Best Penny Stocks To Buy Now? 4 to Watch Under $5 This Week

Are you looking at the stock market today and preparing to identify the best penny stocks to buy now? If you are, you’re not alone. With the robust nature of bullish optimism this week, the “risk-on” trade is back for the time being.

Fears surrounding raising the debt ceiling against a backdrop of a pending recession and problems with inflation pressured broader markets over the last several weeks. But it appears that the government and treasury are back to the table with a decisive plan to “figure this out” quickly. The resulting sentiment has prompted interest in cheap stocks and higher-risk assets.

Whether it’s short squeeze stocks, stocks with higher volume, penny stocks with unusual options activity, or simply a social sentiment-fueled rally, you’ve got your pick of trends. In the stock market today, we are looking at several of these and diving in to see which recent catalysts could be in focus. We also search for any upcoming events that could be of interest to anyone with some of these names on their list of penny stocks to watch this week.

Penny Stocks To Watch

Amneal Pharmaceuticals (AMRX)

Amneal develops a diverse portfolio of hundreds of generic and specialty pharmaceuticals. In its preliminary first-quarter update last month, the company highlighted expectations for more robust growth in the first quarter. It also reaffirmed its 2023 guidance of full-year net revenue to come between $2.25 billion and $2.35 billion. Fast-forward a few weeks, and Amneal just posted another milestoned update.

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What To Watch With AMRX Stock

This week the company announced the launching of FYLNETRA, used to treat neutropenia. Chemotherapy patients typically experience this phenomenon.

“FYLNETRA marks our third U.S. biosimilar launch since late last year. We are excited to be contributing to this next wave of affordable medicines, and we are well-positioned to drive access across patients, providers, and payors. Although it’s only the early innings for the growing biosimilars market, we are focused on becoming a key player over the long term. These first three launches are just the start for Amneal in biosimilars,” said Harsher Singh, SVP of Amneal Biosciences division.

Groupon Inc. (GRPN)

You’re most likely familiar with Groupon, as the discount coupon company has a long history in the retail industry. Shares of the company have slipped below $3 and put in new 52-week lows shortly after the company’s latest earnings results. The company missed sales estimates but managed to beat EPS expectations by a wider margin despite a loss per share of $0.95. Groupon also said it was on track to remove $250 million of annualized costs by year-end.

In a letter to shareholders, interim CEO Dušan Šenkypl explained the company is evaluating a few strategies to “enhance” its liquidity position:

“These strategies may include, but are not limited to, pursuing additional actions under our multi-phase cost savings plan, seeking additional financing from both the public and private markets through the issuance of equity or debt securities, and potential monetization of certain non-core assets, including our stake in SumUp, ownership of GiftCloud and our portfolio of Intellectual Property.”

What To Watch With GRPN Stock

GRPN stock is trading higher in the stock market today, even in the face of analyst price target cuts after earnings. Groupon has placed new management in place, and the outlook for 2023 may have come back into focus. Something traders may be watching is the GRPN stock options chain. Specifically, the August 18th and June 16th $5 and $5 Call contracts have seen an uptick in volume with more than 7,000 and 8,000 contracts, respectively, today. Whether or not this is a bullish sign for sure is to be seen, but a point of focus all the same.

Lilium N.V. (LILM)

Shares of Lilim have surged over the last few weeks following a drop to fresh 52-week lows at the start of May. The electric vertical take-off and landing (eVTOL) jet maker announced a financing round for up to $250 million it plans to deploy toward its Lilium Jet development.

Company CEO Klaus Roewe explained, “The capital raise announced today marks an important development in our ongoing mission to revolutionize the aviation industry. With this financing, we are excited to continue our development program at full pace. We remain in multiple constructive discussions with existing and potential new investors. We hope to announce further updates soon.”

What To Watch With LILM Stock

Over the last few weeks, the company has announced several milestones, including a flight simulator and training agreement with FlightSafety International. Lilium also entered a powered test campaign at the largest wind tunnel facility in Europe to begin testing. But what may have caught investors’ attention is earnings. In particular, speculation could be playing its part as Lilium will deliver first-quarter financials next week on May 24th.

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Sidus Space Inc. (SIDU)

Space stocks haven’t gotten the best reputation over the last few months. Some have fallen on very hard times, while others have gone completely bankrupt. Needless to say, there is still attention on the space for its prospects, and Sidus Space is on that list of penny stocks today.

The company recently reported a sales beat but missed EPS estimates in the latest financial results for Q1. “We have laid a strong foundation for the rest of the year, and remain on track to launch LizzieSat(TM), our hybrid 3D printed satellite, later this year. While the precise timeline is dependent on the small satellite launch industry, we have completed critical milestones including successful integrated testing of our onboard command and control system which drives the satellite on-orbit…We continue to advance active discussions with numerous prospective customers, including U.S. and international government agencies, for payload hosting and data related to our planned satellite launches over the next 24 months,” said Carol Craig, Founder and CEO of Sidus Space.

What To Watch With SIDU Stock

This week Sidus announced an agreement with Leaf Space for more ground station coverage. It will allow the company to access 17 additional global ground stations with 13 locations across Europe, Asia, Australia, and New Zealand. Sidus also has infrastructure agreements with Kongsberg Satellite and Atlas Space Operations.

List Of Penny Stocks

• Amneal Pharmaceuticals (NYSE: AMRX)
• Groupon Inc. (NASDAQ: GRPN)
• Lilium N.V. (NASDAQ: LILM)
• Sidus Space Inc. (NASDAQ: SIDU)

The post Best Penny Stocks To Buy Now? 4 to Watch Under $5 This Week appeared first on Penny Stocks to Buy, Picks, News and Information | PennyStocks.com.

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