If you’re looking for penny stocks to buy right now, you’re not alone. The volatility in the stock market today has brought back the risk-on sentiment. So it is no surprise that traders and investors are beginning to appreciate this volatility much more. As a result, we’ve seen an uptick of interest in cheap stocks to buy for under $1. This involves actual “penny” stocks. Even the slightest change in price can equate to meaningful percentage changes in position value.

Understanding Cheap Stocks Below $1

Traditionally, penny stocks are those with share prices under $5. Nevertheless, an increasing number of individual investors have been drawn toward the lower end of this bracket. More specifically, they’ve been enticed by stocks that fall under $1. These are the epitome of ‘penny stocks’ as they trade for a fraction of a dollar.

Investing in these stocks carries a high level of risk, yet they present a fascinating proposition for those who embrace market volatility and the potential for rich returns. To illustrate, even an industry titan like Apple can see an increase of $5 per share. Still, this percentage increase pales compared to the possible lucrative returns of penny stocks trading under $1.

Penny Stocks Under $1: Volatile Yet Possibly Lucrative?

The slightest price fluctuation can potentially propel investors into returns spanning double, triple, or even quadruple digits. However, the nature of these stocks is fickle – they can dive just as rapidly as they ascend.

This article delves into some of the most actively traded penny stocks priced under $1 in today’s vibrant stock market. We examine the factors driving their price fluctuations and consider what market triggers could be on the radar of penny stock traders.

Our goal is to highlight the key aspects attracting traders’ interest. Armed with this knowledge, you’ll be able to discern if these are the penny stocks to keep an eye on as the month comes to a close.

Penny Stocks Under $1 To Watch

  1. Canoo Inc. (NASDAQ: GOEV)
  2. T2 Bioscystems Inc. (NASDAQ: TTOO)
  3. Aurora Cannabis (NASDAQ: ACB)
  4. Faraday Future Intelligent Electric (NASDAQ: FFIE)

Canoo Inc. (GOEV)

One of the EV penny stocks to watch right now is Canoo. Earlier this year, Canoo inked a deal with an affiliate of AFV Partners for its Vehicle Manufacturing Facility in Oklahoma City. The first phase of this project is expected to result in the employment of more than 500 people. This facility is also expected to support the full general and final vehicle assembly line, including robotics, a body shop, a paint shop, and vehicle testing capabilities, among other things.

This month the company announced several milestones, including a partnership with the Department of Defence and a unit to deliver advanced battery packs. Canoo also announced the delivery of three Crew Transportation Vehicles to NASA’s Kennedy Space Center. The vehicles will transport astronauts to their launch pad for the Artemis lunar missions.

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Meanwhile, analysts at Steifel have high hopes for the penny stock. The firm has a Buy rating on GOEV stock and a $1.50 target. That sits roughly 167% higher than where shares opened on July 31st.

T2 Biosystems (TTOO)

penny stocks to watch right now T2 Biosystems TTOO stock

Shares of T2 continued higher from Friday’s session on Monday. The company has gained attention thanks to its portfolio of detection platforms for pathogens and specific genes. Its products include the T2Dx® Instrument, the T2Bacteria® Panel, the T2Candida® Panel, the T2Resistance® Panel, and the T2SARS-CoV-2™ Panel and are powered by the proprietary T2 Magnetic Resonance (T2MR®) technology.

Earlier this month, T2 received FDA breakthrough device designation for its candida auris diagnostic test. It’s the third T2 product to receive the title. The device is a direct-from-blood molecular diagnostic test to detect C. auris in 3-5 hours.

“We are pleased with the FDA’s decision to grant Breakthrough Device designation for our Candida auris test, which provides greater and more frequent access to the FDA and may accelerate our path to FDA clearance,” stated John Sperzel, Chairman and CEO of T2 Biosystems. “We believe adding Candida auris to the test menu on our FDA-cleared T2Dx Instrument will provide clinicians with a valuable tool to rapidly detect a dangerous, multidrug-resistant fungal pathogen much faster than blood culture-based methods, strengthening our value proposition and increasing the attractiveness of our products to U.S. hospitals.”

Meanwhile, the company received an extension to comply with Nasdaq’s listing requirements on Monday. Something else to keep in mind if TTOO stock is on your watch list is early next month, it will report earnings. The company gave lower preliminary Q2 sales guidance at the beginning of July. So it will be interesting to see how the market reacts once the official figures are released.

Aurora Cannabis (ACB)

To say that marijuana stocks have been out of favor lately could be an understatement. The once sought-after names, including Aurora Cannabis, are far from the prominent pre-meme stock hype levels they once were. But now, with many considered penny stocks, the attraction comes from a much different type of market participant.

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Some of the more recent hype coming into the cannabis world stems from comments from government officials. As reported by Marijuana Moment, Senate Majority Leader Chuck Schumer expressed that lawmakers were progressing toward a resolution in favor of a marijuana banking bill. Although no further headlines have been released regarding the news, sentiment has been high that some deal could be fleshed out.

In addition, Aurora has been making its own headlines in recent weeks. The latest was regarding its sale of the Aurora Sun Facility being completed via Bevo Farms’ acquisition. Bevo is one of North America’s largest suppliers of propagated vegetables and ornamental plants. Aurora’s CEO, Miguel Martin, also mentioned in an update, “Bevo has successfully repurposed the Aurora Sky facility in Edmonton, and we’re excited to further support their continued growth. Bevo’s acquisition of the Aurora Sun facility further demonstrates the close synergies between our companies and the value that our partnership creates for shareholders.”

If ACB stock is on your watch list, keep August 10th in mind. This is when the company delivers the first-quarter results of its 2024 fiscal year.

Faraday Future Intelligent Electric (FFIE)

Faraday Future Electric FFIE Stock

Larger EV companies like Tesla and Lucide have made a rebound, which has helped prompt attention to smaller names. Faraday’s focus has been on the commercial release of their top electric vehicle (EV), the FF 91 Futurist.

The company signed the first sales contract for the FF 91 2.0 Futurist Alliance earlier this year. Faraday explains it as “the first of its kind, All-Ability aiHypercar” FF 91 2.0 Futurist Alliance. It also comes with a hefty price tag of $309,000.

“I’m excited to see our first user now under contract for our FF 91 and our continued progress on the first phase of our delivery plan. The FF 91 was envisioned six years ago, and since then, we have continuously upgraded our vehicle,” said YT Jia, FF Founder & CPUO.

Meanwhile, the more recent focus has been on the management shuffle. The company appointed an interim CFO and restated the previously issued financials. With Tesla earnings coming up, it is likely that sympathy sentiment is in the spotlight and influencing other stocks in the sector.

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