There’s no doubt that this week will be volatile. That’s due to a mix of earnings and speculation ahead of next week’s Fed meeting. Whether you’re trading penny stocks or higher-priced companies shares, it’s essential to understand which catalysts are at play. You’ll also want to know how to properly use the market’s trends to your advantage.
What we know right now is that big tech has helped give broader markets a boost. Even with this as the case, the stock market is down today. This has pushed some traders toward looking for cheap stocks to buy. Generally speaking, penny stocks move independently from most other high-level trends. That means even with the stock market down today, there are plenty of stocks under $5 to watch.
In this article, we dive even deeper into this niche. Notably, the standard definition of penny stocks includes stocks trading below $5. Today we look at penny stocks under $1. These are the ones trading for actual pennies per share. They’re some of the most volatile and can move significantly quickly.
Penny Stocks To Watch Under $1
Cepton Inc. (CPTN)
Cepton Inc. is a tech stock focusing on providing high-performance lidar solutions for automotive clients and smart infrastructure markets. Even though the penny stock’s trading below $1, the last several weeks have seen a strong rebound in price. Up more than 30% since April 13th, CPTN stock has attracted more interest recently.
That has also been helped by the news this week that Cepton’s lidar has been deployed in government-funded pedestrian safety projects. Texas and Utah will use the technology to help boost traffic safety and aligns with the national Vision Zero and Complete Streets initiatives. The Helius Smart Lidar System was deployed by researchers from the University of Texas Arlington via the USDOT-funded National Institute for Transportation and Communities.
“Previous research has shown that cars may not look for pedestrians sufficiently on a flashing yellow arrow (FYA), as they search for a gap in traffic to make a left turn, which can be dangerous,” explained Dr. Taylor Li, lead researcher on the project and Assistant Professor of Civil and Environmental Engineering at UTA. “Powered by Cepton’s lidar technology, our innovative D-FYA system will help significantly increase the efficiency and throughput of intersections while prioritizing safety.”
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Crown Electrokinetics Corp. (CRKN)
Another “smart tech” company gaining momentum in the stock market today is Crown Electrokinetics. Thanks to its latest headlines, the company’s shares surged for the first time in weeks. In a new letter to the shareholders, CEO Doug Croxall addressed several initiatives planned for the company.
They have made progress in producing a prototype smart window insert and expect to deliver their first-generation product in late summer. Crown says its market potential continues to grow due to legislative tailwinds, including the Inflation Reduction Act. In addition, Crown Fiber Optics has recently signed new agreements with communication infrastructure providers and is active in three regions of the US.
They have several customer contracts expected to generate approximately $100 million in revenue. The macro tailwinds for the fiber optics division are strong due to public investment in communications infrastructure. These include the Bipartisan Infrastructure Law, which provides $65 billion in funding to expand high-speed internet access across the US. Crown is optimistic about its business opportunities and expects to share more updates on its mid-May first-quarter 2023 conference call.
Avinger Inc. (AVGR)
Like Crown, Avinger welcomed a long-awaited uptick in the stock market today. The biotechnology penny stocks surged after reporting FDA-related headlines. It received a 501(k) Clearance for its Tigereye ST image-guided chronic total occlusion crossing system.
“The FDA clearance of Tigereye ST extends our ability to empower physicians with the unique benefits of real-time visualization from within the artery during treatment to enhance procedural safety, efficacy, and efficiency,” commented Jeff Soinski, Avinger’s President and CEO. “We are excited to initiate the limited launch of this new device and, most of all to provide an important new tool for interventional physicians to treat their most challenging cases.”
Avinger is planning to begin a limited launch of Tigereye ST this quarter. Expanding it to full commercial availability in the US next quarter is also expected. Against this backdrop, AVGR stock has climbed nearly 10% overnight.
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Bionano Genomics Inc. (BNGO)
Shares of Bionano Genomics have been rebounding over the last week since putting in fresh 52-week lows. A flow of positive updates has helped prompt this reversal in sentiment and began after the company reported preliminary Q1 results.
CEO Erik Holmlin, Ph.D. explained, “We are committed to executing against our strategy to achieve our objectives and our 2023 financial guidance, which includes expected full year 2023 revenue in the range of $35 million to $38 million and reaching an installed base of 325 OGM systems by the end of 2023. Furthermore, we are continuing our clinical research initiatives aimed at providing the data and publications to demonstrate to potential customers the value and utility of OGM. We believe medical societies should be able to use these data as the basis for integrating OGM into the recommended set of tools used routinely for genome analysis in human clinical research.”
Shortly after, Bionano announced the publication of three studies illustrating the development of supportive data for its optical genome mapping compared to traditional methods in analyzing hematological malignancies. Dr. Holmlin stated, “These three new publications from European sites underline those positive results and confirm OGM’s potential to serve as a first-tier cytogenetic method for analysis, due to its ability to perform, in a single assay what today requires multiple technologies, with effective and reliable results.”
List Of Penny Stocks Under $1
- Cepton Inc. (NASDAQ: CPTN)
- Crown Electrokinetics Corp. (NASDAQ: CRKN)
- Avinger Inc. (NASDAQ: AVGR)
- Bionano Genomics Inc. (NASDAQ: BNGO)