0.66.
Hycroft Mining Holding Corp. (HYMC)
Once known as the “AMC gold stock,” Hycroft Mining has reached several milestones on its own accord, which have come back into light recently. Why was it the “AMC gold stock,” though? We outlined the details of this relationship in our article “AMC Entertainment (AMC) Sees Golden Opportunity In Penny Stocks,” when the initial deal came to light. At the time, AMC Entertainment bought a stake in the small-cap mining penny stock. The deal saw AMC and metals investor Eric Sprott investing roughly $56 million into Hycroft.
Hycroft recently announced 2022 operating and financial results. Diane R. Garrett, President, and CEO explained, “The majority of our drill results returned grades exceeding the average resource grade at Hycroft. In addition, we added over 425,000 ounces of gold to the measured and indicated resource, which confirms our belief that the breadth and extent of the Hycroft system remains unknown and there is significant untapped potential at Hycroft to enhance our future mine plan and operations. We look forward to unlocking this potential during 2023.”
Thanks to a recent extension from the NASDAQ giving the company more time to meet the minimum bid requirement, HYMC stock has continued trading higher this week. You’ve also got the overall market’s recession fears that could play a role in emphasizing “safe haven investment” like gold and gold miners. Nevertheless, HYMC stock has joined the list of stocks under $1 after experiencing higher-than-average activity in the stock market today.
The last few weeks have seen a bout of volatile trading activity in the market for Inpixon. Shares popped right before April after the company received a notice of allowance for a U.S. patent application for a “Geolocation-reporting weapon-tracking device.”
The company also reported its latest round of earnings with results that seemed to stoke bullishness for traders. INPX stock jumped to highs of $0.59 before settling back into the high 30-cent range during the weeks to follow.
Now, heading into the middle of the month, it looks like INPX stock is at it again. Thursday saw shares climb to highs of $0.6543 on above-average trading volumes. One of the things that could be putting some additional attention on the company right now is the rise of interest in aerospace and defense technology stocks. Companies like Lockheed Martin (LMT) and Raytheon (RTX) have recently experienced a boost in trading action.
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Inpixon specializes in real-time location services and solutions to help its customers secure various environments. In its recent quarterly update, CEO Nadir Ali explained, “The recently completed spin-off of our workplace experience products and business…We believe this transaction was a significant accomplishment structured for the benefit of our shareholders. To the same end, we are also actively pursuing other opportunities for the remainder of our business that we believe will increase total enterprise value. Inpixon also continues to be recognized as an industry-leading provider for indoor location services.”
On the heels of 21% revenue growth for 2022 and the latest momentum in the industry, INPX stock traded higher this week.
Credit Suisse Group (CS)
There has been no shortage of speculation in the banking sector since the fall of Silicon Valley Bank. Credit Suisse has faced its hurdles, and the Swiss financial institution manages to weather a storm of solvency and operational status questions.
While the stock remains below the $1 mark, it has made significant headway over the last month. CS stock managed to rally back to $0.95 from lows of $0.8207 about a month ago. The latest market chatter has focused on UBS Group, which is considering retaining the Credit Suisse Private Banking unit in India. The company also tapped JPMorgan to “explore possible IPO” of Credit Suisse’s domestic business. Details of these supposed talks are yet to be confirmed by Credit Suisse.
However, as the market continues digesting details of the banking crisis, CS stock has steadily climbed.
List Of Penny Stocks Under $1
- Greenidge Generation Holdings Inc. (NASDAQ: GREE)
- Hycroft Mining Holding Corp. (NASDAQ: HYMC)
- Inpixon (NASDAQ: INPX)
- Credit Suisse Group (NYSE: CS)