Buying Penny Stocks Today? Here’s What You Need to Know
With another day of trading penny stocks and blue chips here, there is a lot of information for investors to keep track of. After a less than stellar day for penny stocks yesterday, many are hoping that today could present a bullish turnaround. Now, there are two main factors at play in the stock market in February.
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This includes rising geopolitical tensions with Russia and Ukraine and inflation/rising interest rates. Both of these have contributed to major volatility in the stock market, and may continue to do so for the foreseeable future. So, considering this, let’s take a look at what you need to know about trading penny stocks today.
What to Know About Trading Penny Stocks Today
Today, we are seeing U.S. stock futures push up as Russia began removing some troops from deployment bases near Ukraine. This could be a sign of easing tensions and resulted in a 300 point jump for Dow futures. During morning trading, S&P 500 futures also jumped by around 1.2% with the NASDAQ 100 futures pushing up by over 1.7%.
In line with this, we also saw the price of WTI crude drop by around 3% with the 10-year Treasury yield pushing up by around 2%. Because the situation in Ukraine is the key factor for movement in the stock market right now, the positive signs we’re seeing are a great indicator of potential bullish momentum.
Now, it could also be too soon, but staying up to date with the news is a great way to know consistently. With this in mind, here are three penny stocks that are climbing during premarket right now.
3 Penny Stocks Climbing During Premarket Right Now
- iPower Inc. (NASDAQ: IPW)
- Resonant Inc. (NASDAQ: RESN)
- Kaival Brands Innovations Group Inc. (NASDAQ: KAVL)
iPower Inc. (NASDAQ: IPW)
One of the largest gainers of the day during premarket is iPower Inc. By early morning, shares of IPW stock had shot up by over 40% to more than $2.33 per share. This is a substantial increase and reflects its Q2 2022 financial results and other news released yesterday. In the report, the company posted revenue up by over 52% to $17.1 million. This is the result of growing its in-house branded products sales.
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Additionally, net income grew by almost 40% to $0.8 million or $0.03 per share. Also yesterday, the company announced the launch of a joint venture with a social media marketing company for a new social commerce platform that will be called, Global Social Media LLC. All of this is exciting news and shows that IPW is working hard to grow. With this in mind, will IPW stock be on your watchlist today?
Resonant Inc. (NASDAQ: RESN)
Another sizable premarket gainer today is RESN stock. While IPW’s over 40% gain is substantial, during premarket, shares of RESN stock shot up by almost 260%. This is major and is the result of a big announcement made at the end of the trading day on February 14th.
Yesterday, the company announced that it would be acquired by Murata via a definitive agreement. This will allow Murata to purchase all outstanding shares of Resonant for $4.50 per share in cash. The pair are very complementary as both work in the tech industry and could benefit from the expertise that one another has. Considering this big announcement, is RESN stock worth adding to your list of penny stocks to buy?
Kaival Brands Innovations Group Inc. (NASDAQ: KAVL)
In morning trading, shares of KAVL stock pushed up by around 2.6%. While this may not seem like a lot, it continues KAVL’s five day gain of over 60%. And in the past month, shares of KAVL stock have exploded by over 285%. This is an incredible gain and one that we have covered substantially in that time.
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If you’re not familiar, Kaival is the exclusive global distributor of the vaporizer brand known as Bidi Vapor LLC. A few weeks ago, it announced that Bidi Vapor won a judicial stay following the FDA’s previous marketing denial order. This has been the biggest news for the company and continues to drive the price of KAVL stock.
Which Penny Stocks Are You Watching Right Now?
If you’re looking for the best penny stocks to buy, there are hundreds to choose from. As a result, understanding exactly what is going on in the stock market is crucial to making money with penny stocks. Considering all of this, which penny stocks are you watching right now?
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