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Jan. 14, 2021, 11:25 a.m. EST

Hot Penny Stocks To Buy Under $2 Right Now, 1 With 215% Upside Target

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Jan 14, 2021 (Penny Stocks via COMTEX) -- Penny Stocks Trading Under $2 Right Now To Watch This Week

This week is one of the most active weeks for penny stocks . Almost daily, including today, we're seeing the list of most active stocks in the market dominated by stocks under $5. While not all low-priced stocks are considered small-cap stocks, the Russell 2000 small-cap ETF ( IWM ) has been a frequent reference point to describe the health of these cheap stocks.

Since the beginning of 2021, the Russel ETF has climbed 8.5% so far. The S&P ETF ( SPY ), for instance, has only climbed only 1.6% so far. The clear discrepancy in these two ETFs quickly gives a glimpse of where momentum is right now. This isn't to take anything away from some of the biggest companies in the stock market today. But it does show an underlying bullishness behind smaller companies' stocks.

[Read More] 5 Penny Stocks To Watch If You Like Marijuana & Mushroom Stocks

Is it sector-specific? While you might think that may be the case after the huge EV rally last year, it's a relatively broad-based move. We've seen everything from biotech and healthcare to technology and energy all climbing higher this week. So it has been safe to say that penny stocks, in general, are commanding attention right now in a big way. Today we're going to discuss 5 that've seen a significant uptick in activity this year. Furthermore, a few also have bullish analyst targets suggesting Wall Street might feel the same way that retail traders do. The question now is will they really be the best penny stocks to buy right now or should you just wait?

Penny Stocks To Buy Under $2: Tantech Holdings Ltd.

Tantech Holdings is on the tech end of the spectrum as far as these cheap stocks go. We've talked about the company a few times over the past few weeks. Following a big blow late last year after the company announced a financing deal at a deep discount, 2021 has become a bit of a turn-around year for Tantech. Current market trends have also helped give things a bit more of a boost too.

There's no denying the impact that alternative energy and electric vehicle manufacturing has had on traders. Not only did we see companies like Tesla reach astronomical levels, but we also saw how it dramatically impacted small-cap stocks. That light shined even brighter in 2021 as prices of these EV stocks raced to new record levels (no pun intended). Why mention this? Simply put, TANH stock has gotten wrapped into the grouping of electric vehicle penny stocks . The sympathy momentum has become a driving force behind TANH so far.

What's the connection? The company designs, manufactures and distributes electric vehicles. Also, at the start of December, the company announced the launch by its subsidiary, Shangchi Automobile Co., Ltd., of its newest driverless and autonomous street sweeper. The Shangchi SC-100A follows the launch last month of the SC-120A model featuring unmanned, automatic sweeping.

One of the top biotech penny stocks we've watched in the short few weeks of 2021 is Synthetic Biologics. It was originally introduced at the very start of the year . Speculation has been heating up as to the company's Phase 1b/2a clinical trial of its SYN-004. Specifically, Synthetic announced receipt of approval from the Institutional Review Board at Washington University School of Medicine in St. Louis, to begin the trial. It

will focus on allogeneic hematopoietic cell transplant recipients. One point of focus is what the company said. It "expects to commence patient enrollment for the Phase 1b/2a clinical trial in the first quarter of 2021."

Synthetic has also gained some institutional interest this year. Custodian Ventures reported a 9.9% stake in the biotech company last week. Analysts have also weighed in on the stock. Right now, Alliance Global's most recent price target of $1.25 puts its upside forecast roughly 62% higher than current market levels. The firm also has a Buy on the stock.

Shares of Conformis have also seen a nice spike this year. The company hasn't reported many new developments aside from its next earnings date and a few investor conference presentations. However, CFMS stock has managed to climb over 55% since the start of the year.

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