Putting together a list of penny stocks to watch might seem more complicated if you don’t know how to trade. What are you supposed to look for? Are there certain things that matter more? Do things like insider trading, options stats, volume, etc., matter? If they do, to what extent should they factor into your strategy?
These questions don’t necessarily require your answer today. But they are clearly some of the hottest topics discussed when it comes to finding the best penny stocks to buy. This article looks at a few cheap stocks to watch after recent market activity ignited sentiment-based trading this week. Some have news, and others have simply gained the focus of retail investors for different reasons.
Penny Stocks To Watch
Precigen (NASDAQ: PGEN)
Shares of Precigen have been on the rise ever since they hit 52-week lows late last month. The company is a gene and cell therapy developer, which recently made headlines earlier in the week. It was presented at the American Association for Cancer Research Annual Meeting. The presentation included data from its UltraCAR-T platform using the MSLN CAR from Precigen’s library.
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Results show that in vivo models of ovarian cancer and mesothelioma, treatment with the UltraCAR-T cells resulted in a “robust” cell expansion that led to “significant” antitumor efficacy. Furthermore, CEO Helen Sabzevari, Ph.D., explained, “MSLN is the second target for the next generation UltraCAR-T incorporating intrinsic checkpoint inhibition, following our recently initiated Phase 1/1b study for PRGN-3007. With every milestone, we move closer to our ultimate vision to transform the personalized cell therapy landscape using Precigen’s library approach to target tumor-associated antigens to address unmet medical needs for cancer patients.”
PGEN stock has now managed to break back above its 50-day moving average for the first time since February.
Sunlight Financial (NYSE: SUNL)
Financial stocks have gotten beaten up since the Silicon Valley Bank collapse earlier this year. However, some bright light may have again begun shining on this niche. Sunlight Financial, a company whose stock recently tapped 52-week lows of $0.25, caught a surge of momentum, resulting in a noticeable market rebound this week.
Where does SUNL stock fall in the grand scheme of this niche? The company provides point-of-sale technology & financing options for its customers’ rooftop solar applications. Earlier this month, it reported entry into agreements with Cross River Bank to bolster liquidity and shed some exposure to the SVB blowback. Specifically, the company said, “The agreement includes a commitment for a new $89 million first lien term loan…Proceeds from the New Term Loan will be used to repay outstanding borrowings under the Company’s revolving credit facility with Silicon Valley Bank, to fund deferred proceeds, to pay certain accrued expenses, and for general corporate purposes.”
Fast forward to April 20th, and Sunlight is making headlines once again. According to reports from Bloomberg, Pagaya Technologies is said to be weighing a potential takeover of Sunlight Financial. The move would further expand Pagaya’s solar financing footprint. It’s also worth mentioning that Pagaya has been using AI to manage money for years, and the latest surge of interest in the niche could have played a role.
Presto Automation Inc. (NASDAQ: PRST)
AI stocks are red hot right now. The launch of ChatGPT has sparked a firestorm of excitement for this technology. While the niche has been around for quite some time, its applications are finally becoming more prevalent in the industrial setting. Presto Automation is a recent AI stock to gain attention this week. The company saw its stock price explode on Monday in sympathy with other Artificial Intelligence stocks.
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Presto focuses specifically on automation for drive-thrus in the hospitality industry. It presented at Tuesday’s 2023 Restaurant Leadership Conference, which promoted more bullishness in the stock. Wednesday, its Interim CEO, Krishna Gupta, appeared on a Benzinga interview and discussed new prospects for Presto. One of these included the addition of more “big restaurant” chain partners in hopes of “trying to scale” sales.
Ascent Solar Technologies (NASDAQ: ASTI)
Solar stocks have come back into focus over the last few weeks. Ascent Solar is the latest one to pop up after its latest headlines. The company, which develops lightweight thin-film solutions, announced an equity agreement for $9 million. Ascent entered the deal with Lucro Investments out of Singapore, where the firm will buy ASTI stock at $1.20 per share. Considering the premium to the current market price, it makes sense that traders have reacted bullishly to this update.
Earlier this week, the company buttoned up the acquisition of manufacturing equipment from Flisom AG. Ascent also explained that it plans to manufacture thin-film solar material “immediately.” Against this backdrop, ASTI stock has caught the attention of traders in the stock market today, with shares trading at their highest volume of the year.
Chanson International (NASDAQ: CHSN)
Regarding the most active penny stocks today, other factors besides news are playing a role. In the case of Chanson International, its low float could be striking up some talking points for retail traders. The company recently went public in a lackluster IPO. With fewer than 15 million shares outstanding and some financial data providers showing a float of fewer than 5 million shares, CHSN stock is on the list of low-float penny stocks to watch.
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Chanson went public in a $13.6 million IPO at a $4 price. The company provides food and beverage industry products for bakery, seasonal, and beverage niches via chain stores in China and the US. Chanson pointed out in its last update that plans are to use the fresh capital to open new stores in the United States market.
In light of the latest focus on cheap stocks with low floats, however, that may be a more prominent focus among traders in the stock market today.