What are penny stocks? The standard definition considers them stocks under $5, typically associated with smaller companies. Even though some traders will create their own interpretation, such as stocks under $1, it is all secondary to why investors focus on this stock market niche.

It’s common to see at least a handful of low-priced stocks skyrocketing daily. Even with the latest bout of volatility from inflation data and the March PPI report, several penny stocks are making significant moves.

Auddia Inc. (NASDAQ: AUUD), for example, shot up to highs of over $2.10 during the premarket session. Though this may not be the price level you might associate with considerable moves, AUUD stock was trading at $0.41 earlier this week. That equates to a jump of more than 430% in days.

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CXApp Inc. (NASDAQ: CXAI), which has become more active as AI stocks snapped up market interest, also saw its stock price jump triple digits overnight. CXAI stock closed at $1.60 on Wednesday and tagged early morning higher of $3.55 in the stock market today.

Are triple-digit gains the norm? That depends on who you ask, but generally speaking, it’s not something most expect to happen each day. Nevertheless, that doesn’t mean there isn’t potential for significant double-digit swings, which are more frequent, especially in the current volatile stock market environment.

Penny Stocks Today

In this article, we look at a handful of penny stocks grabbing attention in the stock market today. This will continue our list of penny stocks from our article “7 Top Penny Stocks Under $5; Time To Buy Now?” We look into any recent catalysts and potential events in the near term that could be a source of speculation and market momentum. Then you can decide if they deserve a place on your watch list in April.

RLX Technologies Inc. (RLX)

Chinese stocks have recently been boosted thanks to strength in more prominent company names. Alibaba’s proposed split into multiple business groups lifted the Chinese market at the end of March. This sympathy momentum carried over into other stocks with exposure to China.

RLX Technologies, for example, has seen its share price climb from lows of $2.25 on March 28th to highs this month of $3. Analysts have also grown bullish on the penny stock. Citigroup, for example, recently adjusted its $2.60 price target to $3.15 while maintaining a Buy rating.

The eVapor company reported Q4 and full-year 2022 earnings last month, showing lower net revenues but better margins than in 2021. Co-founder and CEO Ying Wang explained, “In the fourth quarter, we continued to invest in R&D and product innovation and development, offering superior products to adult smokers…Looking ahead, given the benefits of the clearer regulatory framework and China’s reopening, we remain confident in the long-term growth of our industry.”

Something that has come to light this week is the activity in the options market for RLX stock. Specifically, the May 19 $3 and $3.50 Calls. Each strike saw more than 10,000 contracts traded at the time of this update. Whether this is a bullish sign for RLX stock is to be seen. But it is something that has come to light during the session.

penny stocks to buy RLX Technologies RLX stock options chart

Tupperware Brands (TUP)

A former penny stock turned “penny stock graduate” in 2020 has found itself back below the $5 threshold in 2023. TUP stock has slowly slipped lower for the better part of the last year, and it all came to a head following a recent update in April.

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Specifically, Tupperware announced that it had taken action to improve its capital structure and liquidity position. The company said it has “substantial doubt” about its ability to continue as a going concern. That statement, among others, brought some concern to the market. So what has changed between then and now?

No other updates have been released since that news hit. CEO Miguel Fernandez also explained, “The Company is doing everything in its power to mitigate the impacts of recent events, and we are taking immediate action to seek additional financing and address our financial position.”

Thursday’s action saw a pop in the TUP stock price. It also saw unusual activity in the stock’s option chain. Unlike RLX, Tupperware’s options action is more near-term, with next Friday’s (April 21) options coming into question. The $2 strike Calls saw nearly double the volume compared to open interest. This seems to have come into focus as a source of speculation in the stock market today.

penny stocks to buy Tupperware Brands TUP stock options chart

Inovio Pharmaceuticals (INO)

Inovio is back on the list of penny stocks to watch following news this week and a continued rebound from 52-week lows reached at the beginning of the month. The company develops DNA medicines to treat or protect people from HPV-associated diseases, cancer, and infectious diseases.

This weekend there is an upcoming presentation at the European Congress of Clinical Microbiology and Infectious Diseases. Sunday, April 16th, the company presents an abstract on its INO-4201 as an ebola booster. Inovio already reported positive Phase 1b data on the candidate as it is part of a growing list of potential treatments in the company’s pipeline.

Besides Sunday’s presentation, Inovio will also shed more light on its INO-3107 platform in treating HPV 6 and HPV 11-related Recurrent Respiratory Papillomatosis. Phase 1/2 trial results will be presented at the Annual Meeting of the American Broncho-Esophageal Association at the 2023 Combined Otolaryngology Spring Meetings in May. In addition, INO stock’s short interest has come to light as the stock market, as a whole, has become a bit more bullish during the second half of the week this week. According to data from Fintel, the short float percentage is around 13.4%.

penny stocks to buy Inovio Pharmaceuticals INO stock chart

List Of Penny Stocks Under $5 To Watch

  1. RLX Technologies Inc. (NYSE: RLX)
  2. Tupperware Brands (NYSE: TUP)
  3. Inovio Pharmaceuticals (NASDAQ: INO)
  4. Ardelyx Inc. (NASDAQ: ARDX)
  5. Cidara Therapeutics Inc. (NASDAQ: CDTX)
  6. ImmunityBio Inc. (NASDAQ: IBRX)
  7. Olaplex Holdings (NASDAQ: OLPX)
  8. Faze Holdings (NASDAQ: FAZE)
  9. Altimmune Inc. (NASDAQ: ALT)
  10. Silvergate Capital (NYSE: SI)

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