What are the best penny stocks to buy right now? Much of that will depend on what you’re looking for as a trader. Are you trying to capitalize on quick spikes or drops within minutes or are you trying to plan a longer-term swing trade or investment? There are plenty of choices to make in the stock market today with so much volatility in the broader markets. Much of it has been fueled by uncertainty stemming from the future economic conditions due to rates.

Nevertheless, that uncertainty can translate into significant opportunities to profit. Whether the stock market is up like it is today or imploding as it has in the past, chances are that you’ll likely find at least a handful of penny stocks to watch.

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In this article, we take a look at a handful of cheap names that traders are paying attention to. What’s moving them? Why have they garnered so much interest? What could be on the horizon that might act as a catalyst down the road?

We look to answer these questions and give some insight into a few of the most active penny stocks today. As they say, “The more you know,” and today, we peel back a few layers to help understand the latest market moves.

Penny Stocks To Watch

SoundHound AI Inc. (SOUN)

Shares of SoundHound AI have been on the list of penny stocks to watch for months. Since the emergence of the Artificial Intelligence technology wave, companies working within the space have gotten attention. SoundHound specializes in conversational intelligence. It offers voice AI options for businesses to give “conversational experiences” to their customers.

Last week analysts at Cantor Fitzgerald upped their price target from $2.80 to $6.20. The firm also has an Overweight rating. The momentum in the stock market that has built behind SOUN stock has turned heads as shares climb back toward 2023 highs.

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Meanwhile, this week, it has been more than just AI hype driving the excitement. The company announced that it is joining the Russell 2000 and Russell 3000 indexes. Commenting on the milestone, CEO Keyvan Mohajer said, “SoundHound’s inclusion in the Russell represents another significant milestone in our journey as a public company, significantly broadening our visibility and awareness among the investment community. It’s also indicative of our strength and deep expertise in voice AI, a technology that is rapidly changing the way we live and work.”

EOS Energy (EOSE)

 EOS Energy develops zinc-based energy storage systems. With clean energy stocks remaining a focus in the last few weeks, the penny stock has seen an uptick in activity and stock price. Its Znyth battery is designed as a direct competitor to lithium-ion batteries.

Recent earnings have also helped give EOSE stock a boost. While it missed earnings per share estimates, sales beat expectations significantly. Eos reported $8.84 million, while the Street anticipated $3.1 million. Eos Chief Executive Officer Joe Mastrangelo said, “The Eos team delivered a solid first quarter, with continued backlog growth, strong manufacturing performance, and 1 GWh of discharged energy in the field, all while raising additional capital that enables us to scale operations and accelerate our market competitiveness.”

This month attention continues to be placed on the outlook of the company based on analyst ratings. EF Hutton raised its price target on the stock to $4.50 and has a Buy rating.

Nextdoor Holdings Inc. (KIND)

Shares of Nextdoor Holdings have been “kind” to traders this year. The penny stock has climbed from lows below $2 to fresh 2023 highs of more than $3 as of this week. The company is a social network technology provider of sorts. Nextdoor offers communities and neighborhoods to connect and share information.

Earlier this month, the company announced that it would be advancing the growth of its local advertising platform. Nexdoor’s Ad Manager is designed as a self-service option for advertisers. Simultaneously, the company also announced a global partnership with digital out-of-home business, DIVE Billboards, to launch “Nextdoor Outdoor.”

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Heidi Andersen, Chief Revenue Officer at Nextdoor, explained in a June PR, “We recognize the unique needs of mid-market and SMBs in reaching their local customer base. With Nextdoor Ads Manager, we’re able to provide an accessible and efficient advertising platform that allows businesses to connect with their communities on a personal and meaningful level. In addition, our partnerships with industry heavy-weights like IAS and Oracle Advertising help ensure high-value, optimal ad experiences on the platform.”

Tingo Group Inc. (TIO)

In many cases, penny stocks come under heavy scrutiny due to their extreme fluctuations in price. This has been something experienced by Tingo Group over the last month. Its share price exploded to highs of over $5.60 from under $1, within a matter of a few months. Then a short report came out from a popular research firm saying that the company’s business and products were fake.

In response, the communication company has gone on the offensive and refuted the claims. In an update earlier this month, Tingo announced engaging an independent counsel to review the allegations.

Tingo focuses on financial technology and niches within this market, including agri-fintech. Its Tingo Mobile operates in Africa with a portfolio of products like a device-as-a-service smartphone. It began expanding internationally with farmers.

Other platforms under the Tingo umbrella include a payment super app in partnership with Visa offering B2B and B2c services. Tingo Foods is a food processing business for things like rice, pasta, and noodles. It also has Tingo DMCC, a commodity trading platform and export business for agricultural commodities.

As the story unfolds, it seems traders are focused on TIO stock.

List Of Penny Stocks

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