Penny Stocks to Buy Today? 3 popular stocks to watch now

What is a penny stock?

You’re here to read about penny stocks you can buy today. But you know that what a penny stock is? These cheap stocks are generally shares of early-stage companies trading for $5 or less. They pose numerous risks, such as low liquidity and a lack of publicly available information. In some cases, they are susceptible to fraudsters taking advantage of unwitting novice investors. The downside to this, however, is things like the potential for three- and even four-digit percentage gains.

These moves can happen within hours, and contrary to popular belief, they are not just “pink sheet” stocks or OTC stocks. Many of the stocks under $5 trade on major exchanges such as the NYSE and Nasdaq. With the many Robinhood and Webull traders, this is good news when it comes to finding Penny stocks to buy today.

Many of the mobile platforms generally restrict access to most OTC stocks. While there are some exceptions, the vast majority of users will focus on large publicly traded companies. So rest assured, if that’s you, there are plenty of companies to choose from.

Why Stocks Are Falling Today and Why It Won’t Affect Penny Stocks

One of the benefits (despite the higher risk) of cent shares is that they tend to move in ways that are disconnected from broader market trends. The stock market is in the red today and there is a reason for that. Why did the stock market fall today? The latest figures on home sales and consumer confidence heightened concerns about the state of the United States economy.

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That comes after last week’s Fed meeting and Jerome Powell’s press conference failed to inspire much confidence in the markets in terms of future rate hikes, inflation and projections for next year. With the GDP revision and PCE data still due this week, investors are walking on eggshells and it is reflected in the trading trends.

The S&P 500 fell to one of its lowest levels in months. The associated SPY ETF fell to the mid-$420s, which hasn’t been seen since June. Meanwhile, the tech-heavy Nasdaq and the QQQ ETF followed suit. The Qs fell to a low of $354.63, which is also below the 100-day moving average. The ETF has not traded below this technical level since January. As for the Dow Jones, the DIA ETF fell below its 200-day moving average for the first time since May.

Amid this blood-red market, there are more than a few hot penny stocks to watch today. In this article, we’ll dive into the details and see what’s driving the momentum. Then you can decide if it’s worth adding this week to your list of penny stocks.

Hot Penny Stocks to Watch

1. Blink Charging Co. (NASDAQ: BLNK)

2. FuelCell Energy Inc. (NASDAQ:FCEL)

3.EOS Energy Enterprises Inc. (NASDAQ: EOSE)

Blink Charging Co. (NASDAQ: BLNK)

Energy-related stocks are replenishing today thanks to some tailwinds in the stock market. Blink Charging, an EV charging equipment and services company, saw its shares rise for the first time in weeks. The move comes as attention on market bellwethers like Tesla (NASDAQ: TSLA) increases. But it’s not just industry sentiment that’s helping BLNK stock today. The company also released its own news.

Blink Charging reported that it was working with Parkopedia. It will provide EV drivers with greater access to electric vehicle charging and integrate nearly 12,000 Blink charging stations across the US into Parkopedia’s services.

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Jim Nemec, Chief Revenue Officer of Blink Charging explains: “The combination of Parkopedia’s excellence in serving drivers through ease of parking accessibility and Blink’s extensive range of public EV chargers gives EV drivers confidence in finding a reliable charging experience wherever they are. This initiative builds on our strategy to make it easy for EV drivers to find Blink chargers across platforms.”

This is the first green trading day BLNK stock has experienced since September 14.

FuelCell Energy Inc. (NASDAQ:FCEL)

Another, more immediately energy-related stock to watch this week is FuelCell Energy. The company provides sustainable clean energy technology and fuel cell products and solutions for its customers. From governments and municipalities to companies and utilities, FuelCell has placed a clear focus on clean energy efficiency.

Despite a lackluster earnings report, FCEL shares have managed to recover in recent days. Jason Few, President and Chief Executive Officer, said: “Excluding revenue generated from module sales to KFC in the prior year quarter, total revenues in the third quarter were up slightly compared to the prior year quarter…Also during the third quarter, we were very pleased to expand our presence in the Korean market with domestic clean energy utilities that had previously installed FuelCell Energy energy platforms.”

Other interest in FCEL stock has focused on the recent Toyota deal announced earlier this month. The two companies completed the “world’s first Tri-gen production system,” which produces renewable electricity, renewable hydrogen and water from biogas. Toyota was contracted by FuelCell to supply Tri-gen system products under a twenty-year purchase agreement.

EOS Energy Enterprises Inc. (NASDAQ: EOSE)

EOS Energy develops zinc-based energy storage systems. As clean energy stocks have continued to be a focus in recent weeks, the penny stock has seen an uptick in activity and share price. The Znyth battery is designed as a direct competitor to lithium-ion batteries.

Recent earnings results helped EASE shares get a boost earlier this quarter. Although earnings per share and revenue expectations were missed, management’s commentary appears to have boosted sentiment. Eos Chief Executive Officer Joe Mastrangelo said: “We have made significant progress in our transition to Z3 and I am very pleased with the initial output and performance of the semi-automated line. We see clear benefits with Z3’s cycle time, performance consistency and system simplification. Being able to execute discrete manufacturing processes in the first half of the year has resulted in valuable learnings that we believe will result in both time and capital efficiencies as we develop our state-of-the-art production line and begin to scale up our production.”

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Since the reset and sell-off of EOSE shares earlier this month, shares have been bouncing back. The move coincides with milestone news related to Dominion Energy (NYSE: D). EOS Energy’s Eos Z3 platform was chosen by Dominion Energy Virginia for a new pilot project.

Commenting on this milestone, Ed Baine, president of Dominion Energy Virginia, said: “Battery storage is a key component to making the electric grid increasingly clean… We are excited about this pilot project and working with Eos Energy Enterprises on its zinc hybrid technology. which offers a safer alternative to conventional lithium-ion batteries.”