With over 2,800 stocks trading on the NYSE and the Nasdaq for under $5 a share, finding the top penny stocks to watch can be overwhelming.
In order to help Money Morning readers find the best penny stocks, we'll start by looking at last week's top-performing penny stocks.
And since last week's performers might not keep soaring, we'll show you a penny stock that's on the verge of breaking out, so you can get on board early.
Here are last week's top-performing penny stocks:
|Penny Stock||Sector||Current Share Price||Last Week's Gain|
|Electra Meccanica Vehicles Corp. (NASDAQ: SOLO)||Consumer Goods||$4.39||259.84%|
|Gridsum Holding Inc. (NASDAQ: GSUM)||Technology||$4.32||108.70%|
|Sky Solar Holdings Ltd. (NASDAQ: SKYS)||Utilities||$1.08||89.47%|
|Conformis Inc. (NASDAQ: CFMS)||Healthcare||$1.26||75.00%|
|Ideal Power Inc. (NASDAQ: IPWR)||Industrial Goods||$0.52||56.73%|
|ADMA Biologics Inc. (NASDAQ: ADMA)||Healthcare||$4.22||52.35%|
|CAS Medical Systems Inc. (NASDAQ: CASM)||Healthcare||$2.41||51.57%|
|Arcimoto Inc. (NASDAQ: FUV)||Consumer Goods||$4.88||50.15%|
|Adomani Inc. (NASDAQ: ADOM)||Consumer Goods||$0.38||49.94%|
|Huttig Building Products Inc. (NASDAQ: HBP)||Services||$3.41||47.62%|
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As you can see, only two stocks generated triple-digit returns last week. However, we've found another penny stock that's on the verge of breaking a 100% gain.
In fact, our top penny stock to buy this week could rise just over 170%.
It's an oil company riding increasing global demand to sky-high profits.
And it's only trading for $2.33…