Best Penny Stocks To Buy? 7 Under $1 To Watch Now
Penny Stocks Under $1
Penny stocks are stocks that trade for less than $5 per share. That’s the standard definition of penny stocks, at least. However, ask most traders in the stock market today, and they’ll set that price threshold much lower.Click Here To Watch TTG Live On YouTube
In many cases, no matter what the “standard” definition is, most will set their sites on stocks under $1. These are the ones trading for literal pennies. No matter how you define penny stocks, you’ve got to understand that they are some of the highest-risk assets you can find. It can take minutes for these cheap shares to explode 50% or more and just as short a time to see them crumble.
With such high stakes, is the risk worth the reward? It all depends on how you trade and your specific strategy. But if you know how to manage risk and navigate high-volatility situations, penny stocks might be an option for you to make money in the stock market.
This is a continuation of our list of penny stocks from the article Best Penny Stocks To Buy? 4 Under $1 To Watch Now. This article looks closely at another handful of stocks under $1 that traders are watching. We’ll see what might be behind the move and search for any upcoming potential catalysts that may be worth noting. Then you can decide whether they’re right to add to your watch list.
Cheap Penny Stocks To Buy For Under $1
The Beachbody Company Inc. (BODY)
If we’ve learned anything from 2022, no company is immune to becoming a penny stock. While you’ve got plenty of notable and household names dipping below the $5 threshold, others are falling much further. The Beachbody Company is one of these names. Yes, it is the same brand that’s home to popular workout programs like P90X, TurboJam, Insanity, 10 Minute Trainer, Body Beast, Yoga Booty Ballet, Shakeology, and many others.
Thanks to the 2022 stock market crash and its own fundamental hurdles, BODY stock is well-below its IPO levels. Like many companies in 2021, Beachbody made its public debut via a Special Purpose Acquisition Company (SPAC). And like most SPACs, the fall-out was aggressive. The company completed a merger with Forest Road Acquisition Corp., which closed at $12. Shortly following the IPO, shares would rise as high as $18.20. Since then, however, Beachbody has gotten some training is how SPACs have traded over the last year.
Fast-forward, and now it’s a sub-$1 penny stock. Is this it for Beachbody? While the long-term future is unknown, traders have become bullish on the name in the short term. Over the last six trading days, BODY stock has experienced a much higher daily volume than in previous weeks. Meanwhile, hopes are higher that the company will execute on its plan outlined in the last quarterly update. Carl Daikeler, Beachbody’s Co-Founder, Chairman, and Chief Executive Officer, said, “We’re focused on appropriately sizing and designing fitness and nutrition solutions to appeal to the millions of Americans who want to live happier and more fulfilling lives. Looking ahead, we will remain laser-focused on capitalizing on our growth opportunities as we drive towards profitability and free cash flow generation.”
Daikeler, company CFO Marc Suidan, and co-founder Jonathan Congdon added to their positions at the end of November. In total, the three snagged more than half a million shares of BODY stock, with the most significant purchase coming from Congdon.
Statera Biopharma Inc. (STAB)
Another one of the beaten-down penny stocks under $1 is Statera Biopharma. After hitting fresh 52-week lows of $0.0945 last month, STAB stock has slowly recovered. This month it broke back above $0.14 for the first time since the first week of November.
The biopharmaceutical company is working to create immune therapies focused on restoring immune function and homeostasis. Its portfolio includes toll-like receptor drugs (TLR) that act as activators for immune defense against autoimmune, inflammatory, infectious diseases, and cancers. Its clinical programs include STAT-201 in Crohn’s disease, STAT-600 in hematology, STAT-300 series in cancers, and STAT-205 in COVID-19.
Not many new updates have been released this quarter. But the latest proxy filed by the company may have gained some additional speculative interest. It’s related to Statera’s upcoming shareholder meeting on December 16th. Up for vote is the appointment of board directors, pending approval of a reverse split of 1:10 to 1:60 for STAB stock and other directives management hopes to gain support on.
Since the December 16th date is quickly approaching, it could be something the market has taken as a possible catalyst.
Sonim Technologies Inc. (SONM)
Like other companies on this list of penny stocks to watch, Sonim Technologies has come under heavier selling pressure this year. However, over the last few sessions, SONM stock managed to mount a short-term rally thanks to new developments.
The company provides “ultra-rugged” mobile devices and accessories. At the end of November, Sonim inked a deal with a customer for a purchase order for $17 million in tablet products. It now expects to ship the order beginning this quarter and into 2023. This order comes after another multi-million dollar string of table orders delivered in Q3.
In a November update, responding to the developments, Sonim CEO Peter Liu explained, “We believe Sonim is now well positioned to further grow revenue across an exciting opportunity set of legacy rugged and new core industrial and consumer durable applications as we move steadily toward our goal of profitable operations.”
SONM stock has a history of short-term breakouts that have resulted in lower trading levels shortly after. The question is, will this latest uptrend result in the same outcome, or can Sonim stock continue higher into the end of the year?
List Of Penny Stocks Under $1 To Watch
- The Beachbody Company Inc. (NYSE: BODY)
- Statera Biopharma Inc. (NASDAQ: STAB)
- Sonim Technologies Inc. (NASDAQ: SONM)
- Rigel Pharmaceuticals Inc. (NASDAQ: RIGL)
- NYMOX Pharma Corp. (NASDAQ: NYMX)
- COMSovereign Holding (NASDAQ: COMS)
- Faraday Future Intelligence (NASDAQ: FFIE)