IRNT - Best Penny Stocks to Buy Under $1? 7 To Watch Now
2023-06-16 12:48:58 ET
Typically, we refer to stocks trading for less than $5 per share, as penny stocks. However, for this article, we’re focusing specifically on penny stocks under $1. Yes, they come with risks and volatility, but some believe they hold the key to outsized gains.
So, why consider investing in cheap stocks under $1? Imagine this scenario: you have some extra cash to spare, and you purchase a significant number of shares for less than a dollar each. If those shares take even a small upward turn, your modest investment could multiply before your eyes. However, it’s essential to remember that there are significant risks involved as well.
While the potential rewards can be great, the losses can be severe. Understanding this delicate balance is crucial before you commit your hard-earned money. It’s not merely about becoming an overnight millionaire; it’s about constructing a well-balanced, risk-managed portfolio that aligns with your financial goals.
How To Find Penny Stocks
Spotting promising penny stocks under $1 is akin to finding a needle in a haystack. It requires diligent research and a keen eye for hidden value. Many investors choose to specialize in specific sectors where they possess expertise or interest, such as biotech, green energy, or various other fields. Within these sectors, you can find numerous low-priced stocks with the potential to skyrocket.
Let’s be clear—investing in penny stocks under $1 isn’t suitable for everyone. These market underdogs are risky, unpredictable, and sometimes downright nerve-wracking. However, they are also brimming with potential.
Today, we present a handful of penny stocks to keep an eye on this week, providing you with valuable insights and opportunities. This will continue the list of penny stocks from the article Best Penny Stocks to Buy Under $1? 4 To Watch Now .
IronNet Inc. (IRNT)
Shares of cybersecurity penny stocks IronNet surged in the stock market today. While the price action has been relatively high, it has favored the bears for the most part. One of the reasons that shares of IRNT stock were originally on the watch list from May came as a 13G filing showed 3i, LP increased its stake in the company. The firm boosted its interest to 9.99%.
In addition, the company was also granted a US patent for “Detection of Abnormal Events (To Protect Powergrid Infrastructure From Cuber Attacks & Failure).” This also helped give a boost to sentiment in May. Now, IRNT stock is back on the radar.
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This time, it’s after an amended 13 filing said the JC affiliated with the company and an institutional investor delivered a proposal to IronNet’s board. What was proposed? Under the terms of the deal, the company would be taken private. In addition, there would be a capital infusion into IronNet simultaneously.
The Beachbody Company (BODY)
Have you ever heard of P90X or Insanity? Workout video series that have become popular over the years all have roots in one company, The Beachbody Company. Despite the “strength” of some of their professional trainers, the stock price has been very weak. But since hitting 52-week lows in May, shares of BODY stock have slowly risen higher.
This week, all eyes are on the leadership shakeup in the company. Beachbody announced the chairman position will be retired, and a newly formed Executive Chairman role is now being formed. Mark Goldston will fill this role and will be expected to implement his expertise in being a turnaround professional.
In a press release this week, Goldston stated, “I’ve followed this company for years and have so much respect for what Carl and the team have accomplished. I am honored to join BODi as Executive Chairman and be a part of the exciting journey ahead. The Company’s incredible assets, combined with its talented leadership team, present a unique opportunity for growth and innovation. I am fully committed to helping maximize the Company’s existing business model, helping lead its transformation efforts and monetizing its significant untapped potential.”
With this news, BODY stock has grown some strength back and managed to bounce roughly 9% on Friday.
Sidus Space Inc. (SIDU)
Space stocks have been flying high over the last 24 hours. As we discussed in the article Penny Stocks To Buy? 4 To Watch With Big News Now , Sidus provides mission-critical hardware as well as launch planning and mission operations. On the heels of upbeat sentiment surrounding space stocks thanks to SPCE, SIDU stock benefited from sympathy sentiment and news of its own.
This week Sidus gained attention after several key milestones. One of the more prominent was that it would be issued a US patent for “Vacuum Chamber, Feedthrough System For Vacuum Chamber And Methods.” This gave the penny stocks a lift on Friday.
Furthermore, earlier in the week, management reported that the company would host a virtual fireside chat with Carol Craig, Founder & CEO. Ms. Craig will discuss the e company’s upcoming milestones, Space, and Defense-as-a-Service business model during the event. There will also be a focus on the opportunities the industry’s growth presents for Sidus Space. If SIDU is on your watch list, keep Thursday, June 29th at 10:30 a.m. ET in mind.
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Last month, Carol Craig was a focal point for the market. She purchased half a million shares of SIDU stock at an average price of $0.231. Insider trading stocks have become a more popular topic of discussion. With a buy of over $100,000, it managed to raise a few eyebrows this quarter.
List Of Penny Stocks
- IronNet Inc. ( NYSE: IRNT )
- The Beachbody Company ( NYSE: BODY )
- Sidus Space Inc. ( NASDAQ: SIDU )
- Cybin Inc. ( NYSEAMERICAN: CYBN )
- Sonnet Biotherapeutics Holdings ( NASDAQ: SONN )
- Faraday Future Intelligent Electric Inc. ( NASDAQ: FFIE )
- Canoo Inc. ( NASDAQ: GOEV )