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The COVID-19 lockdown took 31% off the S&P 500 by March 23. But not all stocks tanked when the broader market did. In fact, one of our best penny stocks to buy only lost 8% when the market bottomed, and it's rocketed 34% year to date.
Even better, this penny stock still has the potential to double from here. Today, we're going to show you a penny stock that's actually benefiting from the way the world has changed. This one could pop 102% over just a few weeks or months.
You see, penny stocks can make huge percentage gains on just a little bit of good news. Because their share prices are under $5, a small price change can translate to a big percentage move.
For example, one of our top penny stocks to buy earlier this year, Inovio Pharmaceuticals Inc. (NASDAQ: INO), popped 225% in March after we recommended it as a top coronavirus vaccine stock.
Today's best penny stock to watch is also performing well during the pandemic. But it's from an even bigger, more life-changing trend.
The Top Penny Stock Catalyst Today
The world is different since the pandemic started, and it's hard to tell if it will even really be the same. One trend, however, at least, has survived the dip and will continue to push stocks forward.
It's the same thing that pushed Zoom Video Communications Inc. (NASDAQ: ZM) 257% higher since the start of the year.
We're talking about "stay at home" stocks.
With everyone forced to stay inside for a period, video-calling apps have gained plenty of attention. According to Statista, a video conferencing app called "Houseparty" was downloaded 2,360 times the Q4 2019 weekly average during the mid-March onset of the worldwide lockdown.
COVID-19 lockdowns inspired a lifestyle change that's kicking a new billion-dollar market into high gear - and this stock is the best way to play it. Get the pick here - it's free...
But video conferencing apps are not even the only ones to pop during the pandemic. Many technology sectors, in fact, are doing well thanks to stay-at-home orders.
Another one of these is the video game market. Activision Blizzard Inc. (NASDAQ: ATVI), a leader in the cloud gaming industry, is up 30% year to date. And the logic is simple: more indoor time, more potential gamers.
But these are just the more obvious sectors positioned for growth under the tech umbrella.
You might not have thought of this one. Here's our best penny stock today for 102% growth...
The Best Penny Stock to Buy Now
About the Author
Mike Stenger, Associate Editor for Money Morning at Money Map Press, graduated from the Perdue School of Business at Salisbury University. He has combined his degree in Economics with an interest in emerging technologies by finding where tech and finance overlap. Today, he studies the cybersecurity sector, AI, streaming, and the Cloud.