Buying Penny Stocks Today? Here’s What You Need to Know
If you’re buying penny stocks or blue chips right now, there is a lot to know about the stock market. Although trading penny stocks is difficult, understanding what is causing volatility in the market can help you to make a profit with small caps.
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In 2022, there are plenty of factors that we need to consider before investing. This includes the pandemic, inflation, interest rates, geopolitical tensions, and much more. With all of that in mind, let’s take a look at what you need to know about trading penny stocks today.
What to Know About Trading Penny Stocks Today
On February 2nd, stocks around the world are headed for the largest four day rally since November of 2020. This is the result of a bullish turnaround following January’s less than stellar trading as well as better than expected earnings. Today, futures on the NASDAQ 100 Index climbed by around 1.4% while the S&P 500 jumped by around 0.8%.
Additionally, we are seeing oil prices hit their highest levels in seven years as OPEC+ meets to discuss supply changes. So, right now is an interesting time in the stock market to say the least. Considering all of that, here are three penny stocks climbing during premarket trading right now.
3 Penny Stocks Climbing During Premarket Right Now
- Great Panther Mining Ltd. (NYSE: GPL)
- OLB Group Inc. (NASDAQ: OLB)
- Lightning Emotors Inc. (NYSE: ZEV)
Great Panther Mining Ltd. (NYSE: GPL)
One of the largest gainers of the day so far is GPL Stock. During premarket, shares of GPL stock shot up by around 29%. This is quite a substantial gain and reflects a reversal from its losses only a day earlier. Often, we will see penny stocks or blue chips climb by large amounts following a major bearish session.
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And, this seems to be the result right now with Great Panther Mining. Outside of this, the company did recently report full year 2021 production of around 105,000 gold ounces, which is no small feat. With all of that in mind, will GPL be on your list of penny stocks to watch?
OLB Group Inc. (NASDAQ: OLB)
Another sizable premarket gainer so far is OLB stock. By early morning, shares of OLB had shot up by over 20% to more than $2.27. This follows a more than 65% drop in the past six months. The big news for OLB Group comes as the company announced an annual revenue run rate for its eCommerce merchant services of approximately $36 million. In addition, it stated that it should see positive EBITDA for this year as a whole.
“In 2021, we began the year with an annualize revenue run rate of approximately $10 million. Starting this year at a $36 million annualized revenue run rate is likely to maximize our economies of scale and contribute to our bottom line.”
The President and CEO of OLB, Ronny Yakov
With this considered, does OLB deserve a spot on your penny stocks watchlist?
Lightning Emotors Inc. (NYSE: ZEV)
While ZEV stock’s 6.8% premarket move is not as large as the others on this list, it is still quite substantial. At around $4.82 as of premarket, shares of ZEV stock are approaching non-penny stock status. So, why are we seeing this sizable premarket move for ZEV stock? Well, big news dropped yesterday when the company announced the resignation of Dr. Megan Sharp, as she moves to Decarbonization Partners.
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Now, the company is looking for new candidates to replace the role. While this in itself is not cause for gains, it appears as though investors are excited about the future prospects of the company. Considering that, do you think ZEV stock is worth buying or not?
Are Penny Stocks Worth Buying Right Now?
If you’re looking to find penny stocks to buy in 2022, there are hundreds of options to choose from. But, investors need to be extremely selective, especially considering the sheer number of factors that are at play in the stock market right now. So, as we continue to barrel toward the future, do you think that penny stocks are worth buying or not?
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