10 Top Penny Stocks on Nasdaq to Watch in 2023

Looking for penny stocks on Nasdaq to watch? You’re not the only one.

Nasdaq began life in the ‘70s as the tech upstart little brother to the NYSE. That isn’t the case any longer, as Nasdaq has become home to some of the overall market’s most exciting stocks. Blue chip stocks like Apple Inc. (NASDAQ: AAPL), Alphabet Inc. (​​NASDAQ: GOOGL), and Tesla Inc. (NASDAQ: TSLA) are some of the most exciting stocks on the entire market!

How do you keep track of the 3,300 stocks that trade on the Nasdaq? You keep a watchlist.

Read on to see my top Nasdaq penny stocks to watch in 2023!

Does Nasdaq Have Penny Stocks?

Yes, there are penny stocks on Nasdaq. Generally, a penny stock is a stock that trades for under $5 per share.

The Nasdaq has rules and criteria that companies must meet before they can list on the exchange. One of those requirements is that its stock trades for over $1 per share.

You can find Nasdaq penny stocks under $1 … but they won’t stay there for long. The exchange will send the company a letter. Then the company will have a certain amount of time to get its stock price over $1 and remain listed.

This is where you can see some creative pumps from companies. They may put out press releases about products or contracts, paid promotions, and maybe even do a reverse stock split to get the price up.

If you’re looking for “true” penny stocks — stocks that trade under $1 — you’ll have to look at the OTC markets.

The OTC markets are where OTC stocks and pink sheets trade. These are the most hated of all penny stocks … but they’re my favorite.

I love them because they fit my patterns best. And I don’t have to compete against hedge fund traders and algorithms.

What Happens When a Penny Stock Goes to the Nasdaq?

If a stock is listed on the OTC markets and has news that it’s uplisting to the Nasdaq, it usually creates some trader interest. There are a few reasons this can be good news…

First, the larger stock exchanges have more stringent requirements for companies to list. So if an OTC penny stock is uplisting, it can give a company some legitimacy.

Second, institutional investors and hedge funds typically don’t trade OTC stocks because there’s not enough liquidity. When a stock uplists to the Nasdaq or NYSE, they can trade it.

Last, the larger exchanges are the best place for a company to have access to more investors from around the world.

All of these results spell additional volume.

List of 5 Top Penny Stocks to Watch on Nasdaq

My top penny stock picks to watch on Nasdaq are:

• (NASDAQ: OCEA) — Ocean Biomedical Inc.  — The Recent SPAC Penny Stock
• (NYSE: AMAM) — Ambrx Biopharma Inc.  — The Biotech Penny Stock Supernova
• (NASDAQ: XPON) — Expion360 Inc.  — The EV Battery Multi-Day Runner Penny Stock
• (NASDAQ: OTLY)  — Oatly Group AB — The Partnership News Penny Stock
• (NASDAQ: WISA) — WiSA Technologies Inc.  — The Compliance News Penny Stock

For more top penny stocks to watch, sign up for my no-cost weekly watchlist.

I don’t trade every stock on my watchlist or in my alerts. But I share them to educate traders.

Use this watchlist to find out what I look for in stocks and learn to become a self-sufficient trader. That means building your own watchlists.

Here are some of the penny stocks on Nasdaq that I’m watching in 2023…

Ocean Biomedical Inc. (NASDAQ: OCEA) — The Recent SPAC Penny Stock

My first penny stock to watch on Nasdaq is Ocean Biomedical Inc. (NASDAQ: OCEA).

Special purpose acquisition companies (SPACs) are public shell companies that exist to merge with a private company, thereby taking it public.

When a SPAC successfully merges, there’s essentially a new company in the market.

There are a lot of eyes on the stock because it’s new, and everyone’s trying to assess how valuable the stock should be.

That volatility and uncertainty can create huge profit opportunities.

I’ve already had two small trades on this stock for $210 total (click the link to see my individual trades).

It spiked more than 700% in February … and the recent consolidation hints at future spikes.

Ambrx Biopharma Inc. (NYSE: AMAM) — The Biotech Penny Stock Supernova

My second penny stock to watch on Nasdaq is Ambrx Biopharma Inc. (NYSE: AMAM).

I was the first to coin the term ‘supernova’ when it comes to stock charts.

Supernova is characterized by a ticker that explodes upward at an alarming rate. A lot like AMAM in 2023 so far…

Supernovas don’t last forever, but there are ample profit opportunities before and as the price falls back down.

I’m excited about this stock because the chart’s consolidating … that’s a hint the price could push even higher.

Expion360 Inc. (NASDAQ: XPON) — The EV Battery Multi-Day Runner Penny Stock

My third penny stock to watch on Nasdaq is Expion360 Inc. (NASDAQ: XPON).

EV stocks aren’t as hot as they once were.

But there’s still a lot of money in this sector.

XPON is an EV battery company. Hot sector status coupled with a low float is the perfect recipe for a great penny stock to watch.

News spiked the price multiple times in 2023. I think there’s a chance XPON gives us more trade opportunities.

Oatly Group AB (NASDAQ: OTLY) — The Partnership News Penny Stock

My fourth penny stock to watch on Nasdaq is Oatly Group AB (NASDAQ: OTLY).

It announced a partnership to expand business operations with none other than McDonald’s Corp. (NYSE: MCD).

Business partnerships are one thing, but when a penny stock like OTLY partners with a celebrity stock like MCD … that’s big news.

I managed to make $425 already (starting stakes $11,950)…

And the price is still consolidating under the breakout level.

WiSA Technologies Inc. (NASDAQ: WISA) — The Compliance News Penny Stock

My fifth penny stock to watch on Nasdaq is WiSA Technologies Inc. (NASDAQ: WISA).

WISA was notified that Nasdaq would delist it if it continued to trade below $1. It did a 1-for-100 reverse split, and regained compliance.

Reverse splits aren’t necessarily a catalyst — but it was here.

I rode the momentum for a $570 profit (starting stake $10,950).

There could be more volatility ahead.

Now let’s look at some hot penny stocks on Nasdaq under $1…

5 Hot Nasdaq Penny Stocks Under $1 to Consider

My top Nasdaq penny stock picks under $1 are:

• (NASDAQ: CNTB) — Connect Biopharma Holdings Ltd.  — The Biotech Penny Stock Spiker
• (NASDAQ: BITF) — Bitfarms Ltd.  — The Low-Priced Crypto Penny Stock
• (NASDAQ: ICCM) — Icecure Medical Ltd.  — The Earnings News Penny Stock
• (NASDAQ: NCMI) — National CineMedia, Inc. — The Bankrupt Penny Stock
• (NASDAQ: IMPP) — Imperial Petroleum Inc.  — Pumping Oil and its Penny Stock

Connect Biopharma Holdings Ltd. (NASDAQ: CNTB) — The Biotech Penny Stock Spiker

My first Nasdaq sub-$1 penny stock pick is Connect Biopharma Holdings Ltd. (NASDAQ: CNTB).

Biotech stocks are historically volatile.

And we’ve seen quite a few biotech spikes in the last month.

This sector is always hot — but it became one of the hottest in the pandemic market. Even though biotechs have cooled off, I still watch the best performers…

Past spikers can spike again. All it takes is a hot catalyst and some volume.

Bitfarms Ltd. (NASDAQ: BITF) — The Low-Priced Crypto Penny Stock

My second Nasdaq sub-$1 penny stock pick is Bitfarms Ltd. (NASDAQ: BITF).

It’s surprising to some … but crypto is on a massive tear in 2023.

Bitcoin (BTC) is up more than 80% since early January. It’s consolidating near 10-month highs.

All this strength leads to sector momentum in the stock market. And the top crypto ticker I’m watching is BITF.

I’ve traded it once already and managed to pull $420 in profits (starting stake was $9,300).

It’s still green on the year and consolidating under the breakout level.

Icecure Medical Ltd. (NASDAQ: ICCM) — The Earnings News Penny Stock

My third Nasdaq sub-$1 penny stock pick is Icecure Medical Ltd. (NASDAQ: ICCM).

It launched more than 750% in 2021. And the stock recently started moving again…

In late December 2022, news led to more than a 400% spike.

The company just released an earnings update. I think we could see the catalyst start to push the price higher.

Earnings winners are stocks that react positively to recent earnings reports. It’s not very often we see a penny stock that has a positive balance sheet. Actually, any business at all is remarkable for these trash companies.

That’s the mindset behind an earnings winner spike. Pay attention to upcoming volatility.

National CineMedia, Inc. (NASDAQ: NCMI) — The Bankrupt Penny Stock

My fourth Nasdaq sub-$1 penny stock pick is National CineMedia, Inc. (NASDAQ: NCMI).

It usually isn’t great when a company goes bankrupt…

So how come NCMI has spiked 300% since its bankruptcy announcement?

I call it the Robinhood effect — like when Robinhood traders piled into Hertz stock after it declared bankruptcy.

It seemed crazy at the time, but they drove the price up … then it secured new investment funding and bought 100,000 Teslas!

I’m not saying that NCMI will have the same fairytale ending. But that doesn’t matter for traders.

Look for an opportunity, and don’t hold overnight.

Imperial Petroleum Inc. (NASDAQ: IMPP) — Pumping Oil and its Penny Stock

My fifth Nasdaq sub-$1 penny stock pick is Imperial Petroleum Inc. (NASDAQ: IMPP).

This former spiker was one of the oil and gas sector’s hottest stocks in March 2022. It’s knocking on that door again in 2023.

So far there have been two spikes, each more than 50%.

I’m hoping for some more.

I haven’t managed to capitalize yet in 2023 … but back in 2022, I profited $945 from a single trade (starting stakes $4,608).

Remember, all of these Nasdaq penny stocks under $1 will eventually have to get their stock price back over $1 or risk being delisted.

That’s reason to be careful — and reason to have them on your watchlist.

Conclusion

If you want to trade penny stocks on Nasdaq, your skills need to be on point. Trading is a battlefield. To be profitable you’ll have to fend off competition from professional traders, hedge funds, and algorithms.

I use StocksToTrade every day to find the biggest percent gainers and the stocks trading the most volume. Its Breaking News Chat alert service has put many of the stocks I’m now watching on my radar.

If you want to know more about how I trade penny stocks, apply for my Trading Challenge. You’ll get access to weekly live trading and Q&A webinars with me and my top students too.

You’ll also have access to all my DVDs, video lessons, archived webinars, and arguably the best chat room ever.

The Trading Challenge is your opportunity to commit to your trading education and prepare for any market.

Pay attention to risk, follow the rules, and only trade the best setups. Take singles and cut losses quickly. It’s how I’ve grown my account to $7.4 million and counting.

Do you trade Nasdaq penny stocks? Let me know in the comments … I love to hear from you!