Buying Penny Stocks Today? Here’s What You Need to Know
Right now, we’re witnessing a potential renewed bullish sentiment for penny stocks and blue chips. While it may be too soon to say, stock futures are rebounding slightly as the market works to recoup its recent losses. And to understand why this is occurring, we have to take a closer look at what is going on in the stock market right now.
What to Know About Trading Penny Stocks Today
During morning trading, contracts on the S&P 500 managed to gain around 1%while contracts on the NASDAQ pushed up by around 2%. Additionally, shares of Microsoft (NASDAQ: MSFT) managed to reverse its previous day’s losses with better than expected Q2 revenue.
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One of the largest concerns in the stock market right now is the Federal Reserve monetary policy. With Fed Chair Jerome Powell speaking later today on this, many are gearing up for the Fed to work on lowering inflation. Currently, inflation is at a four-decade high, which makes sense given the massive amount of stimulus given out during the pandemic. However, it is still concerning for the stock market and investors alike.
So, investors should continue to expect high volatility as we navigate these uncertain waters. In regard to this, David Bailin, the Chief Investment Officer at Citi, stated “If you think about what’s happened in the markets, it indicates the degree of sensitivity market participants have to what is going to be the new rate environment and the new liquidity environment.”
With the market moving the way it is right now, investors need to be certain about their strategies moving forward. Considering that, let’s take a look at three penny stocks that are climbing in premarket trading right now.
3 Penny Stocks Climbing During Premarket Right Now
- Vinco Ventures Inc. (NASDAQ: BBIG)
- Dare Bioscience Inc. (NASDAQ: DARE)
- Maverix Metals Inc. (NYSE: MMX)
Vinco Ventures Inc. (NASDAQ: BBIG)
One of the biggest gainers during premarket trading today is BBIG stock. By 9:30 AM EST, shares of BBIG had climbed by over 16% to $3.51 per share. This is a staggering gain, and brings Vinco Ventures up substantially considering its one-month gain of over 13%. Now, there is no company-specific news that is causing this rise, however, the company has several interesting moves in the works right now.
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On one hand, the company has been working on its NFT marketplace for months now, following the purchase of a majority stake in Lomotif. Lomotif is a video-sharing app that the company states could rival TikTok. And now, the company plans to release its Cryptyde spinoff, which will invest in disruptive blockchain tech. Considering all of this, will BBIG be on your penny stocks watchlist?
Dare Bioscience Inc. (NASDAQ: DARE)
Another sizable premarket mover is DARE stock. With higher than average volume right now, DARE stock remains up by around 6.7% in the past six months. While it has fallen significantly in the last month or so, we have begun to see a recent bullish turnaround.
The most recent news from the company came a few weeks ago when it announced its participation in the H.C. Wainwright BIOCONNECT 2022 Conference. Since then however, the company has been relatively quiet. Despite this, Dare’s focus on advancing innovative products for the women’s health market, has helped to make it more popular in the past few months. Whether this makes it worth adding to your list of penny stocks to watch is up to you.
Maverix Metals Inc. (NYSE: MMX)
MMX stock is another popular penny stock to watch during premarket trading right now. Today, shares of MMX stock managed to push up by a modest 1.1% or so during early morning trading. It’s hard to say why MMX stock’s volume is up right now however, we have seen a sizable amount of momentum in the mining industry recently.
While Maverix is not a mining stock in the traditional sense, it is a gold-focused royalty and streaming company. Maverix also holds a portfolio of more than 100 assets, which offers investors a broad opportunity to capitalize on the gold market. In the past few days, we’ve seen the price of gold and subsequent interest in gold stocks push up substantially. So, does this make MMX stock a worthwhile addition to your watchlist or not?
Are Penny Stocks Worth Buying Right Now?
If you’re looking for the best penny stocks to buy, there are hundreds of options to choose from. And while it can be difficult to land on ones that will consistently make you money, there are ways to increase your chances.
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The best method is to have a thorough understanding of what is going on in the market and how to take advantage. Considering all of this, do you think that penny stocks are worth buying right now or not?
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