Should You Buy Penny Stocks This Week?
If you’re looking for penny stocks to buy before April, you’ve got 3 days left. This week marks the end of Q1 2021 and the start of a brand new month and quarter heading into April. With the way the market has been lately, it’s might be tough to pinpoint the best penny stocks to buy.
Do you look for the hot stocks on Reddit? Maybe you put together a list of top penny stocks on Robinhood. On the other hand, that all could be thrown out the window if there’s a brand new market trend to follow.
If you track back to the last few weeks, it’s almost been a “stock picker’s” market. Micro-niches like NFT stocks, fintech, and even some biotech penny stocks have been in the spotlight. But that’s not saying much, considering the overall sentiment in the broader markets has been mixed.
Friday’s late-afternoon breakout signaled positive momentum for some stocks. But, overall, I think traders have remained skeptical. Though the S&P and Dow jumped, the Nasdaq and small-cap Russell 2000 didn’t make much headway. Has this muted gains for emerging or speculative stocks?
Best Penny Stocks To Buy [or avoid]
We’ll have to see what this week brings. However, considering the trend on Friday, it might not be a bad idea to start putting your watch list together. Here are a few names that turned head late last week. Will they be the best penny stocks to buy on Monday morning? I’ll leave that up to you to decide.
NextDecade Corporation (NASDAQ: NEXT)
Analyst Firm: Morgan Stanley
Rating: Underweight – Equal Weight
Price Target: $2
You might not expect analysts to cover penny stocks. But, believe it or not, there are thousands of stocks under $5 garnering interest from firms right now. NexDecade is one of the companies gaining ground among the community this month. Over the weekend, the company was upgraded to Equal Weight from Underweight by Morgan Stanley. The firm also has a $2 price target on the penny stock right now.
Something you might immediately notice is that NEXT stock is trading above $2. Regardless of this, the company has made headway in the market recently. In fact, over the last 3 days, NEXT stock had made a significant move from around $1.80 to highs of $2.79 on Friday. What’s more, trading volume on the final Friday of the month was the highest single-day share volume the stock had seen in more than a year.
What To Watch With NEXT Stock
One of the main drivers of momentum in NEXT stock has been the push behind clean & green energy penny stocks this year. The company specializes in liquid natural gas, which has been seen as a “bridge energy” during this time of transition between traditional sources of “fuel” and renewable energy resources in the future. The Biden administration’s push to build a zero-carbon footprint has given rise to these…