3 Penny Stocks Under $1 To Watch Before August 2023

Some of the most volatile penny stocks today are the cheapest. This idea of “cheap” is in the sense that prices are extremely low compared to other stocks. While the basic definition of penny stocks includes stocks below $5, many retail investors place a stronger focus on some of the cheapest names in the bunch. I’m talking about penny stocks under $1.

These fit the literal definition as they trade for pennies on the dollar. They’re extremely risky to trade, but for those who enjoy the thrill of high-volatility action, they can also be some of the most rewarding if you end up on the correct side of the trade.

Think about it for a moment. A company like Apple can move up $5 per share but the percentage gain is nominal compared to penny stocks under $1. Even the slightest change in price can equate to double, triple, or even quadruple-digit gains. On the other hand, these stocks can implode just as quickly.

In this article, we look at some of the most active penny stocks under $1 in the stock market today. What’s moving them and what are some of the upcoming catalysts traders might be paying attention to? We dive into the details and uncover some of the things traders could be paying attention to. Then you can decide if they’re the best penny stocks to watch before the end of the month.

Penny Stocks Under $1

• Senseionics Holdings Inc. (NYSEAMERICAN: SENS)
• Faraday Future Intelligent Electric (NASDAQ: FFIE)
• Bionano Genomics (NASDAQ: BNGO)

Senseonics Holdings Inc. (SENS)

SENS stock has bounced back after a recent stint of selling pressure this month. The company develops implantable glucose monitoring systems for diabetes patients. Its Eversense, Eversense XL, and Eversense E3 are placed under the skin and communicate with a smart transmitter worn over the sensor. Updates are sent every five minutes to a mobile app for users to monitor.

Retail traders are also watching the SENS stock short. According to data from sources like Fintel and TDAmeritrade, the Senseonics short float is around 9.7%. Given the longer-term selling pressure in the stock market earlier this year, short-squeeze stocks are back in focus.

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Other than the short, SENS stock has a more near-term potential catalyst. Its first quarter 2023 financial results were received well. Furthermore, about a month later, we see the company report that UnitedHealthcare will start covering the Eversense E3 system. This seems to have supported recent analyst sentiment from HC Wainwright, which reiterated a Buy rating on the penny sock. The firm also has a target of $3. Although, Jefferies recently weighed in with an Underperform rating and $0.50, which contributed to the drop in price earlier this week.

Faraday Future Intelligent Electric (FFIE)

EV stocks remain a 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 year, 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.

Meanwhile, the more recent focus has been on the management shuffle. The company appointed an interim CFO and restated the previously issued financials. With Tesla earnings coming up, chances are that sympathy sentiment is having its time in the spotlight and influencing other stocks in the sector.

Bionano Genomics (BNGO)

Bionano Genomics just hit fresh 52-week lows within the last month. The gene therapy company has slumped in recent sessions following the results of its annual shareholder meeting. But with recent events, it has found itself back on watch lists for the time being.

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Bionano recently presented at the Maxim Healthcare Conference. CEO Erik Holmlin, Ph.D. presented a company overview. The presentation came one day after Bionano announced a peer-reviewed publication on the utility of certain genome mapping and sequencing for the evaluation of myeloid cancers.

“This peer-reviewed publication outlines the potential utility of combining OGM with sequencing panels to evaluate myeloid cancer. I believe this research study shows that OGM can perform significantly better than KT and FISH, which can result in meaningful revisions to various risk classifications and disease stratifications, which are known to affect outcomes. The OGM and sequencing data were analyzed with the upcoming version of our NxClinical analysis software (commercially available as VIA analysis software). VIA analysis software will offer a powerful new workflow in cytogenomics and molecular pathology, especially for cancer,” commented Erik Holmlin.

Meanwhile, the latest launch of Bionano’s Stratys System for optical genome mapping has come into focus. In particular, the platform allows for the ability to increase throughput capabilities for higher volume users. CEO Erik Holmlin, PhD, explained, “These are the product launches we believe will overcome barriers faced by high-volume users seeking to run OGM on a routine basis in clinical research – faster data generation and streamlined analysis and reporting. The prowess of Stratys for OGM is incredible and the utility of VIA as the platform for visualization, interpretation and reporting of cytogenomic data goes well beyond just OGM users as it touches the NGS communities in cancer and genetic diseases.”

The post 3 Penny Stocks Under $1 To Watch Before August 2023 appeared first on Penny Stocks to Buy, Picks, News and Information | PennyStocks.com.

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