If you’re like most retail traders, you’re looking for ways to make money in the stock market today. With that, if you’re reading this article, it’s highly likely that you’re on the hunt for the best penny stocks to buy. In this article, we look at not only some of the most active but also some of the lowest-priced stocks under $1 traded on major exchanges.
Traditionalists will suggest that the definition of penny stocks includes stocks under $5. However, ask most day traders, and they’ll argue the price threshold is much lower. However you define them, it comes second to the fact that volatility is either your best friend or your worst enemy.
That’s because these cheap stocks can experience significantly high levels of price fluctuation in a matter of minutes. If you’re not prepared or well-educated on how to handle such swings, you’re in for a rude awakening.
Nevertheless, this isn’t an article about how to trade penny stocks or how to use volatility to your advantage. We’ve got plenty of updates about those topics, and we’ll provide them at the end of the article. Today we look at some of the most active stocks under $1 traders are watching.
We dive into recent catalysts, look for any upcoming events, and give you a market brief you can use in your own research process. Then you can decide if they’re worth adding to your penny stocks watch list or not.
Penny Stocks Under $1 To Watch
Pieris Pharmaceuticals (PIRS)
This week Pieris Pharmaceuticals reported its first quarter financial results missing on both EPS and sales estimates. Regardless of the results, shares of PIRS stock actually traded higher as the market digested details from its latest business update.
CEO Stephen S. Yoder explained, the company’s “top priority remains the study completion and clinical data read out from the elarekibep Phase 2a study in asthma, which is benefitting from increased operational resources from our partner, AstraZeneca.”
– PPI Report Live: Producer Price Inflation Report Is Out, Here’s What It Shows
He also explained how Pieris is making investments in its PRS-220 and PRS-400 platforms. Yoder also expects more progress across partnered programs through current collaborations with Boston Pharmaceuticals, Genentech, Seagen, and Servier.
As for upcoming events, on May 21, data from PRS-220 will be presented at the ATS 2023 International Conference. PRS-400 data will also get presented one day later, on the 22nd, at the same event. So if PIRS stock is on your watch list, make sure to note these dates.
Clover Health Investments Corp. (CLOV)
Clover offers access to healthcare for Medicare members via its Clover Assistant platform. It’s designed to collect patient data to support clinical decision-making. This week could be of particular importance for the company. It’s set to present at the Bank of America Healthcare conference on May 11th. CFO Scott Leffler will host starting at 1:40 pm ET.
One of the most likely topics of focus could be the company’s plan of “business transformation to accelerate a path to profitability,” which was outlined in April. Andrew Toy, CEO of Clover, explained, “Our partnership with UST HealthProof will allow us to rapidly improve the efficiency of non-strategic core MA operations and greatly reduce our administrative costs. We’re absolutely focused on delivering a sustainable, profitable Clover Heath to our members and investors, and this is a huge step in that direction.”
In the recently published financial results for the first quarter, the company was able to beat sales estimates and expects full-year 2023 results to come in between $1.18 billion and $1.23 billion. Clover Health CFO Scott Leffler stated, “During the first quarter, our Insurance segment delivered meaningful revenue growth while improving its MCR materially by nearly 1,000 basis points… Similarly, our Non-Insurance business performance was reflective of that segment’s previously disclosed strategic focus to drive profitability by partnering with a narrower group of participating providers. Finally, we believe our liquidity position is sufficient for our expected 2023 operating needs.”
Against this backdrop, shares of CLOV stock continued higher in the stock market today. Since April 26th, it has been one of the stocks under $1 to climb over 30%.
Porch Group Inc. (PRCH)
Shares of Proch Group stock began the day trading below the $1 threshold but as of this article inched slightly above. The latest move comes shortly after the home services company reported its latest round of financial results. The company reiterated its full year guidance with revenue expected to come between $330 million and $350 million. Even though Porch missed earnings per share estimates, it beat on sales expectations by a wider margin.
“Already in 2023 Porch Group has filed an application for a Reciprocal Exchange to move our insurance business forward and raised $333 million with a new convertible note alongside other key operational successes,” said CEO Matt Ehrlichman.
He also explained that “The Porch team achieved this while producing solid results despite a 26% year-over-year decline in home sales and the hardened reinsurance market. We are executing well and believe we are set up for important milestones ahead including Adjusted EBITDA profitability for the second half of this year.”
With this news, PRCH stock has begun turning heads in the stock market today. With the recent $333 million financing round from April, it will be interesting to see how funds will get deployed to assist in the “set up” for milestones discussed by Porch’s CEO.
List Of Penny Stocks
- Pieris Pharmaceuticals (NASDAQ: PIRS)
- Clover Health Investments Corp. (NASDAQ: CLOV)
- Porch Group Inc. (NASDAQ: PRCH)
How To Find Penny Stocks To Buy
Data can give some insight into the market potential of certain companies. But there’s no substitute for education. Learning how to trade is more valuable than simply finding the next stock pick from a random social media account.
True Trading Group, the fastest-growing & highest-rated online premium educational platform available today, offers a 7-day Trial of its platform for $3 (non-autorenewing, nonrecurring): To Learn More Click Here.
It’s also worth reading some articles on introduction to trading below:
- How To Buy Penny Stocks & 5 Ways To Make Money Doing It
- Investing in Penny Stocks: What You Need to Know Before You Begin
- Are Penny Stocks Worth It?
- Penny Stocks To Buy: 5 Tips For Trading Stocks Under $5
- Penny Stocks, How To Buy Them & Day Trading Basics For 2023
- Trading Options 101: A Beginner’s Guide
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