Penny stocks are sought after for their potential to explode to extreme levels. Look at a company we discussed roughly one month ago, Ohmyhome Ltd (NASDAQ: OMH). In the article 3 Hot Penny Stocks To Watch Today; Is It Time To Buy? OMH stock was discussed shortly after the company made its public debut. At the time, shares were trading around $4.50, and in the stock market today, the now-former penny stock broke above $43. This is a unique trait of cheap stocks, and when paired with things like a low float and higher short interest, parabolic moves can happen.

It’s worth understanding that these quick moves higher can happen in the opposite direction just as swiftly. That’s one of the most significant reasons why penny stocks are so risky. Could OMH stock go higher? Can it go lower? The answer to both questions is “yes,” depending on which side of the trade you’re on, it will be the difference between loving or hating penny stocks in many cases.

The same applies to other former penny stocks like GSI Technology (NASDAQ: GSIT). The California-based company develops technology for AI and high-performance computing solutions for markets including telecom and military. It has exploded over the last two days by more than 300%. If GSIT stock is on your list of penny stocks right now, next week is when the company reports its latest earnings.

Penny Stocks to Watch

Today we turn our attention to a few more cheap stocks experiencing uncommonly high action in the stock market this week. We look at recent catalysts and potential upcoming events that may garner some interest. Will these be the next to add to your list of penny stocks to watch in May? I’ll leave that up to you to decide.

penny stocks under $1 to watch this week

SoundHound AI (SOUN)

AI stocks are gaining plenty of attention in the stock market today. Thanks to growing interest from analysts and stock market news outlets like CNBC, higher-priced companies like C3 AI (NYSE: AI) have come into focus. C3 has become one of the forerunners for the recently formed niche in machine learning stocks, and today, its CEO was featured on Bloomberg TV. Other companies, including SoundHound AI, are also gaining interest, with sympathy momentum at the forefront.

Best Penny Stocks To Buy Now? 7 Under $1 To Watch

If this is the first time you’ve heard of SoundHound, the company specializes in voice AI technology. It recently reported first-quarter earnings and posted 56% growth in year-over-year revenue. SoundHound also saw its gross margin climb from 51% to 71%, and adjusted EBITDA improved by 13% over the last year.

The incredible surge in demand for conversational AI is giving SoundHound a unique advantage. As an established innovator with years of experience providing AI solutions to world-class brands, we’re fast becoming an obvious partner for businesses looking to harness emerging capabilities,” said CEO Keyvan Mohajer.

SOUN stock has experienced a strong move in price this year. In January, shares traded as low as $0.97. This week, the penny stock sits over 160% higher.

Getaround Inc. (GETR)

Penny stocks under $1 have also been popular among retail traders. As one of these types of stocks, SOUN watchers have seen its price more than double in a short period. Getaround Inc., however, has been in the club all year. The action in late April and now, in May has prompted some to take a closer look.

Getaround, a carsharing marketplace, has been in the news following recent M&A activity. The company announced the acquisition of a once-popular penny stock, HyreCar. Last week Getaround reported plans to acquire the company to speed up its profitability path and shore up its worldwide gig carsharing industry position. According to Getaround, the company anticipates this deal to contribute $75 million of run-rate annualized gross booking value. It also expects it to contribute to a positive adjusted EBITDA.

“This transaction unites two pioneering companies in the carsharing space. More than just sound economics for Getaround on our path to profitability, acquiring substantially all of the HyreCar assets will strengthen the business,” said Sam Zaid, CEO and Founder of Getaround.

GETR stock surged following the confirmation of the deal by HyreCar this week.

Pyxis Oncology (PYXS)

Thanks to a recent earnings update, biotechnology company Pyxis Oncology saw its share price surge on Monday. The company’s shares had slumped over the last few weeks after a banner month of March. Pyxis saw insider trading activity and earnings results act as initial catalysts for the move, which took PYXS stock to highs of nearly $7.

While penny stocks with insider trading tend to garner attention, the insider reporting on the March Form 4 wasn’t the typical name found on most penny stock insider filings. Pyxis shares were purchased by Pfizer (NYSE: PFE), a 10% owner of the company’s stock. Pfizer reported purchasing just over 1.8 million shares at a price of $2.76. Fast-forward to this week, and more catalysts are stoking attention in the stock market today.

3 Hot Penny Stocks To Buy In May According To Insiders

The company reported its Q1 results during the second half of last week. More importantly, Pyxis discussed data from two Phase 1 trials. Specifically, data is expected in late 2023 and early 2024. It stated, “Clinical sites are active, and patient screening continues in the Phase 1 trial of PYX-106, referred to as PYX-106-101, and dosing is expected to begin during the second quarter of 2023. The U.S. Food and Drug Administration (FDA) granted Orphan Drug Designation (ODD) for PYX-201 in pancreatic cancer, and subject dosing is underway in the Phase 1 trial of PYX-201, known as PYX-201-101.”

Against this backdrop, PYXS stock has gained more attention as broader markets attempt to recover, and some traders focus attention on a risk-on approach, which includes penny stocks.

List of Penny Stocks

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