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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% |
Did You Catch This? Serial entrepreneur Neil Patel reveals what it takes to become the world's next angel investor. Click here to watch...
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...
Top Penny Stock to Buy This Week
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Gulfport Energy Corp. (NASDAQ: GPOR) is a natural gas and oil company headquartered in Oklahoma City.
The company focuses on the exploration and development of natural gas and oil properties in North America and is one the nation's largest oil producers.
A majority of Gulfport gas wells are based in the Utica Shale of Eastern Ohio and the SCOOP Woodford and SCOOP Springer plays in Oklahoma.
The company also holds acreage on the Louisiana Gulf Coast and maintains a holding in the Alberta oil sands in Canada through an approximately 25% interest in Grizzly Oil Sands ULC.
Gulfport's sheer size has allowed it to cash in on the nation's booming natural gas market. In just the last four years, the company's gross profits have jumped 254%.
That perfectly positions the company to cash in on the nation's explosive demand for natural gas. According to the U.S. Energy Information Administration, natural gas consumption could grow as much as 7% in the near term.
Gulfport's ability to capitalize on this demand has set the company up for stellar returns.
And that's why analysists see the company's stock heading to $21 - a gain of 376% over today's price of $4.47.
Famous Angel Investor Shares His "1,000x Formula" for Finding Unicorn Startups
Neil Patel is one of the most successful angel investors on the planet.
Today, he's walking everyone through his "1,000x formula" for finding the most successful startup investments - the ones with unicorn potential.
With this formula at your disposal... investing in startups is about to get a whole lot easier. (In fact, you can act now with as little as $50.)