Every month, serious investors know that there are penny stocks to buy now and some to watch for later investment opportunities.

penny stocks to watch

Some are high volume penny stocks, and some are doing exceptionally well because of market conditions.  As an investor, you need to stay on top of the hottest stocks, whether it’s oil stocks, marijuana stocks, or stocks in the tech field.

With penny stocks, many have a high volatility, so you need to act fast to see a profit.

What are the penny stocks to buy this month? I’m going to walk you through the best performing companies so far this year with my top 10 picks.

1.    China Gerui Advanced Materials Group Ltd.

Talk about a stock you wish you bought in March. China Gerui Advanced Materials Group Ltd. (CHOP) has seen its stock prices skyrocket today to over the traditional penny stock limit of $1 a share to $1.56 a share. Up more than 64% on the day, expect the stock to drop into penny stock range within the next few weeks.

Why the change? No one is sure.

No recent news came out of the company, but they are up 50% on the week and deals primarily with steel-based products.

2.    SemiLEDS Corporation

SemiLEDS Corporation (LEDS) has had a great year in 2015 and is another stock close to the $1 range. The company’s stock is currently up 1.67% on the day to $0.935 a share. This is down from the beginning of the year when stock prices reached over the $1.4 a share mark.

This fluctuation should not concern investors.

SemiLEDS is listed on the Nasdaq, which means there is a lot less risk due to high accountability measures. A member of the Nasdaq since 2010, the company specializes in highly efficient lighting solutions.

The company’s newest line of chips, ReadyMount, was named one of the top 100 hot products of 2014. Innovative and significant, these are the very products that you want to see from a technology stock.

SemiLEDS is considered a stock to watch and is one of my top penny stock picks of the year.

3.    Hercules Offshore Inc.

Hercules Offshore Inc. (HERO) has a 52 week high of $5, but has dropped greatly since April of 2014. This is obviously a concern for most investors, yet the company still makes my list. It is a high risk stock by all means – so don’t blow through your savings – but it is a great stock because the company’s slump is due to market conditions.

Dealing in the oil industry, Hercules stock rose as much as 33% on the day due to oil prices rising again.

The company also announced on April 2nd that they signed a 5-year contract with ENI. Under the terms of this contract, prices for the crude oil drilled in West Africa can bring in up to $125,000 a day for the company.

A much-needed influx in cash, the contract makes the company a more favorable stock knowing that they will have cash on hand to keep investing.

Hercules Offshore is also listed on the Nasdaq, so they are required to maintain proper books and meet strict regulations.

4.    Miller Energy Resources, Inc.

Miller Energy Resources Inc. (MILL) took a huge dive in December, with the stock going from over $3 a share down to the $1.10 – $1.20 range in January before skyrocketing in February and March before falling to $0.99 today.

The company has been another oil stock victim of unfavorable markets.

Dealing with oil and gas as the company’s main energy performer, it’s no wonder that the stock has fallen and is once again on the rise. If you’re looking at the company’s stock, you’re probably ready to run the other way – but there is good news.

Management changed hands in September. In December, Carl Giesler announced that the company would focus on growth and sold much of its Tennessee assets so that the company can focus on Alaska, which is much more lucrative.

Miller will return to their 2014 highs and investors will earn a ton of money in the process.

5.    Ocean Power Technologies Inc.

Ocean Power Technologies Inc. (OPTT) is positioning itself perfectly for a position on my list. Dealing with energy, the company is listed on Nasdaq and is priced at $0.57 a share. Why is this company a stock to buy now? Good question.

First, it’s another company that has had a rough year. Stock prices hit a 52-week high of $3.07 a share and are now much lower.

Prices have remained flat for the past few months, but news that came out yesterday should have investors flocking to the company.

The company announced that they are ready to go into the next phase of their contract with the U.S. Department of Energy. This is due to the company’s PowerBuoys products.

Unlike some of the other names on my list, this company deals with technology that uses ocean wave energy and converts it into electricity. Based out of New Jersey, the company has been around since 1984.

This is definitely a stock to buy with a lot of upside potential.

6.    Lexicon Pharmaceuticals Inc.

Lexicon Pharmaceuticals Inc. (LXRX) was founded in 1995 and is based out of Texas. The stock is priced perfectly at $0.90 with a lot of potential to rise this year due to further testing of the company’s clinical trials of Sotaqliflozin.

The drug deals with type 1 diabetes and is said to be highly effective. Many analysts are saying that the company is a diamond in the rough and one that you don’t want to miss out on. I have to agree.

Stock prices for the company were as high as $1.48 a share in November before dropping late in the year. In March, stock prices rose thanks to Sotaqliflozin testing.

This company is not in the same realm as large pharmaceutical stocks, such as GWPH or Insys Therapeutics, but one or two new drugs on the market can change that very quickly.

7.    Acasti Pharma Inc.

Acasti Pharma Inc. (ACST) was up to a high of $1.22 during the last 52-weeks, but fell sharply in October. Now, the company’s stock is selling at $0.5 a share, which is less than half of its high. But, there is promise in the company after all of its faults.

Acasti did not perform well in the second quarter, but has since leveled out.

The company announced that it had a net income in third quarter, ending in January, of $3 million. The good news is that the company was granted a composition and use patent in China at the end of March which will allow the company to further enter into the market.

News in March also broke that the company can now move forward with their CaPre drug and work with the FDA to start producing clinical trials. The company has also been ramping up the production of the drug to ensure that it has enough inventory to meet consumer demands.

8.    Oncolytics Biotech Inc.

Oncolytics Biotech Inc. (ONCY) is one of the biotech stocks you’ll want to watch closely this year. Currently, the stock’s price sits at $0.716 a share and is up on the year, with prices starting at less than $0.60 a share in January of 2015.

The company’s stock hit a low of $0.40 in October before rising back up. In the last 2 months, Oncolytics has been up.

This is a company that needs one drug to push it out of the penny stock range. At the end of March, the company was featured on 60 Minutes as a promising drug to kill cancer. If this were to come to fruition, this would skyrocket the company into one of the leading companies in the world overnight.

Currently, the company announced on April 7th that is was filing with the FDA for a new Gastric Cancer drug. The company also deals with other forms of cancer, such as Ovarian Cancer.

9.    DryShips Inc.

DryShips Inc. (DRYS) has a volume of 2.25m stock and is currently sitting at $0.79 a share. While down on the day, the company’s stock had a 52-week high of $3.55, with hopes that the company can return to these numbers by the end of the year.

Reports earlier in March stated that the dry shipping industry as a whole may be doomed.

Looking at DryShips stock, it is evident that a major industry shift caused the company’s stock to sag. However, the company made immediate plans to remedy the situation. One of the biggest announcements was that the company was selling some of its tanker fleet. This is a bold move because it removes a lot of the company’s revenue, yet it removes a lot of its overhead too.

After the sale, the stock started to climb and show some life.

Why? The company had a lot of debts, especially with its ABN AMRO bridge loan. The cash generated will be used to satisfy the loan, or part of it.

First, 4 tankers were sold to Suezmax for $245 million, followed by a potential 6 Aframax tankers sold for $291 million. This is plenty of revenue for the struggling company and should help. Falling crude oil prices are what forced the company’s stock low at the end of 2014, and as the oil industry settles, expect DryShips’s stock to increase.

10. Vringo Inc.

The final stock on our list is Vringo Inc. (VRNG). The stock has been up and down all year, with a 52-week high of $4.27 and a current price of $0.686. What happened? The company was in agreement with ZTE. At the time, Vringo stated that ZTE breaches their NDA agreement and brought them to court as a result.

Near the end of March, the company announced that Brazil ruled in their favor, which ultimately led to yesterday’s announcement of a 6.4% gain by the company.

The company is an interesting choice because they are unlike any other company on the list. This entity actually deals with intellectual property and has over 500 patents listed under the company’s portfolio.

Through the company’s patents, they earn money through licensing. What really propelled the company to fame was when they sued Google due to the company’s AdWords product infringing on a patent. This resulted in over 1% of AdWords revenue going to the company.

Vringo has no reason to remain priced so low, so expect the stock to rise in the coming months.

penny stock listRemember, these are penny stocks to buy now and do not reflect how these companies may perform next week or next year.

All of these companies have seen their stock rise and fall throughout the year, with many plummeting at the end of 2014 only to rise again in 2015. Market conditions and a strong dollar are to blame for a lot of these companies’ stock fluctuations, but, all of these companies show promise in returning to their 52-week high and beyond.

One thing to note is that a lot of last year’s marijuana stocks have not made the list. The market is thriving in this industry. GWPH is at over $90 a share, CBDS is at $3.7, AERO is at $3 and ZDPY is at $50 even.

This is a budding industry that has a very unsure future. While I urge investors to proceed with caution when looking into marijuana stocks, the continued legalization of cannabis will continue to propel these stocks higher.