Penny Stocks To Buy? 4 To Watch Now

Joe Sirianni
6 min readDec 13, 2023

If you’re looking for penny stocks to buy now you’ve got your work cut out for you. The broader markets are stampeding higher ahead of what could be one of the most pivotal Fed Meetings we’ll see. There are fewer questions of a rate hike but more questions on what comes next for the market. Will there be a pullback before the end of the year or will indexes reach fresh all-time highs? Whether there’s a stock market crash or Santa Claus rally, there’s sure to be plenty of penny stocks to watch in the middle of it.

So, first things first: How do you find the best penny stocks today? You could use scanners with pre-set criteria. You might also prefer trading based on speculation and social sentiment. Insider buying, unusual options, irregularly high volume, company news, earnings, etc. are also examples of some of the catalysts traders monitor.

The Stock Market Today

It’s also worth knowing what’s going on in the stock market today that may pose potential bullish or bearish trends in various sectors. Investors were keeping a close eye on the stock market today ahead of the Federal Reserve’s big announcement on interest rates. The Dow, S&P 500, and Nasdaq indexes have all ticked upwards so far in anticipation.

December Fed Meeting

Most experts believe the Fed won’t actually cut rates today — they’ll probably hold steady. But what everyone really cares about is what Fed Chairman Jerome Powell says about potential rate cuts down the road. There’s buzz that we might see cuts as early as this spring if inflation keeps cooling off. That would cheer up investors.

Still, Powell could tamp down all that optimism. One analyst I read, John Lynch, thinks the Fed is still projecting rates near 5% through 2024. And if Powell echoes that, it could stall the rally we’ve seen the last few days. Lynch warns it could send stocks down 5% or so in the near-term.

Inflation Data To Digest

On top of the Fed drama, we got some new data on inflation at the producer level this morning. Prices were unchanged in November compared to October. I know, boring, right? But with inflation still high on everyone’s radar, even boring reports could shift expectations on what the Fed does next.

Between parsing Powell’s words this afternoon and reacting to the trickle of new economic data, there’s plenty for investors to keep tabs on today. At least trading seems off to an upbeat start — the Dow’s now up about 60 points as we approach the closing bell countdown. We’ll know soon enough if this is the calm before the storm. Nevertheless, and no matter what happens next for broader markets, there’s a good chance that traders will have a few hot names on their list of penny stocks. In this article, we look more closely at a handful that are making moves on Wednesday.

Penny Stocks To Watch

Farfetch Ltd. (FTCH)

Farfetch Limited is a prominent name in the luxury fashion industry. It connects customers globally with luxury items from over 1,400 brands, boutiques, and department stores. Farfetch operates not only as a consumer platform but also offers enterprise-level solutions through its Luxury New Retail initiative. This includes Farfetch Platform Solutions and Future Retail for technology and retail innovations.

This week has become a pivotal one for the company. First, it reports earnings on Wednesday. This release could be significant as it will provide insights into the company’s performance and strategic direction during the quarter. Investors, analysts, and stakeholders are likely to closely monitor this announcement for several reasons. First, the financial results will offer a clear picture of Farfetch’s current economic health and its ability to navigate the competitive luxury fashion market. Second, the announcement will likely include updates on Farfetch’s strategic initiatives.

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Given the global scope of Farfetch’s operations, the financial results will also reflect the impact of external factors such as economic conditions, consumer trends in luxury fashion, and global market dynamics. In addition, The Telegraph reported that José Neves is to be in talks with bankers and top shareholders about a go-private deal.

In addition, notable investors, including Steve Cohen’s Point72, have reported stakes in FTCH stock. The firm published a 13G filing, which showed it holding 5.1% as of November 30, 2023.

View, Inc. (VIEW)

View specializes in smart building technologies and advanced window systems. They focus on enhancing building sustainability and occupant experiences. Their main products include innovative smart windows and building management systems.

The company recently reported a significant year-over-year revenue growth of 61% in Q3 2023, totaling $38 million. This growth was largely driven by their Smart Building Platform, especially in the multi-family residential sector. However, the company also experienced a substantial net loss of $213 million.

This includes a $170 million non-cash charge related to the impairment of long-lived assets. Additionally, View announced securing a $50 million Senior Secured Credit Facility and detailed measures to reduce its quarterly cash burn. The company’s management is focused on improving profitability and effective cash management, aiming for an annual cost saving of about $10 million.

The penny stock has been on the move all December. VIEW stock has managed to explode from under $0.65 to over $3.20 in just a few weeks.

Opendoor (OPEN)

Opendoor Technologies Inc. specializes in streamlining residential real estate transactions. The company recently reported its financial results for the third quarter of 2023. Despite a significant revenue decrease to $980 million, down 71% from 3Q22 and 50% from 2Q23, the company marked a return to a positive contribution margin.

The quarter saw the sale of 2,687 homes, a decrease from previous quarters. The net loss for the quarter stood at $106 million, an improvement from the $928 million loss in 3Q22. Adjusted net loss was reported at $75 million, better than the previous year’s $328 million. The positive contribution margin of 4.4% reflects operational improvements and cost-saving measures implemented by Opendoor.

A significant drop in revenue and the decreased number of homes sold might be a near-term concern. However, the improvement in net loss and the positive contribution margin might be seen as signs of effective cost management. Whether these factors lead to cautious optimism in the market is to be seen. However, since the earnings release, OPEN stock has been on the rise, trading back above $2.70 for the first time since early October.

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OPEN stock has been in the crosshairs of analysts this quarter. Deutsche Bank recently initiated coverage on Opendoor. The firm has a Hold rating. It also set an OPEN stock forecast price target of $2.80. This week Keefe, Bruyette & Woods upgraded OPEN stock to Market Perform and raised its target to $3.50.

TeraWulf Inc. (WULF)

TeraWulf specializes in environmentally sustainable Bitcoin mining. They focus on using zero-carbon energy in the United States. What might have heads turning is what the company recently announced. It reported its November 2023 production and operations update. They highlighted an increase in self-mined bitcoins, indicating efficient operations.

In total, self-mined 323 BTC in November for a total of 3,067 BTC self-mined year-to-date. The company’s Lake Mariner and Nautilus Cryptomine facilities also showed strong performance. Their commitment to clean energy bitcoin mining is a core aspect of their operations.

“During November, the Company mined 323 bitcoin, a 3% increase from October’s bitcoin production, due to higher network transaction fees and over 95% availability from our 5 EH/s of self-mining capacity,” said Sean Farrell, SVP of Operations at TeraWulf.

“Both of our facilities, Lake Mariner in New York and Nautilus Cryptomine in Pennsylvania, demonstrated strong operating performance during November…Additionally, the Lake Mariner facility exceeded requirements for the facility’s participation in an operating reserve program with NYISO, nearly doubling the capacity qualified to participate and providing further revenue offsets to the already below-average industry cost of power sourced at the site.”

With Bitcoin prices surging this month, related stocks, including WULF stock, have gained momentum. There’s also significant speculation buzzing about the industry.

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Originally published at on December 13, 2023.



Joe Sirianni

Entrepreneur, Podcaster, Marketer& Content Maniac — Not Investment Advice. Editor In Chief, Partner