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7 Hot Penny Stocks To Buy For Under $1 Before Next Week

The definition of penny stocks includes stocks trading for less than $5 per share. But many experienced and novice traders will hunt for even higher volatility trading opportunities. One of the places they’ll look first is simply at a price per share. The lower the price, the higher the volatility, in general.

The lower the price, the higher the chances of more aggressive percentage fluctuation. This article discusses a few more penny stocks under $1 to watch in the stock market today. It’s a continuation of our update “4 Hot Penny Stocks To Buy For Under $1 Before Next Week,” where we talked about a round of cheap stocks catching momentum while broader markets flip-flopped.

Are Penny Stocks Under $1 Worth It?

In that same article, we gave an example of a few penny stocks: one trading for 40 cents and the other trading for $4. The idea was simple, which was to demonstrate the price dynamics and underlying risk/reward profile of lower-priced stocks:

“The cheaper of the two only need to experience a move of 4 cents to gain 10%. Meanwhile, the $4 penny stock needs ten times that to see the same return. Cheap stocks can present even higher risks based on lower prices. That same 4-cent move could present a situation where a trader sees a substantial loss if trading the $0.40 vs. the $4 stock.”

So are penny stocks under $1 worth it? Risk and reward are big pieces of the pie with penny stocks, let alone some of the cheapest ones to buy. If you can handle volatility, higher risk, and understand how to trade, then penny stocks under $1 or any penny stock can be well worth it. The same goal holds true no matter the price of the stocks you’re trading: to make money trading and repeat the process.

More Penny Stocks To Buy For Under $1

In this list of penny stocks, we’ll cover penny stocks that can be purchased for less than $1 per share. The important part to remember is that just because they’re perceived as “cheap” doesn’t mean they’re any less risky than higher-priced stocks. We look at what recently happened, and then you can use that to decide if any deserve a place on your watch list before next week.

Leafly Holdings (NASDAQ: LFLY)

Cannabis stocks have been red hot over the last 24 hours. That is thanks to comments tweeted by U.S. President Joe Biden on Thursday. He said, “As I’ve said before, no one should be in jail just for using or possessing marijuana. Today, I’m taking steps to end our failed approach. Allow me to lay them out.”

He then presented several action items in a longer Tweet thread attached to his original post. You can read more in the article Penny Stocks To Watch As Marijuana Stocks Explode On Biden Pardon News. Regardless of what was posted, the move has sparked some interest in marijuana stocks this week. Leafly Holdings is one of the names gaining much-needed momentum after months of selling pressure destroyed its market cap.

The company focuses on developing shopping tools for empowering cannabis customers and retailers. Everything from customer loyalty to advertising falls into Leafly’s portfolio. Last month the company unveiled its latest ad product, Leafly Ads.

Dave Cotter, Chief Product Officer at Leafly, explained, “These tools create new pathways to people at all stages of the cannabis journey, whether they come to Leafly to research cannabis or to shop for a specific strain, product or desired effect. We know that high visibility within the platform helps drive retail sales, and these new offerings provide that visibility among high-intent customers.”

Minim Inc. (NASDAQ: MINM)

Minim Inc. is a very thinly traded penny stock, and that already presents a higher level of risk. All you need to do is pull up a stock cha. t to see what I’m talking about. You’ll also likely notice that MINM stock has had its fair share of sporadic trading spikes over the last few months. The most recent was in July when MINM shares spiked to highs of over $0.50 on the largest single-day trading volume of the year.

At the time, the company was going through a leadership transition, which seemed to have sparked initial interest in the technology company. But it was fleeting, and shares promptly slid lower. This week, MINM stock is awake again following a string of updates involving Minim’s Motorola mesh portfolio.

Minim expanded its eCommerce offering to Target (TGT)’s website to include its WiFi 6 Mesh System. “We are very excited to work with Target to increase value for their e-commerce customers by providing an option from a completely new category of our Motorola Intelligent Networking offering,” said Jeff Rodning, Vice President of Retail Sales at Minim. “In just over a year, our WiFi 6 mesh systems, such as the MH7602, have become top-performing solutions for our customers.”

Are Penny Stocks Worth Buying Today? 3 to Watch Right Now

Thanks to this news, it seems like trading activity has picked up. The thing about MINM stock to keep in mind is that it has yet to sustain gains longer than a single day. So this could be a higher risk situation if MINM stock is on your watch list.

Imperial Petroleum Inc. (NASDAQ: IMPP)

Energy penny stocks have been red hot following this week’s OPEC decision. The decision was made for OPEC+ nations to cut their oil production by 2 million barrels per day, which helped spark bullish price movement in oil prices and energy penny stocks. In our article, 5 Top Energy Penny Stocks To Watch After OPEC Production Cut News, we also talked about some other energy industry events that prompted moves in related stocks.

The U.S. President directed the Energy Secretary to explore additional responsible action to boost domestic production. In the meantime, strategic petroleum reserves will be released appropriately.

Organizations, including the Environmental Protection Agency and even the U.S. Treasury, are weighing in on domestic energy initiatives. The EPA is expected to propose biofuel blending mandates post-2022 to the White House by the end of next week. The Treasury, in the meantime, has said it will move quickly to write rules to offer clarity on new clean energy tax incentives.

Imperial Petroleum is one of the cheapest energy penny stocks to watch and has reacted strongly to this week’s events. The company owns ships providing petroleum products and crude oil transportation services. A total of 8 tanker vessels are under its flag, equating to a total capacity of roughly 673,000 deadweight tons.

With attention to oil and gas stocks, companies transporting raw materials have also gained sympathy momentum. For IMPP stock, it will likely be more important to monitor industry updates as the current move is based on such sympathy sentiment.

Complete List of Penny Stocks Under $1

As said above, this is a continuation of the article 4 Hot Penny Stocks To Buy For Under $1 Before Next Week. You can check out the first half of the list via that link. Below is the full list of penny stocks under $1 (some have even jumped outside of the range in the last day):

  1. Leafly Holdings (NASDAQ: LFLY)
  2. Minim Inc. (NASDAQ: MINM)
  3. Imperial Petroleum Inc. (NASDAQ: IMPP)
  4. BioSig Technologies Inc. (NASDAQ: BSGM)
  5. Eargo Inc. (NASDAQ: EAR)
  6. Faraday Future Intelligent Electric (NASDAQ: FFIE)
  7. COMSovereign Holding Corp. (NASDAQ: COMS)

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