You can make a lot of money with penny stocks if you know what you’re doing. Sure, you could get lucky here and there, but those who consistently profit typically have more than luck on their side. One of the best ways to find and trade penny stocks is to search for a trend. What types of info can help identify some trends?
News, unusual trading activity, fundamental data, technical data, etc., are all things to be aware of before placing your buy order. In the stock market this year, investing in penny stocks has come secondary to trading, and rightfully so. On any given day, the broader markets fluctuate dramatically, which can get amplified when it comes to an already volatile market with cheap stocks.
What is a good penny stock to buy? To answer that question, you’ll first want to begin with a watch list. Your list of penny stocks will come in handy when sifting through hundreds of trending names on any given day. It will also allow you to focus on the “best” names that fit your specific criteria. In this article, we look at a handful of penny stocks to watch that are gaining momentum in the stock market today.
| Best Penny Stocks To Buy? 4 To Watch |
|---|
| Mullen Automotive Inc. (NASDAQ: MULN ) |
| Boxed (NYSE: BOXD ) |
| Bluebird Bio Inc. (NASDAQ: BLUE ) |
| MicroVision Inc. (NASDAQ: MVIS ) |
Penny Stocks To Watch 1. Mullen Automotive Inc. (NASDAQ: MULN)
Electric vehicle company, Mullen Automotive remains one of the top penny stocks to watch this week. Since last Friday, MULN stock has popped more than 35% as new milestones were released during the previous two days.
Why Is MULN Stock Moving?
There are several catalysts at play for MULN stock this week. First, the company announced the extension of maturity dates on its senior secured convertible note for $28 million. Since the original date was next month, the news of a 2-year extension brought some calm to retail traders who may have anticipated a potentially dilutive event in July.
Adding to this week’s momentum fueled by milestones was Wednesday’s update that Mullen filed U.S. and international patent applications for its Mullen FIVE EV Crossover vehicle. In fact, according to the June 22nd update, it filed over 130 patents in 24 countries corresponding with the design of its crossover EV.
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2. Boxed (NYSE: BOXD)
We’ve discussed household name stocks in the past, and believe it or not, this year’s sell-off has forced many to become penny stocks. Boxed is a recent addition to the bunch after shared imploded earlier this month. BOXD stock has dropped from over $9 to as low as $1.27 in less than a month, thanks to news that Jones Group Ventures may sell up to 15 million shares of the company’s stock from time to time.
Why Is BOXD Stock Moving?
There isn’t any news this week from the bulk grocery eCommerce company. However, insider activity during the second half of June may have resonated with retail traders. Specifically, Directors Andrew Pearson, David Liu, and CEO Chieh E. Huang have purchased shares of BOXD stock. The most recent purchase came from Liu, who picked up 20,000 shares of the penny stock at an average price of $1.6642. However, most of the buying came from Pearson starting on June 10th. He purchased 150,000 shares of BOXD stock at average prices ranging between $1.565 and $2.40.
3. Bluebird Bio Inc. (NASDAQ: BLUE)
Shares of Bluebird Bio have been on the radar lately thanks to FDA-related news. An advisory committee set up by the FDA approved experimental gene therapies in the company’s pipeline. In particular, its elivaldogene autotemcel (eli-cel) was supported for approval as gene therapy for a metabolic disorder called cerebral adrenoleukodystrophy in patients 18 years old and younger.
In a June update, Andrew Obenshain, chief executive officer, Bluebird Bio said, “For decades, the CALD community has fought for the opportunity to stave off the rapid, irreversible decline associated with this devastating disease…Today we are one step closer to delivering a potentially lifesaving therapy for CALD. We are grateful to the families, clinicians and committee members who participated in today’s advisory committee discussion and remain committed to working with the FDA as it completes its review of the eli-cel Biologics License Application.”
The Committee recommended this course of action based on the Biologics License Application currently under priority review by the FDA with a PDUFA goal date set for September 16, 2022.
While there isn’t much news this week from the company, momentum continues to build off this latest milestone. It has also received plenty of press highlighting the opportunity presented to the company in light of the FDA’s support.
4. MicroVision Inc. (NASDAQ: MVIS)
High-tech might not be the favored niche of the market this year. But that doesn’t mean there haven’t been pockets of momentum in specific stocks. MicroVision is one of these, and over the last week, shares have bounced back strongly.
The company specializes in automotive lidar solutions, which was a big point of interest last year during the EV stock breakout. MVIS stock followed suit and exploded to highs of $28 at one point. Now that 2022 brought hundreds of stocks “back to earth,” MVIS shares are once again trading as penny stocks.
[Read More] 3 Hot Penny Stocks To Watch After Big News This Week
Why Is MVIS Stock Moving?
This week there are a few different potential catalysts to follow. First, MicroVision showcases its technology at the ADAS & Automotive Technology Expo in Germany June 21-23. That puts today right in the thick of that expo. Furthermore, MicroVision unveiled a new dynamic view lidar system called MicroVision MAVIN DR to enable higher-speed highway safety capabilities.
Should You Buy Penny Stocks Today?
Are penny stocks on your list to buy or avoid right now? If you’re looking for stocks to buy today and the sub-$5 range is your focus, understanding why they’re moving is essential. Thanks to so much more volatility in the stock market, the daily moves can easily get amplified. Just look at some of the top-performing penny stocks in Q2 as an example. No matter what, you’re here to make money trading, and a list is an excellent place to start.
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