Right now, a range of penny stocks are once again on the radar of growth investors. No doubt, this year has been an intriguing one for the small-cap space. Volatility has been a best friend of traders in a number of these names. And today, this volatility is to the upside — to the welcome surprise of investors.
It’s a green day in the markets as these penny names surge higher. Shares of Sundial Growers (NASDAQ:SNDL), Altamira Therapeutics (NASDAQ:CYTO), Bit Brother (NASDAQ:BTB), Phunware (NASDAQ:PHUN), Moving Image (NYSEAMERICAN:MITQ) and RLX Technology (NYSE:RLX) are all up. These names have climbed well into the double digits at today’s highs.
The price action on these penny stocks is certainly worth considering. Here’s some of the news driving the moves in many of these cheap plays today.
Which Penny Stocks Investors Should Watch Right Now
Altamira Therapeutics is among the biggest movers in the market today, taking top spot among this group for its gains right now. Currently, CYTO stock is up approximately 50% on heavy volume. As fellow InvestorPlace contributor William White points out in a recent piece, positive results from a nasal spray test are driving the shares higher.
Marijuana play Sundial Growers is another big mover right now, up nearly 22% at the time of this writing. According to White, this move is related to enthusiasm around the potential for upcoming legislation on federal cannabis legalization.
Finally, Phunware is also up big after reporting earnings that investors seemed to like. Meanwhile, investors in Moving Image, Bit Brother and RLX have other catalysts they are pricing in.
This encouraging environment for penny stocks has invited many investors to consider the upside potential smaller-cap names can provide. Of course, these picks come with higher risk profiles. Accordingly, investors looking to put capital to work at this end of the market should be sure to do their homework. They should also always invest in a diversified manner.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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