As we enter another substantial week of earnings, traders of penny stocks shift their focus elsewhere. While mega-cap tech stocks can impact the broader market sentiment, influencing specific sector stocks, the overall market sentiment is secondary to the speculation in the sub-$5 niche for the lowest-priced stocks in the market today.
Penny stocks are generally defined as stocks trading under $5. This article will explore a subset that has recently garnered increased attention. The sell-off in some of the most prominent public market names has made retail traders familiar with stocks trading at mere pennies. Consider Bed Bath & Beyond (NASDAQ: BBBY) as an example. It was once a popular stock among retail traders and had some notable investors linked to it earlier this year.
BBBY stock soared to over $7 highs but has since collapsed, now trading below $0.30. The recent bankruptcy news has sparked even more interest in the stock. Despite the stock price plummeting, traders continue to monitor it for rapid surges daily. What is the reason behind this?
Since the stock trades at such a low price, even minor fluctuations of a few cents can translate into significant percentage changes. We’ll examine recent developments, upcoming events, and other noteworthy factors. Based on this information, you can determine if any of these are worth including in your penny stocks watchlist. This also continues the list of penny stocks under $1 in our article “Penny Stocks to Buy Now? 7 Under $1 To Watch This Week.”
Penny Stocks Under $1
Inpixon (INPX)
Inpixon is no stranger to a list of penny stocks to watch under $1. We’ve discussed it plenty over the last few weeks. INPX stock has seen a bout of volatile trading activity after the company received a notice of allowance for a U.S. patent application for a “Geolocation-reporting weapon-tracking device.”
It also announced its latest round of earnings. The results seemed to ignite bullishness for traders. INPX stock jumped to highs of $0.59 before settling back into the high 30-cent range during the following weeks.
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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 continues to be recognized as an industry-leading provider for indoor location services.”
Now, heading into the middle of the month, it looks like INPX stock is at it again. Tuesday saw shares climb to highs of $0.5292 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.
On the heels of 21% revenue growth for 2022 and the latest momentum in the industry, INPX stock traded higher this week.
Canoo Inc. (GOEV)
EV stocks haven’t been the hottest as of late. But a few may be getting recharged this quarter. Canoo Inc. has set a goal of “bringing EVs to Everyone,” with 2023 as a year for growth. In the company’s full-year 2022 update, Tony Aquila, Chairman and CEO at Canoo, mentioned, “As we move through 2023, we are focused on bringing our facilities online, scaling production, and aligning with our strategic distribution partners for our global expansion.”
Earlier this month, Canoo inked a deal with an affiliate of AFV Partners for its Vehicle Manufacturing Facility in Oklahoma City. The first phase of this project is expected to result in the employment of more than 500 people. This facility is also expected to support the full general and final vehicle assembly line, including robotics, a body shop, a paint shop, and vehicle testing capabilities, among other things.
An 8-k filing was posted on April 25th, showing details of a recent transaction, which has become a focus in the stock market today. On April 24, 2023, Canoo entered into a securities purchase agreement with YA II PN, Ltd. concerning the issuance and sale by the company of convertible debentures in an aggregate principal amount of $48,000,000. On the heels of this filing, GOEV stock popped by more than 6% on Tuesday morning.
Getaround Inc. (GETR)
The last week of trading action has been some of the most active for Getaround Inc. in 2023. This seems to have come after the company announced its Earth Day plans to support new guests in the US by offering a discount for using the company’s app. Getaround is a vehicle-sharing platform allowing consumers to access an on-demand network of car rental options.
Considering it’s earnings season, speculation may have begun playing a role. Getaround reported its preliminary financial results for 2022 and gave its 2023 outlook a few weeks ago. These included expectations that full-year 2022 revenues will be reported between $59 million and $60 million, with gross margins from service revenue between 85% and 86%. Gross bookings are anticipated to reach $175 million in 2022.
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What does the company see for 2023? Getaround expects gross booking value to be reported between $180 million and $200 million. While the company needs more time to complete its final annual filing, the market may have started speculating. Considering the attention on penny stocks under $1, GETR stock joins the list after a multi-day string of above-average daily volume & momentum.
List Of Penny Stocks Under $1
- Inpixon (NASDAQ: INPX)
- Canoo Inc. (NASDAQ: GOEV)
- Getaround Inc. (NYSE: GETR)
- Bionano Genomics Inc. (NASDAQ: BNGO)
- Tempo Automation Holdings (NASDAQ: TMPO)
- Credit Suisse Group (NYSE: CS)
- Aclarion Inc. (NASDAQ: ACON)
- VirnetX HoldingCorp. (NYSE: VHC)
- Aeglea Biotherapeutics (NASDAQ: AGLE)
- Astra Space Inc. (NASDAQ: ASTR)
