Searching for the top penny stocks to invest in today? You’re in good company. The tumultuous swings of the current stock market have rekindled a penchant for risk-taking. It’s no shock, therefore, that the surge of interest in budget-friendly stocks, specifically those under $1, is gaining traction. The appeal of bona fide “penny” stocks is clear – even minor price shifts can translate to substantial percentage gains in portfolio value.
Finding Cheap Penny Stocks Under $1
Historically, the term ‘penny stocks’ refers to shares priced below $5. However, an increasing wave of investors is gravitating towards the lesser side of this spectrum, captivated by stocks trading under a dollar. These true-blue ‘penny stocks’ are available at a fraction of a dollar and are the personification of affordability.
Despite the heightened risk factor, these stocks offer an intriguing opportunity for those who thrive on market fluctuations and the allure of substantial returns. To put it in perspective, a leading firm like Apple might experience a $5 hike per share, but this increase is minimal compared to the promising returns from penny stocks under $1.
Navigating Penny Stocks Below $1: A Game of Risk and Reward?
The smallest shift in price can catapult an investor’s returns to double, triple, or even quadruple figures. However, the volatility of these stocks is a double-edged sword – they can plummet just as fast as they skyrocket.
In this article, we’ll dive into the most actively traded penny stocks priced below $1 on the current dynamic stock market. We’ll scrutinize the elements influencing their price shifts and identify potential market catalysts that could be on the penny stock traders’ radar.
Our aim is to shed light on the critical aspects drawing trader interest. Equipped with this insight, you’ll be better positioned to determine if these are the penny stocks worth watching as the month winds down. This information could serve as a launching pad for those interested in the realm of penny stocks, especially those seeking top penny stocks to buy. This continues the list of stocks in the article “Penny Stocks To Buy Now? 4 Under $1 To Watch This Week.”
Penny Stocks to Watch
- AEye Inc. (NASDAQ: LIDR)
- SmileDirectClub Inc. (NASDAQ: SDC)
- Jupiter Wellness Inc. (NASDAQ: JUPW)
- Canoo Inc. (NASDAQ: GOEV)
- T2 Bioscystems Inc. (NASDAQ: TTOO)
- Aurora Cannabis (NASDAQ: ACB)
- Faraday Future Intelligent Electric (NASDAQ: FFIE)
AEye Inc. (LIDR)
Shares of AEye Inc. continued surging higher in the stock market today. The company develops adaptive, high-performance lidar solutions for its clients. Not many things have been released by the company in terms of recent news headlines other than reports of upcoming earnings on August 7th.
The company is participating in the JP Morgan Automotive conference later this month. So there could be some sources of speculation surrounding the company’s next steps. If you look at the prior quarter’s results AEye managed to beat expectations. It posted a better loss per share than anticipated and sales came in slightly above what Wall Street thought they would.
Matt Fisch, Chief Executive Officer of AEye also stated that, “During the first quarter of 2023, we made considerable progress in reducing our cost structure to align with the go-forward model, and by doing so, we have a plan to extend our cash runway through the end of 2024.”
Heading into the next business update, chances are that the market will look for any updates regarding AEye’s 4Sight+ platform delivering path-planning, prediction capabilities, and obstacle avoidance systems for customers. The product was unveiled in June with hopes that it would improve the capabilities of AEye’s offerings.
SmileDirectClub Inc. (SDC)
When you talk about household stocks trying to climb back, SmileDirectClub is probably on that list of penny stocks to watch. The popular dental company has only recently begun recovering after a long stretch of selling in 2022 that took shares of SDC stock to lows of nearly 30 cents.
Global expansion news, however, has stoked some optimism around the company. Late last month, it announced a partnership with medical aesthetic provider Therapie Clinic to open 8 new SmileShops in the UK and Ireland.
“Our collaboration with Thérapie Clinic is a significant milestone in our journey to transform the dental care landscape,” said David Cran, Vice President, International at SmileDirectClub. “An investment of this scale demonstrates our resilience and is a testament to the growth of SmileDirectClub and our commitment to transforming the way people approach their dental health.”
SmileDirectClub also snagged some sympathy sentiment. Industry leader, Align Technology reported better-than-expected earnings for the second quarter. This prompted some to speculate on SmileDirect’s performance for the same period.
Jupiter Wellness Inc. (JUPW)
Jupiter products address issues like hair loss, eczema, and sexual wellness. It has recently been a point of interest as the company’s SRM Entertainment subsidiary is planning to go public soon. The prospectus also covers the distribution by Jupiter Wellness of 2 million SRM Entertainment shares to holders of its common stock and warrants.
While the market awaits that milestone, Jupiter continues launching new products. A recent collaboration with Sanpelligrino Cosmetics will see the launch of Cosmofix MinoxiBoost in India. “We are proud to join forces with Sanpellegrino Cosmetics and Cosmofix Technovation to launch MinoxiBoost in the world’s second most populous country,” stated Jupiter Wellness CEO Brian John. “We are pleased to bring Indian consumers an innovative hair care solution that can significantly enhance their hair growth journey and is set to revolutionize the hair care industry by enhancing the effectiveness of minoxidil.”
Meanwhile, CEO of Orangetheory, David Long, has joined Jupiter’s Advisory Board. This has prompted some to dive deeper into the outlook of the company and its prospects. As a result, momentum has fueled a move back above $0.70 in JUPW stock. This is the first time since January the stock traded this high.