Penny stocks are a great way to make money in the market during uncertainty. Depending on who you ask, there’s also “never” a wrong time to trade these cheap stocks. Thanks to the latest bout of stock market volatility, there’s no shortage of daily excitement.

While the stock market crash continues in January, traders looking to take advantage of stocks that move higher are likely looking at individual stocks to achieve their goal. Today we look at a handful of penny stocks that can be purchased for under $5. Whether or not the risk is worth the reward is something I’ll leave up to you.

Penny Stocks To Buy Under $5

Inspira Technologies (NASDAQ:IINN)

most active penny stocks Inspira Technologies IINN stock

Shares of Inspira surged in early morning trading action thanks to big news from the company. A component of its ART and ECLS systems were listed on the FDA Class I 510(k) exempt list. This component is designed to reduce potential complications with specific vein movement during a patient’s posture change during transport or while in bed. With a goal of safer mobilization, the component is expected to help medical teams.

Inspira specializes in respiratory care. ART was designed as a less costly means of respiratory support for deteriorating respiratory patients. It uses a hemo-protective float approach to regulate saturation levels to potentially minimize a need for mechanical ventilation.

Yoshitsu Co Ltd. (NASDAQ:TKLF)

Another one of the early movers on Friday was Yoshitsu Co. The Japanese beauty and health products company moved into the green after weeks of selling pressure. The recent IPO of TKLF stock was one of the worst this year. Shares were priced at $4, yet on the day of its IPO, TKLF opened above $40. Since then, selling pressure took the penny stock below $3 per share.

With global reopening efforts still progressing, retail stocks have gained interest lately. Yoshitsu has earmarked funds from its IPO for opening new physical stores that it directly owns. There were also plans discussed for adding franchise stores.

While not much news has come as of late, traders seem to have focused on the share structure of the penny stock. With a 6 million share offering, this has put TKLF in the crosshairs of retail traders looking for low float penny stocks.

Provention Bio Inc. (NASDAQ:PRVB)

penny stocks to buy under $5 Provention Bio PRVB stock

It’s no secret that a broad range of stocks has gotten beaten up during January. But as discussed in this article, it has made the market environment more attractive to day traders. In turn, shorter-term moves are appealing right now. Provention Bio is a clear example of that. The penny stock has been in a freefall for most of the month but heading into February, shares have spiked a bit.

This was due, in part, to news of a drug resubmission to attain Biologics Licensing. Provention announced that it intends to submit a Biologics License Application for its teplizumab drug candidate in treating type 1 diabetes.

“We are very pleased and excited to be working towards resubmitting the teplizumab BLA, taking the FDA’s feedback into account, which gets us another step closer to our goal of delivering teplizumab to individuals and their families who are at risk of developing end-stage, insulin-dependent type 1 diabetes.”

Ashleigh Palmer, Co-Founder, and CEO of Provention Bio

Now the clock starts ticking. Despite the early optimism in the stock market today, the FDA has 30 days from the resubmission to determine if it’s acceptable for review. From there, according to the company, the FDA’s guidance is to complete its assessment within six months of the resubmission date.

Enservco Corp. (NYSE:ENSV)

penny stocks to buy under $5 Enservco ENSV stock

Rounding out this list of penny stocks is one of the lowest-priced names, Enservco Corp. Like most in this article, ENSV stock has been depressed in January. However, closing out the week, shares are back on the move along with a well-above-average volume. No news has come out of the company for months. However, with earnings season in motion, the energy services provider has come back into focus.

Enservco offers well-site services to the domestic onshore oil and gas industries. Not only have energy prices skyrocketed, but Enservco is also coming off of a banner 3rd quarter. Revenue was up 72%with gains posted across all service offerings, and adjusted EBITDA jumped 10% over the same period in the prior year. In particular, operations in Texas produced revenue growth of more than 120% year-over-year.

Following those results, it could be one of the reasons the market is looking for more growth in year-end results. Responding to this progress on the Q3 earnings call, Executive Chairman Rich Murphy explained:

“All these trends bode well for our business, and we are hopeful that the tailwinds we’re experiencing will carry into 2022 and beyond and help us drive further revenue increases and return us to the profit profile we enjoyed before the downturn…Our fourth and first quarters constitute our heating season, which is historically when we generate a high percentage of our revenue and profitability.”

In light of this, ENSV could be one of the penny stocks to watch right now.

Mind Medicine Inc. (NASDAQ:MNMD)

best penny stocks to watch mindmed MNMD stock

This month has been a much more active one for Mind Medicine. The psychedelics company caught a surge of momentum thanks to its latest update. MindMed announced that the FDA cleared its Investigational New Drug application. This allows it to proceed with a planned Phase trial of its MM-120 in treating generalized anxiety disorder.

MindMed is now working with investigators of the study and clinical sites to begin enrollment.

“This trial, the first commercial study of LSD in more than 40 years, builds on productive discussions with FDA and provides an opportunity to explore improvements in anxiety symptoms following a single administration of MM-120. Further, the results of this trial will guide the dose selection and development strategy for our pivotal Phase 3 clinical trials, as well as deepen our scientific understanding of the clinical effects of MM-120 and its underlying mechanisms of action,” explained Robert Barrow, Chief Executive Officer and Director of MindMed.

As the markets attempt a recovery move, MNMD stock has managed to bounce back to the $1 level during early morning trading on Friday.

Penny Stocks To Buy Right Now

Different market conditions can mean a red or green light for buying stocks, depending on your criteria. In light of the latest volatility, penny stocks seem to have become a more significant attraction to retail traders. If this sounds like you, make sure you’ve got a strategy in mind and a straightforward approach to each trade. Outlining your entry and profit targets is critical, especially with stocks moving so sporadically right now.

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