Looking at the stock market today is like watching an action movie. One minute the bulls are stampeding and stocks are rising. Then next minute there is a flood of bears and selling pressure takes the stock market lower. If 2023 can be summed up in one word, it’s volatile. Whether you’re looking for the best penny stocks to buy today or trying to find options for your next long-term investment, understanding stock market dynamics plays an important role.

Can You Make Money On Penny Stocks?

In short, you can make money on penny stocks if you know some of the tricks of the trade. The ability to put together a strong penny stocks list, understanding how to manage risk, learning how to properly set stop losses, and knowing which catalysts have a lasting or fleeting impact on stocks are places to begin.

Simply asking questions like:

  • Which penny stock will explode?
  • What are the fastest-growing penny stocks?
  • What penny stock has the most potential
  • What are the top 5 penny stocks right now?

These questions are meaningless until you know what you’re looking for. Someone who wants to make money trading penny stocks that are exploding 100% or more today isn’t looking for slow-moving penny stocks. So the latter wouldn’t be considered good candidates for the top 5 penny stocks right now.

That’s for traders who are looking for high-volatility trades. On the other hand, a more passive trader who can’t handle high volatility will likely focus on stocks with a longer track record of consistent, yet modest price increases over time. They would consider those to be penny stocks with the most potential. So yes, the “beauty” is in the eye of the beholder and depends on your specific trading style & strategy.

The Stock Market Today

Does this mean that it’s only penny stocks that are high-volatility, no. In fact, in the stock market today, even with major indexes trading lower, there are higher-priced stocks exploding. For instance, a recent SPAC merger stock Falcons Beyond Global (NASDAQ: FBYD) was a recent IPO flop.

When shares of FBYD stock began trading on the Nasdaq, they briefly reached a high of $40.04 and then immediately slipped lower, falling as low as $10.01. Since then, the trade has been mostly channel-bound until October 18th. Today, FBYD stock exploded from $13.34 to over $40 within a matter of hours.

Best Penny Stocks To Buy Now? These 3 Are Moving Fast In October

Falcons provides immersive experiences at theme parks. It has projects at SeaWorld, Hard Rock Vault in Florida, and the Kennedy Space Center Visitor Complex. Falcons also runs Beyondland on Roblox.

Despite the Nasdaq, a tech-heavy index, trading lower, shares of FBYD stock are exploding higher. A mix of speculative sentiment and a lower float have acted as catalysts for the latest move in price. In this article, we look at a different area of the market, penny stocks, which are experiencing stronger moves in the stock market this week. Remember, just because they can be bought for under $5, that doesn’t make them any less risky.

Penny Stocks To Watch

Outlook Therapeutics (OTLK)

Despite the downtrend in the stock market today, shares of Outlook Therapeutics are up for the 6th consecutive session on Wednesday. A lot of the positive sentiment has stemmed from news at the end of September that Outlook requested a meeting with the FDA.

Outlook wants to discuss the complete response letter from August regarding the biologics license application for its ONS-5010. The treatment candidate is Outlook’s wet AMD drug. “Our belief remains unwavering that the retina community needs an FDA-approved ophthalmic bevacizumab to deliver an alternative on-label bevacizumab option for patients with wet AMD,” said Russell Trenary, President and CEO of Outlook Therapeutics, in a September update.

ETAO International (ETAO)

ETAO has slowly climbed back from the depths of the lowest levels seen in months. The comapny annoucned plans to reorganize. In doing so it will get rd of 12 consolidated affiliate subsidiaries to improve profitability. While this news didn’t have any further follow-ups, it seems to have resonated in the stock market this week. ETAO stock has climbed from a low of $0.14 to highs of $0.234 on Wednesday. Even though this is less than a 10-cent move, it’s worth roughly 67% overall.

Ardelyx Inc. (ARDX)

This week ARDX stock shot higher after making significant headlines. Ardelyx won U.S. FDA approval of its Xphozah drug for kidney disease. This was a warm welcome after the FDA’s decision in 2021 rejecting Ardelyx’s initial application for approval of Xphozah. The news sent shares surging.

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“The approval of XPHOZAH is an important milestone for patients on dialysis, their families and the nephrology care community, as it represents a new mechanism and new option for patients who, despite treatment with phosphate binders, continue to have elevated phosphorus. It is also a significant accomplishment for everyone at Ardelyx,” said Mike Raab, president and chief executive officer of Ardelyx.

Sunopta Inc. (STKL)

Another one of the penny stocks to watch after recent news is Sunopta. The sustainable, plant-based food and beverage company announced it will report its next round of financial results next month. The company recently sold off its frozen fruit assets and reported preliminary results earlier this month. Sunopta expect Q3 revenue of around $152 million. It also expects Adjusted EBITDA between $18.5 million and $19 million.

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