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On Wednesday (July 10), U.S. Federal Reserve Chair Jerome Powell will testify to Congress on the Reserve's recent monetary policy.
If Powell sounds optimistic about cutting rates later this month, stocks could surge higher. And that could mean 376% growth for one of our top penny stocks to watch this week.
You see, penny stocks thrive in volatile conditions. Their low market prices can create great returns on even small market movements.
That was the case with last week's top-performing penny stock, FuelCell Energy Inc. (NASDAQ: FCEL), which jumped 325% after a strong performance upgrade.
FuelCell is a great example of the returns you can lock in with the right penny stock. But after looking at last week's top penny stocks, we'll show you the next penny stock to watch that's on the verge of surging 376% higher.
Our top penny stock to buy this week even has a perfect Money Morning Stock VQScore™. This means that this stock is ready to soar at any moment. But first, here are the 10 top penny stocks from last week.
| Penny Stock | Current Share Price | Last Week's Gain |
| FuelCell Energy Inc. (NASDAQ: FCEL) | $0.75 | 325.17% |
| Oasmia Pharmaceutical AB (NASDAQ: OASM) | $2.28 | 123.31% |
| Naked Brand Group Ltd. (NASDAQ: NAKD) | $0.26 | 93.98% |
| Taronis Technologies Inc. (NASDAQ: TRNX) | $0.27 | 81.33% |
| Sellas Life Sciences Group Inc. (NASDAQ: SLS) | $0.20 | 73.87% |
| Tucows Inc. (TSE: TCX) | $2.13 | 55.23% |
| Xcel Brands Inc. (NASDAQ: XELB) | $2.25 | 55.17% |
| Infrastructure & Energy Alternatives Inc. (NASDAQ: IEA) | $2.99 | 46.57% |
| Ovid Therapeutics Inc. (NASDAQ: OVID) | $2.71 | 46.49% |
| ReTo Eco-Solutions Inc. (NASDAQ: RETO) | $1.50 | 42.86% |
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As the table shows, penny stocks can deliver great returns if you're holding them at the right time.
That's why we're so excited about this latest penny stock.
And its potential to jump 376% higher is backed by a perfect 4.75 VQScore…