3 Top Penny Stocks To Watch This Week With Big News

Traders frequently turn to stock market news as a trusted resource, covering everything from penny stocks to behemoths like Apple or Tesla. Unquestionably, news can spark both fervor and pessimism instantaneously. It also stokes speculation, which in turn ratchets up volatility.

What Are Penny Stocks?

Before we delve into specific penny stocks to keep an eye on, let’s take a moment to define what penny stocks are. Conventionally, penny stocks refer to shares of companies that trade for less than $5. However, the label is often extended to cover stocks trading below $1, offering an even more affordable entry point for investors. The lure of these stocks lies in their potential for rapid, sizable gains, albeit often accompanied by considerable risk.

Does Penny Stock News Matter?

There are many ways to find penny stocks to buy, and one way is to seek the most recent news headlines. Should news be your sole focus? The straightforward response is no. A multitude of factors should be considered to craft a cogent trading strategy. Indicators hinting at bullish or bearish sentiment include unusual trading volume, options activity, and critical corporate filings like insider trading disclosures, among other potentially valuable resources.

In this article, we shine the spotlight on a selection of penny stocks worth monitoring in light of recent developments in today’s stock market. We’ll unpack some of the essential details to be aware of and seek out supplementary information on upcoming milestones or updates. This way, you can stay ahead of the curve when it comes to finding the top penny stocks to watch.

Penny Stocks To Watch

1. D-Wave Quantum Inc. (NYSE: QBTS)
2. Dragonfly Energy Holdings Corp. (NASDAQ: DFLI)
3. Rigetti Computing Inc. (NASDAQ: RGTI)

D-Wave Quantum Inc. (QBTS)

D-Wave has been in and out of the spotlight, with excitement building around artificial intelligence and machine learning. “ChatGPT stocks” have gained interest thanks to the Large Language Model tech brought to light earlier this year. D-Wave launched its hybrid solver plug-in feature selection as part of its focus on aiding companies to leverage quantum technology to streamline machine learning application development.

Meanwhile, QBTS stock has been rising following a mix of upbeat sentiment. The latest earnings, favorable analyst ratings, and June headlines have helped boost morale. This quarter, news that D-Wave is partnering with Interpublic Group (NYSE: IPG) stoked an already warm fire for the penny stock.

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The two companies plan on collaborating on the R&D of quantum-hybrid applications for addressing optimization in marketing campaigns. This week D-Wave restated its stance in being ready to collaborate with the U.S. government to construct quantum computing applications in aiding public sector needs. There are several other collaborations in the works including ones with the Institute for Quantum Computing at the University of Waterloo. The goal is to establish hardware research programs for quantum computing systems.

If QBTS stock is on your list right now, keep August 10th in mind. This is when the company reports its next round of earnings.

Dragonfly Energy Holdings Corp. (DFLI)

Dragonfly Energy has been one of the hottest penny stocks to watch for a few weeks. The penny stock traded some of its highest single-day trading volumes of the year during this time. Its recent move came after Dragonfly announced an expanded partnership with nuCamp RV to fully integrate power systems supplied by Dragonfly’s Battle Born Batteries. With a float of under 10 million shares, DFLI stock has gained momentum with this micro-trend in low-float penny stocks.

Dragonfly has continued raising eyebrows with more news. The company announced that it would be granted a U.S. patent for a battery pack assembly design for custom installation. According to Dragonfly, the patent covers the look and design of the assembly case of its GC3 12V 270Ah LiFePO4 deep-cycle battery.

Last month the company received another patent for its deep-cycle battery design. It also said in an interview that it completed its US lithium battery cell pilot line and has begun using it to support large-scale production. It also joined the Nevada Battery Coalition as a founding member.

As far as analysts are concerned, some have high hopes for DFLI stock. Chardan currently has a Buy rating on the penny stock. The firm also slapped on a $10 price target.

Rigetti Computing Inc. (RGTI)

Shares of Rigetti Computing stock continued climbing higher in the stock market today. The penny stock began surging shortly after reporting earnings in May. While it missed both EPS and sales estimates, commentary from management appears to have been a sticking point for bullish traders.

“I’m pleased to report that we believe we are on track and progressing toward the nearer-term strategic priorities and technology roadmap we announced in February 2023. Following the implementation of our updated business strategy we announced in February 2023, which is designed to improve our focus, operating efficiency, and preserve cash resources, we are starting to see positive impacts,” said Dr. Subodh Kulkarni, Rigetti’s Chief Executive Officer.

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The quantum computing company has gained interest as the sector grows in popularity. Rigetti is expecting to launch its Ankaa-1 quantum processor to customers in mid-2023. It was also awarded a US Patent titled “Parametrically activated quantum logic gates,” helping to add to the positive sentiment in the stock market. Right before the end of July, Rigetti also announced a collaboration deal with ADIA Lab to develop quantum machine learning solutions for resolving certain challenges in quantitative finance.

Also, if RGTI stock is on your list, keep August 10th in mind. This is when the company reports its next round of financial results.

The post 3 Top Penny Stocks To Watch This Week With Big News appeared first on Penny Stocks to Buy, Picks, News and Information | PennyStocks.com.

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