If you’re looking for penny stocks to buy right now, it’s important to understand that broader market trends may not be a factor. Generally speaking, even when the stock market is down like it is today, you’ll likely find at least a handful of cheap stocks to watch. Considering I am on the cusp of some major economic and earnings data, that may surprise you.
What’s Happening In The Stock Market This Week?
The most important details in this text are the events happening in the stock market this week. On Wednesday, the Consumer Price Index inflation data and FOMC meeting minutes will be released, followed by Producer Price Index inflation and retail sales and employment data. On Thursday, the Federal Reserve's next monetary policy meeting and rate hike decision will be announced, and the new earnings season kicks off. Additionally, there are daily occurrences of unusual activity, unique catalysts, and more that can factor into the mix.
Penny Stocks To Watch
Skillz Inc. ($SKLZ)
Skillz stock has been climbing back from March lows due to an initial spark from earnings results. CEO Andrew Paradise has stated that the company is making progress in strengthening management and the Board of Directors with high-caliber operators to achieve growth and profitability. They continue to innovate on their platform and look forward to reaping the benefits in 2023.
SKLZ stock has been bouncing following an earnings beat and increased attention from analysts. Wedbush reiterated its Outperform rating and set a $2 price target, which is over 100% higher than the current stock price. Insider trading activity from CEO Paradise has also increased, with 1.5 million shares bought at average prices ranging from $0.54543 to $0.5773.
LifeWallet ($LIFW)
LifeWallet, a Medicare, Medicaid, commercial, and secondary payer reimbursement recovery company, has seen its share price rebound over the past week after announcing "significant enhancements" to its LifeWallet Health platform. These enhancements included tools for providers and patients to reduce inefficiency and lost dollars while improving patient care through increased accuracy and accessibility. Company CIO Chris Miranda expanded on the opportunity, saying that the platform gives people control over their healthcare data, helping patients, providers, and payers alike.
Minim Inc. ($MINM)
The recent volatility in the stock market has brought speculation to the tech sector and other growth-based industries. Minim Inc. is one of these companies that has gained momentum due to its transition to Jeremy Hitchcock, former CEO of Minim and Dyn. Hitchcock believes there is a "massive market opportunity" in home networking, and the company has announced a 1-for-25 reverse split that will become effective on April 17th. The new Amended 13D filing from Hitchcock shows a 38% stake in the company's shares.
Stronghold Digital Mining Inc. ($SDIG)
Cryptocurrency prices continue to climb, leading to bullish and speculative interest in related public companies. Stronghold Digital is one of these companies, and shares surged higher on Tuesday due to the company's business model. Stronghold is a Bitcoin mining company that focuses on environmentally friendly operations, which has been one of the hangups for analysts looking at digital currency ESG activities. Higher energy consumption for traditional mining operations has strained the power grid, so companies like Stronghold have taken the proactive approach of mitigating this strain through creative strategies.
SDIG stock has rallied following its latest earnings report, which reported a sales beat and an estimated net cost of power of $45-50 per megawatt hour in the first quarter of 2023. Analysts have boosted price targets, including Compass Point, from $1 to $1.50. The company has filed a prospectus to sell up to 62 million shares of common stock by selling stockholders, which could present a dilution risk.
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