Are These 3 Penny Stocks on Your Watchlist?
Investing in penny stocks in the past few weeks has been an exciting and difficult task. While there is a lot of potential to make money with penny stocks right now, there is also a high amount of volatility in the stock market. This is evidenced by the amount of movement that we see daily in the past few weeks.
As a result, it can also be easy to lose money if you’re not keeping a close eye on the market. Right now, there are a lot of factors that investors need to consider. This includes tech earnings, economic inflation, and of course, the pandemic. On October 27th, we saw stock futures sitting right below record levels.
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If we consider that the majority of tech earnings were very positive, including Alphabet Inc. (NASDAQ: GOOG) posting earnings that were better than analyst expected, it’s difficult to see why the market would be down. But, we also have to consider that there is a high degree of uncertainty among all traders right now.
Sometimes, we don’t see the effects of immediate positive news until a few days or weeks later. This is true as speculation does not always follow a linear timeline. But, what we can say with certainty is that the most recent tech earnings, have been highly resilient to the economic troubles of the past few months. And as a result, investors are excited about the future with both penny stocks and blue chips. Considering all of this, let’s take a look at three penny stocks to watch right now.
3 Penny Stocks to Watch Right Now
- Progenity Inc. (NASDAQ: PROG)
- Farmmi Inc. (NASDAQ: FAMI)
- Phunware Inc. (NASDAQ: PHUN)
Progenity Inc. (NASDAQ: PROG)
Progenity Inc. is a biotech penny stock that has climbed by over 40% in the past five days and more than 340% in the past month. This is a staggering gain and one that reflects PROG’s status as a meme stock during that time. If you’re not familiar, Progenity is a company that makes molecular testing products in the U.S. Progenity is involved in the development and commercialization of these products. Its main product is Innatal, which is used by pregnant women to detect chromosome abnormalities such as Down syndrome. It is also actively developing COVID-19 PCR testing services.
On October 13th, the company reported very positive news which is likely the reason for some of its recent gains. It announced that several patents related to its ingestible technologies for delivery of therapeutics via the gastrointestinal tract were accepted. These patents were accepted by the United States Patent and Trademark Office and are under U.S. Patent No. 11,007,356.
“The addition of these recent patents further strengthens our intellectual property position and underscores our commitment to innovation in advancing therapeutic discovery, development, and delivery.”
Interim CEO of Progenity, Eric d’Esparbes
On October 26th, the company’s stock price went up substantially in the market. On the same day, its volume was at 248.9 million compared to an average of 50.2 million. With this to note, will PROG stock be on your penny stocks watchlist?
Farmmi Inc. (NASDAQ: FAMI)
Farmmi Inc. is another penny stock that has been skyrocketing as a result of the meme stock craze. Aside from its more than 24% premarket gain today, shares of FAMI stock have climbed by over 47% in the past month. For some context, the company offers edible fungi products such as Mu Er mushrooms and shiitake. These products are sold under the Forasen and Farmmi Liangpin brand names. It also exports shiitake mushrooms and dried black fungus to Israel.
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On October 26th, the company announced that its subsidiary Zhejiang Farmmi Food Co. Ltd. showcased its product line and cultivated sales at a recent major conference. This was a conference sponsored by the Circulation Industry Promotion Center of the Ministry of Commerce. Farmmi was invited because of its prominent role in the production, promotion, and sale of agricultural products.
“We are proud to have been featured at this major event given our market position and strong support for both economic development in Lishui and growth of the broader agriculture sector. The conference served as an excellent platform for us to engage with customers and supply chain partners as we continue to cultivate sales opportunities.”
The CEO and Chairwoman of Farmmi, Ms. Yefang Zhang
On October 26th, FAMI stock’s volume was almost double its average in the market. Whether this makes FAMI stock worth adding to your list of penny stocks to buy is up to you.
Phunware Inc. (NASDAQ: PHUN)
Another major premarket gainer right now is Phunware Inc., pushing up by over 20% at 9 AM EST. This brings its five-day gain to an incredible, 335%. But, it’s worth considering that from October 20th to October 22nd, shares pushed up by over 730%, bringing PHUN stock to north of $8.70 per share. So, what’s driving PHUN stocks price right now? While besides its placement as a trending penny stock, PHUN did release some news in early morning trading. The company stated that it has integrated its MaaS Digital Front Door solution with the Epic App Orchard marketplace.
“With almost a third of the Electronic Health Record market and more than 40% of all hospital beds, Epic is a key strategic integration partner for Phunware, further tech-enabling the continuum of care on mobile. Joining the Epic App Orchard makes it easier for Epic’s considerable customer base to license our healthcare solution, demystify the patient experience and drive digital transformation for more than 250 million patients with electronic health records already in Epic.”
The COO of Phunware, Randall Crowder
This is a major integration for the company and builds upon its strategic growth plan. With healthcare heavily in focus as a result of the pandemic, it looks like Phunware is showing no signs of slowing down anytime soon. Considering this, PHUN stock could be an interesting addition to your penny stocks watchlist right now.
Are Penny Stocks Worth Buying Right Now?
With hundreds of penny stocks to choose from, finding the best ones for your watchlist can be challenging. However, because there are so many penny stocks to buy, the options are almost endless.
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Understanding your own investing style and portfolio goals will always be a major asset. And when it comes to making money with penny stocks, knowing where to look, and what you’re looking for can be the difference between profits and losses. Considering all of this, do you think that penny stocks are worth buying right now?
