Are These The Best Penny Stocks To Buy Right Now?
There’s no doubt that penny stocks present an interesting option for traders. By definition, we’re talking about companies with shares trading below $5 and are well-known for their higher level of risk. Even with this as the case, it hasn’t deterred thousands of traders from buying them each week.
When it comes to finding the best penny stocks to buy, it’s important to look at current events in the stock market. This week there are plenty of economic events to take into consideration. One of the foremost things to take into consideration will be the kick-off of Q1 earnings results. The market could gain a glimpse of any progress made as vaccine distribution continues. Companies like Pepsi (NASDAQ: PEP), Bed Bath & Beyond (NASDAQ: BBBY), and Delta Air Lines (NYSE: DAL) could shed some light on the temperature of the economy.
This week will also bring consumer price inflation figures into focus. Tuesday, the Commerce Department delivers these at 8:30 AM ET. Inflationary fears remain a hot topic of conversation right now, even as the S&P and Dow reach new highs. This will also weave in with the numerous Federal Reserve speeches this week as discussions continue about interest rates.
Thursday will also bring some attention to U.S. retail figures. The consensus forecast? Retail sales are expecting a jump of 5.5%. That would represent an increase from February’s decline of 3%, the largest dip since last April. Whether or not these events spark momentum in the stalled rally for small-cap stocks is to be seen. Looking at benchmark ETFs like the Russell 2000 Small-Cap ETF (NYSE: IWM), it hasn’t mirrored the same trends as the broader markets. However, it has bounced back a bit from its late March lows.
Looking For The Best Penny Stocks To Buy This Week
Not all penny stocks fit the definition of “small-caps”. ETFs like the IWM have been used as a gauge for cheaper stocks. April has started a bit lighter in the volume department. Despite the S&P and Dow reaching new all-time highs, last week’s volume, overall, was some of the lightest the markets saw since mid-February. Looking ahead at this week, will economic data and Fed speeches reignite momentum?
In light of this, it doesn’t hurt to have a list of penny stocks put together. When Monday’s bell rings, that’s when you can decide if they’re the best to buy right now or wait on.
Pintec Technology Holdings Limited (NASDAQ: PT)
Shares of Pintec Technology surged in after-hours trading on Friday. Fintech companies have been a large focus for traders this year. With the boom in cryptocurrencies, the popularity of NFTs, and the growing use of blockchain technology, financial stocks are looking a bit different than they did a few years back. Pintec offers a technology platform enabling financial services in China.