The Appeal of High-Volatility Penny Stocks
Today’s penny stock market is brimming with high-volatility stocks. That especially relates to those that fall into the category of the cheapest penny stocks. These inexpensive stocks, attractively low compared to other investment options, have captured the attention of many penny stock investors.
Understanding Penny Stocks Under $1
The classic definition of penny stocks refers to shares priced below $5. However, a significant number of retail investors demonstrate a keen interest in the ultra-cheap category. Specifically, penny stocks under $1. These stocks truly embody the ‘penny’ in penny stocks as they trade literally for pennies on the dollar.
The risk factor in trading these stocks is undoubtedly high. Yet they offer an allure for investors who thrive on volatility and seek potential high-yield rewards. To put this into perspective, even a giant like Apple can witness a $5 per share rise. However, the percentage gain barely scratches the surface when compared to the lucrative potential of penny stocks trading under $1.
Penny Stocks Under $1: Unpredictable Yet Potentially Rewarding
Even the smallest price variation can catapult investors into double, triple, or even quadruple-digit returns. However, these stocks can be as capricious as they are rewarding, capable of plunging as swiftly as they rise.
In this informative guide, we delve deep into some of the most actively traded penny stocks under $1 in the dynamic stock market today. We explore what dynamics are influencing their price movements, and what potential market catalysts might penny stock traders be keenly monitoring.
Our aim is to look at the specifics that could be commanding the attention of savvy traders. Armed with this insight, you can decide if these are the hot penny stocks to watch before the month winds down. This will also continue the list of penny stocks from our article 3 Penny Stocks Under $1 To Watch Before August 2023.
Penny Stocks To Watch
- Soluna Holdings, Inc. (NASDAQ: SLNH)
- Brenmiller Energy (NASDAQ: BNRG)
- T2 Biosystems (NASDAQ: TTOO)
- Senseionics Holdings Inc. (NYSEAMERICAN: SENS)
- Faraday Future Intelligent Electric (NASDAQ: FFIE)
- Bionano Genomics (NASDAQ: BNGO)
Soluna Holdings, Inc. (SLNH)
The last three sessions have seen the penny stock climb higher following a longer stint of downward pressure. Soluna, which develops “green” data centers for Bitcoin mining, popped higher on Wednesday, just one day after its recent news update.
Soluna reported that it has made substantial progress on the commercialization plan for its Project Dorothy and Project Sophie. The plan is to deploy more than 30 MW of equipment at Dorothy and bring Sophie to fully operational status. According to the company, these milestones should result in stronger cash position for the company on an annualized basis.
John Belizaire, CEO of Soluna Holdings, commented, “We continue to execute on the plan laid out in my letter to shareholders. In June we gave an operational update that focused on achieving cash flow positive from operations during the second half of 2023. As one can see by these updates, we continue to get more miners online, and are now on track to exceed 2 EH/s under management.”
Soluna was granted an extension in June to meet Nasdaq’s minimum price requirements. The addition time extends the time to meet the minimum bid price of $1 to December 18, 2023. On the heels the latest headlines, SLNH stock is testing levels not traded at since March.
Brenmiller Energy (BNRG)
Another one of the penny stocks under $1 traders are watching in the stock market today is Brenmiller Energy. Considering energy penny stocks have gotten some renewed attention lately, it makes sense that BNRG stock could be a focal point. The company focuses on clean energy and providing thermal energy storage systems to both industrial and utility markets.
This week Brenmiller announced that it signed a memorandum of understanding with Waaree Energies. It’s one of India’s largest manufacturers of solar panels according to Brenmiller. They will implement the company’s bGen TES in India and the announcement serves as the official entry into the Indian market. This adds to the current market access in Isreal, Europe, and the U.S.
“We’ve seen a massive uptick in demand for our TES systems in response to climate-forward policies, rising energy costs, and challenges to reliability,” said Avi Brenmiller, president and Chief Executive Officer of Brenmiller. “Our team is thrilled to collaborate with Waaree to bring bGen TES to India’s industrial and utility markets.”
T2 Biosystems (TTOO)
Shares of T2 continued holding gains from Tuesday’s session, on Wednesday. The company has gained attention thanks to its portfolio of detection platforms for things like pathogens and certain 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 designation. It 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.”
Something to keep in mind if TTOO stock is on your watch list is early next month it will report earnings. The company has already given 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.