Best Penny Stocks to Buy Under $1? 4 To Watch Now

Ever find yourself daydreaming about striking it rich in the stock market? Well, buckle up, because we’re about to dive headfirst into the world of penny stocks under $1.

First, let’s ensure we’re on the same page. When we talk about penny stocks, we generally refer to stocks trading for less than $5 per share, as per the U.S. Securities and Exchange Commission (SEC). But for this wild ride, we’re zeroing in on those penny stocks under $1. Yes, they’re risky, and yes, they’re volatile, but some think that they might just be the ticket to the big leagues.

Why Penny Stocks Under $1?

You might be asking, “Why on earth would I want to invest in these?” Well, imagine this: you’ve got a few extra bucks to spare, and you buy a truckload of shares for less than a dollar each. If those shares take off, even slightly, your modest investment could multiply before your eyes. But remember, it’s not all rainbows and unicorns. We’ll get into the risks soon enough.

The Risky Business of Penny Stocks

Here’s where things get tricky. Investing in penny stocks under $1 is like juggling flaming torches – it’s electrifying, but there’s a chance you could get burnt. While the rewards can be great, the losses can be brutal. Understanding this tightrope is crucial before throwing your hard-earned cash into the ring. It’s not just about becoming a millionaire overnight; it’s about building a balanced, risk-managed portfolio that fits your financial goals.

Spotting the Diamonds in the Rough

Unearthing a promising penny stock under $1 is like finding a needle in a haystack. It takes some serious sleuthing and an eagle eye for hidden value. Many investors choose to specialize in specific sectors where they’ve got an edge or interest, be it biotech, green energy, or anything in between. Plenty of these sectors have low-priced stocks with the potential to skyrocket.

There’s no sugarcoating it – investing in penny stocks under $1 isn’t for everyone. These market underdogs are risky, unpredictable, and downright nerve-wracking at times. But they’re also packed with potential. Today we look at a handful of penny stocks to watch this week.

Penny Stocks Under $1 To Watch

Cybin Inc. (CYBN)

Psychedelic stocks haven’t been in the spotlight in quite some time. But with the recent risk-on sentiment in the stock market, this niche has gotten some fresh interest. Cybin Inc. is one of the companies benefiting from the micro trend. The company focuses on mental healthcare by developing new and innovative psychedelic-based treatment options.

The company announced a transition in its Scientific management team earlier this month. This came after Cybin completed the acquisition of Adelia Therapeutics. Furthermore, in a corporate update, CEO Doug Drysdale presented a company outlook and update in June. He explained, “The second half of 2023 will be pivotal for Cybin as we expect topline clinical data readouts from both our Phase 1/2a trial of CYB003, our deuterated psilocybin analog, and from our Phase 1 trial of CYB004, our deuterated DMT molecule.”

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Looking ahead, Cybin will be going on the road (virtually) and participating in investor events this month. The next one will be next week at the HC Wainwright Neuropsychiatry Conference.

Sonnet Biotherapeutics Holdings (SONN)

Sonnet Biotherapeutics has been under pressure all year, but the last few weeks have seen some breathing room as shares steadily rebound. Whether or not this is “the bottom” is to be seen. However, some analysts appear optimistic about its prospects. Chardan Capital maintains a Buy on the penny stock with a $14 target set.

In the company’s first-quarter update, Pankaj Mohan, Ph.D., Sonnet Founder, and CEO, said, “We remain incredibly enthusiastic about the best-in-class potential of our proprietary IL-12 therapeutic candidate, SON-1010, where our recent presentation at the 2023 American Association for Cancer Research Annual Meeting supported the consistency of the compound’s data and reiterated the robustness of its overall profile. Additionally, we are very excited about the non-human primate data that we have generated with SON-1210, our proprietary bifunctional version of human Interleukins 12 (IL-12) and 15 (IL-15), that we believe will help propel the compound into clinical development. We are looking forward to continuing this forward momentum over the balance of 2023.”

Sonnet is another case of insider action attracting attention. In this case, CEO Mohan, Ph.D., picked up 371,600 shares at an average of $0.22. Directors Nailesh Bhatt and Albert Dyrness also picked up shares of SONN stock and collectively purchased just under 50,000 shares.

Faraday Future Intelligent Electric Inc. (FFIE)

EV stocks have come back into focus as shares of larger companies like Tesla and Lucide rebound. Faraday’s focus has been on the commercial release of their top electric vehicle (EV), the FF 91 Futurist.

Earlier this month, the company signed the first sales contract for the FF 91 2.0 Futurist Alliance. Faraday explains it as “the first of its kind, All-Ability aiHypercar” FF 91 2.0 Futurist Alliance. It also comes with a hefty price tag of $309,000.

“I’m excited to see our first user now under contract for our FF 91 and our continued progress on the first phase of our delivery plan. The FF 91 was envisioned six years ago, and since then, we have continuously upgraded our vehicle,” said YT Jia, FF Founder & CPUO.

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One of the things that traders are looking at with FFIE stock besides the news is short interest. Short-squeeze stocks have been heating up again as the overall market pushes higher. According to data from Fintel.IO, the current short float percentage on FFIE sits around 21%.

Canoo Inc. (GOEV)

Another one of the EV penny stocks to watch right now is Canoo. Earlier this year, Canoo inked a deal with an affiliate of AFV Partners for its Vehicle Manufacturing Facility in Oklahoma City. The first phase of this project is expected to result in the employment of more than 500 people. This facility is also expected to support the full general and final vehicle assembly line, including robotics, a body shop, a paint shop, and vehicle testing capabilities, among other things.

In its most recent earnings update, Tony Aquila, Chairman and CEO at Canoo, explained, “Medium to long term demand for zero-emission, technology-driven vehicles will continue to grow rapidly as the average age of vehicle has reached an all-time high between 12 to 14 years depending on the segment. These numbers prove that the stage is set for zero-emission, technology-driven vehicles, especially in the TAMs and the geographies we are focused on where there is current demand and high-volume buyers.”

Like FFIE stock, GOEV could be on the list of short-squeeze penny stocks to watch. According to Fintel, the short float percentage on the penny stocks sits around 13%.

List Of Penny Stocks Under $1

• Cybin Inc. (NYSEAMERICAN: CYBN)
• Sonnet Biotherapeutics Holdings (NASDAQ: SONN)
• Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE)
• Canoo Inc. (NASDAQ: GOEV)

The post Best Penny Stocks to Buy Under $1? 4 To Watch Now appeared first on Penny Stocks to Buy, Picks, News and Information | PennyStocks.com.

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