3 Red Hot Penny Stocks To Watch Before Next Week, Time To Buy?

It was another wild ride in the stock market today. Whether you were trading penny stocks or Tesla, the thing weighing on everyone’s conscience was the outcome of the June Fed meeting. Another “small” thing traders and investors were focused on was the latest rate hike decision. Would there be a 25 bps hike, a pause, or would hikes be canceled for the rest of the year? While the latter is the most unlikely, the market grappled with the former, and the ultimate outcome favored a rate hike pause.

While some may assume this to be outright positive for the stock market, today’s sentiment was mixed. That was especially true following Federal Reserve Chairman Jerome Powell’s press conference. It may have left more questions than answers, at least, in the near term.

Powell explained, “We are not so far away from the destination on fed funds rates. We have moved much closer to sufficiently restrictive…it’s reasonable to moderate and slow the pace.”

The Fed Chair also express that the Fed will carefully analyze new data and the economic outlook before making any further moves. It looks like the July meeting will be another critical one for the market. With the Fed funds rate revised higher for 2023, Powell noted that “nearly all Fed members viewed that further rate increases may be appropriate.”

The Stock Market Today

That left more uncertainty for traders and investors in the stock market today. Broader exchange-traded funds, including the SPY and QQQ chopped during the late-afternoon session. One area that has stood out during times like these is one regarding cheaper stocks.

These issuers tend to move based on speculation as opposed to broader market metrics. That’s why penny stocks have become somewhat of a go-to for retail traders, especially in 2023.

They’ve become well-known for explosive moves in short periods. Not 20%-30% but more like 100%+. This isn’t the case for all penny stocks, of course, but the first place to find potential is by putting together a watch list. In this article, we look at a handful of cheap stocks to watch that are turning heads before the end of the week.

MicroVision (MVIS)

MicroVision stock has been on the watch list for quite some time, and a recent surge to highs of $8.20 has put it on the map for some retail traders. It has exposure to the EV industry, focusing on automotive lidar and driver-assistance systems. However, news of a mixed-shelf offering stymied the latest bout of momentum, and investors feared dilution would soon come.

Roughly one-day later, MicroVision announced the withdrawal of that shelf offering, and MVIS stock resumed its bullishness. Post-market trading on Wednesday saw shares rally back strongly. The question now is can this trend continue into the end of the week?

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In the interest of achieving the best value for our shareholders, we have decided to withdraw our previously announced public offering of common stock,” said Sumit Sharma, Chief Executive Officer. “We were pleased with the interest shown in the MicroVision story, but given the market volatility and recent stock price performance, we intend to explore other capital-raising opportunities with a focus on shareholder value. We appreciate the continued support of our shareholder base as shown at our Annual Meeting of Shareholders last month.”

Ammo Inc. (POWW)

Another one of the potential premarket penny stocks to watch on Thursday is Ammo Inc. The company hosts an online marketplace tailored to the firearms and shooting sports industries. The last few weeks have been more bullish compared to previous periods, thanks to renewed retail interest.

This week POWW stock shot (no pun intended) higher after the latest round of earnings showed a beat on EPS and sales. The market was expecting Ammo to post a loss per share of a penny. However, the company came in with an earnings per share of 3 cents. Meanwhile, the $37.18 million in sales expectations was dwarfed by the actual $42.7 million reported in Q4.

Fred Wagenhals, AMMO’s Chairman & CEO, explained, “[w]e believe the increase in production capacity at our state-of-the-art Wisconsin plant, coupled with the continuing enhancement rollout to the GunBroker.com Marketplace site, has positioned our Company to effectively navigate current market-wide headwinds resulting from the current inflationary and recessionary drivers impacting the consumer,” and that the company is “primed to take hold of these opportunities.”

AMMO stock climbed in post-market trading on Wednesday.

Lyell Immunopharma (LYEL)

Biotech penny stocks have had their time to shine, even during periods of stock market uncertainty. Lyell Immunopharma has steadily climbed higher since late April after the penny stock put in fresh 52-week lows of $1.77. During the last few weeks, the company has reported several key updates, including its first-quarter business update.

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“We remain focused on accumulating data in the two Phase 1 clinical trials of our wholly owned CAR T cell and TIL product candidates,” said Lynn Seely, M.D., Lyell’s President and CEO. “With more than a dozen sites now open and actively screening and enrolling patients across these two trials, I am pleased with the progress we are making.”

This week the company participates at the Goldman Sachs 44th Annual Global Healthcare Conference. Members of its senior management team will present on the company.

List Of Penny Stocks

• MicroVision (NASDAQ: MVIS)
• Ammo Inc. (NASDAQ: POWW)
• Lyell Immunopharma (NASDAQ: LYEL)

The post 3 Red Hot Penny Stocks To Watch Before Next Week, Time To Buy? appeared first on Penny Stocks to Buy, Picks, News and Information | PennyStocks.com.

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