Looking For The Best Penny Stocks To Buy Now? 4 Tech Stocks To Watch

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Are These On Your Penny Stocks List Today?

Penny stocks and small cap stocks, in general, are back on the radar on Wednesday. We’ve seen a relatively consistent rotation in the stock market this week. What’s more is that after this rotation and repositioning, it looks like tech might be back in focus. With this, it has helped give the broader markets a boost. The main focus for traders this week has been coronavirus vaccine news. This seems to have become the lifeblood of recent momentum and something that’s been a driving force.

But where do we go from here? We still don’t know who the next U.S. President will be. Numerous outlets are reporting conflicting information. What’s more, is that against the backdrop of a potential vaccine, we’re still seeing record numbers of coronavirus cases. In fact, several state leaders are urging residents to stay home as Covid-19 hospitalizations hit a record level. So, while optimism might be a factor in the stock market, it could be another disconnected situation between stocks and the economy.

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Clearly, however, one of the top sectors this morning is tech. It has been beaten down for the last several days as traders cashed out on record levels. Furthermore, they also rotated into sizable positions in value stocks. A lot of the epicenter stocks that took a hit earlier this year benefited. More or less, the two-day pullback in tech stocks has come to an end early on Wednesday. The Nasdaq shot up strongly taking major tech names with it. In this same light, we can look to small cap stocks that may also show a benefit resulting from this move. Due to the higher volatility, however, will these be the best penny stocks to buy and hold or is a day trade better suited?

Penny Stocks To Buy [or sell]: Nokia

Shares of Nokia (NOK Stock Report) have been battling back from a massive fall-out in late October. That drop further extended the downtrend that followed the company’s earnings. Furthermore, the latest quarterly figures didn’t help the bullish case either for the telecomm company resulting in a fall to lows of $3.21 at the end of last month. Regardless of that, however, NOK stock is back in motion and has bounced back as much as 18% in November.

The rising interest in 5G stocks has helped support a more bullish case for Nokia. It’s new CEO is also looking to make his mark on the company. Pekka Lundmark recently announced a company-wide restructuring and shift in a strategy designed to bring new life back to the vendor’s 5G radio access network (RAN) business. The ultimate focus is strengthening its position against Ericsson. While there’s still a lot of ground to make up, for those looking for cheap 5G stocks right now, NOK remains one of the names on that list.

best penny stocks to buy right now Nokia (NOK stock chart)

Penny Stocks To Buy [or sell]: Fuel Tech Inc.

Fuel Tech Inc. (FTEK Stock Report) is another one of the top tech penny stocks to watch on Wednesday. Not only is this one of the lower float names on the list, it’s also been fueled by a fundamental catalyst. Late Tuesday afternoon, the company announced its 3rd quarter results. Fuel Tech crushed EPS estimates. The company reported a $0.09 EPS while estimates expected a 5 cent loss per share. Meanwhile, the $8.2 million in sales for the quarter beat Wall Street’s $6.25 million estimates.

[Read More] Penny Stocks Under $1 To Watch This Week; 1 Analyst Sees 200% Upside

Fuel Tech focuses on technologies for air pollution control, process optimization, water treatment, and advanced engineering services. In response to the milestone results, Vincent J. Arnone, President and CEO said, “Although we have experienced some deferred decision-making on the part of some customers due in part to uncertainty created by the effect of COVID-19 pandemic, I am very proud of how our team has continued to navigate these challenging times. As a result of their efforts, we are seeing encouraging signs across our enterprise.

In addition, the company expects a final decision to be made on several projects by year-end. If Fuel Tech’s bids are chosen, it would boost the company’s backlog for 2021 and thereafter by $10 to $15 million according to the company. It’s important to keep in mind that this move has been very extended on Wednesday. Is FTEK really one of the penny stocks to buy right now or are sellers going to take this back down?

best penny stocks to buy right now Fuel Tech Inc. (FTEK stock chart)

Penny Stocks To Buy [or sell]: FuelCell Energy Inc.

Another energy technology stock to keep an eye on is FuelCell Energy Inc. (FCEL Stock Report). Since the start of November, FCEL stock has been on the rise. During that time, the penny stock’s managed to climb over 20% with strong volume helping drive momentum. If there’s one niche gaining ground in the energy space it’s alternative energy stocks. FuelCell focuses, particularly on its proprietary molten-carbonate fuel cell technology.

Obviously, with former penny stocks like Plug Power (PLUG Stock Report), fuel cell stocks have gotten their share of attention. One of the things still lacking are ways to store and then distribute that power. In this light, FuelCell Energy has been focusing on commercial and government sector opportunities.

Last month the company secured an $8 million contract with the U.S. Department of Energy. FuelCell will design and manufacture a SureSource electrolysis platform able to produce hydrogen. The platform is expected to give more flexibility to baseload nuclear power generation.

Analysts at JPMorgan recently expressed a bullish stance on the company. “With funds necessary to execute on its backlog, FCEL is poised to double its generating portfolio, grow revenues at well over 10%, and post adjusted EBITDA profit and positive cash flows by 2022…Major projects with Exxon Mobil Corporation (XOM Stock Report) and Toyota Motor Corp (TM Stock Report) are near-term catalysts for FuelCell Energy,” according to JPMorgan.

best penny stocks to buy right now FuelCell Energy (FCEL stock chart)

Penny Stocks To Buy [or sell]: Vaxart Inc.

An old favorite that graduated from the penny stock range earlier this year was Vaxart Inc. (VXRT Stock Report). The company initially claimed fame during the COVID vaccine surge in the market. At the time we began following the company Vaxart was simply focusing on treatments for H1 influenza. The obvious similarities between coronavirus and the flu are now evident. We’ve also seen how companies in similar situations have attempted to tweak treatments and apply them to COVID-19.

Fast-forward a bit and things cooled down a bit for the company. But this week, VXRT stock might have begun heating up again. With Pfizer’s news many coroanvirus vaccine stocks took a back seat. But since there’s been such an oversold trend, some of these names are finding some renewed strength.

At last check, in October, the comapny reported positive data in a hampster study focused on the comapny’s COVID-19 vaccine candidate. The results showed no systematic weight loss and lung weight gain. These, according to the company, are key indicators of protection against COVID-19 in the model. “These results increase our confidence as we move our vaccine candidate into human clinical trials,” said the chief scientific officer and founder Sean Tucker.

Since then, however, there haven’t been many follow-ups. Is Wednesday’s trading action simply sympathy with the rest of the biotech market or something more right now?

best penny stocks to buy right now Vaxart (VXRT stock chart)

The post Looking For The Best Penny Stocks To Buy Now? 4 Tech Stocks To Watch appeared first on Penny Stocks to Buy, Picks, News and Information | PennyStocks.com.

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