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Hot Penny Stocks To Watch After Bed Bath & Beyond’s Epic Rally

Shares of home goods retailer Bed Bath & Beyond (NASDAQ: BBBY) have been on our radar for almost a month at this point. But it wasn’t until recently that the broader markets took an interest.

What was the draw to BBBY stock? Was it a brand new kitchen utensil? Was it the launch of some new bedding? Did a global brand decide to partner with the company? None of that prompted the massive move that this former penny stock experienced this quarter.

A mix of bullish social sentiment, insider trading, heavy short interest, and fevered bullishness in the overall market was, however.

Read More Of Our BBBY Stock Updates:

Not only has BBBY stock exploded since July, but in August alone, the meme stock has rallied from $4.94 to $30. Anyone keeping track at home, that’s a 507% move. Meanwhile, according to a regulatory filing this week, Ryan Cohen’s RC Ventures purchased over 1.6 million call options on BBBY stock. Cohen has become a top name in the stonk world and owns several million common shares of Bed Bath & Beyond.

Thanks to the retail-fueled frenzy, the hunt has begun for the next round of penny stocks to watch.

3 Hot Penny Stocks To Watch

  • SmileDirectClub Inc. (NASDAQ: SDC)
  • Canoo Inc. (NASDAQ: GOEV)
  • JE Cleantech Holdings (NASDAQ: JCSE)

SmileDirectClub Inc. (NASDAQ: SDC)

While many “stonks” have recently gained popularity, more like SmileDirect remain a watch list stock. In particular, SDC has an interesting options chain profile and a higher short float percentage. Right now, Fintel.IO shows the short float on SDC stock sitting north of 20%. Meanwhile, the chart has exploded over the last week, with prices jumping from under $1.20 to over $2.20. Regarding some basic technicals, Tuesday was the second time that the penny stock tested its 200-day moving average but was unable to break and hold above it. This level has been a sticking point for more than a year. The last time SDC stock managed to hold above it was last March.

The company just reported earnings that didn’t necessarily prompt an optimistic outlook on the company. However, management remains positive thanks to plans to continue its cost control activities and help curb expenses. SmileDirect also put a focus on leveraging its technology to roll out a mobile scanning app as part of its SmileMaker Platform.

With a more retail-centric catalyst, it will be interesting to see if SDC stock can sustain a longer-term trend or not.

Read More On SDC Stock:

Canoo Inc. (NASDAQ: GOEV)

GOEV stock is another name that has gained attention and some added focus thanks to several stock market catalysts. In the article 5 Best Penny Stocks To Buy On Reddit According To Options Traders, we pointed out substantial action in the September 2nd $5 Call contracts. Even after reporting a wider Q2 loss, shares have continued higher thanks to a $1.2 billion order from EV subscription company, Autonomy.

This wasn’t entirely for Canoo’s vehicles, but Autonomy reported ordering 23,000 EVs from 17 automakers to expand its fleet beyond Tesla. Canoo was included in the purchase, along with companies like Fisker, GM, Lucid, and others.

This week, insider buying from CEO Tony Aquila prompted some bullishness in the penny stock. Meanwhile, passing the Inflation Reduction Act has helped bring momentum back to EV stocks. It includes over $360 billion in climate change initiatives. It also considers a tax incentive to use toward pre-owned electric vehicles.

JE Cleantech Holdings (NASDAQ: JCSE)

IPOs have been an interesting niche in the stock market recently. There have been some explosive moves like we saw with AMTD Digital (NYSE: HKD), which ran from around $12 to over $2,550. There have also been IPOs like JE Cleantech, which opened strongly on “day 1” but have fallen apart shortly after.

The original IPO price of the cleaning systems company was $4. Shares promptly opened above $14 and rallied as high as $23.99 in their debut session in April. Since then, JCSE stock has steadily dipped lower. This week, however, attention is back on the penny stock as a focus on companies based in Asia, and ones having a lower float are gaining the attention of retail traders. JCSE stock has both going for it right now.

Other than that, not much has been released by the company. So general market momentum seems to be the driver for now. It will be interesting to see if this is enough of a catalyst to keep the focus on this low float penny stock or not heading into the rest of the week.

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