Are you looking for the best penny stocks to buy now? You’re not alone if this is you. With the major indexes, including the S&P 500 and Nasdaq, hovering around 2023 highs, the risk-on appetite is alive and well. What does this mean, overall?
Depending on how you approach the stock market today, it could mean something significant. During times when higher risk is apparent, chances of bigger moves in stocks and greater volatility can translate into meaningful opportunities for day traders.
But how would you find the best penny stocks to buy now with so much action and noise? The simple answer is to stay focused. Make a watch list based on sound themes. These may be something related to general momentum, higher than average activity like volume or options flow; it could also entail looking for companies with recent news or corporate milestones.
Whichever the case, make sure that these themes align with how comfortable you are with certain styles of trading. In some cases, if short trends aren’t optimal, then momentum & high volatility trading might not be best. On the other hand, if all you do is scalp stocks, then fundamental developments that take weeks to ignite a reaction in the market might not be for you either.
Did Fed Meeting Minutes Impact Penny Stocks?
So what’s going on in the stock market today that you should be aware of? The latest FOMC meeting minutes have influenced trends. The June minutes showed some participants indicate favoring increased rates or “could have” supported raising the target rate by 25 basis points. A tight labor market and stronger economic data than expected were also mentioned.
All participants maintain a restrictive stance as an appropriate response to the latest economic conditions. There were also mentions of a “mild recession” that could start later this year, which was the same as May’s Fed minutes. Needless to say, the market didn’t seem to observe this as a detrimental event as stocks traded higher. In this article, we look at a handful that just released fresh updates this week.
Penny Stocks To Watch
Bitfarms Ltd. (BITF)
Unless you’ve lived under a rock for the last few weeks, you know that Bitcoin prices are on the move again. Earlier this week, the leading cryptocurrency reached fresh 2023 highs as bullishness continued to propel prices. As a result, sympathy sentiment has helped give a boost to companies with exposure to the crypto arena.
Bitfarms is a bitcoin mining company so naturally it has gained attention recently. Shares of BITF stock jumped to fresh 2023 highs of Wednesday following the July 4th holiday. The move came after its latest performance update. Bitfarms reported its June mining update showing a slight dip in BTC mined compared to prior months.
In June, Bitfarms reported 385 BTC mined compared to May’s 459 and June 2022’s 420 BTC mined. This was due to higher transaction fees received in May as well as one less production day, according to Bitfarms. Chief Mining Officer Ben Gagnon said, “In June, BTC production was 385 as compared to 420 BTC in June 2022, as a 47% year-over-year increase in our hashrate offset a 71% increase in network difficulty over the same period. On a sequential month-over-month basis, our corporate hashrate increased by 6%, from 5.0 EH/s to 5.3 EH/s. We recently purchased an additional 1,650 Bitmain S19 Pro + miners for a competitive price of $12.98/TH.”
Archer Aviation Inc. (ACHR)
Shares of Archer Aviation stock have soared in recent weeks. In fact, this week, ACHR is setting new 2023 highs. The electric vertical takeoff and landing aircraft maker is riding the eVTOL wave after last week’s news from Joby Aviation (NYSE: JOBY). The company announced it received a permit allowing it to begin flight testing of its first production prototype. Since then, sympathy sentiment has helped to propel companies within the niche.
In addition, Archer has reported news of its own. This week the company announced that it hosted the Federal AAM Interagency Working Group at its flight test facility recently.
“It was inspiring to see the level of support from across the federal government focused on ensuring the safe entry of eVTOL aircraft into the U.S. market in 2025,” said Adam Goldstein, Founder and CEO of Archer. “For many of our guests, this was the first time they’ve been able to witness an eVTOL aircraft flight in person. Our showcase emphasized just how far along we are, and demonstrated the safety and low noise advantages of eVTOL aircraft.”
On the back of this, ACHR stock continues making new highs in the stock market this month.
ReWalk Robotics (RWLK)
ReWalk is another one of the penny stocks with news making new July highs this week. The company specializes in mobility solutions and wellness options in rehabilitation and those living with neurological conditions. Individuals with lower limb disabilities have used ReWalk’s wearable robotic exoskeletons.
This week RWLK stock has been climbing higher thanks to industry-related headlines and news of its own. ReWalk announced an update applauding Medicare’s proposal to include personal exoskeletons in a Medicare benefit Category. The company also announced an upcoming call to discuss this proposal and what it could mean for ReWalk’s products.
According to the company, “The Proposed Rule would establish a regulatory definition of “brace” and specify that exoskeletons like the ReWalk Personal Exoskeleton fit in this definition. Once finalized, the Medicare benefit category for personal exoskeletons would be clear – i.e., the Medicare benefit category for “leg, arm, back, and neck braces” – and payment would be on a lump sum basis. The Proposed Rule has a 60-day comment period ending on Tuesday, August 29 at 5 pm EDT . During the comment period, interested stakeholders can submit comments and feedback on the proposal prior to its expected finalization in early November.”
ReWalk’s call will be hosted on July 11th. Keep this in mind if RWLK stock is on your watch list.