Buying Penny Stocks Today? Here’s What You Need to Know
With another day of trading penny stocks here, there is a lot for investors to consider. Yesterday, we got big news when billionaire Elon Musk announced that he had over $3 billion or a 9.2% stake in TWTR stock. This caused both Twitter Inc. (NYSE: TWTR) and Tesla Inc. (NASDAQ: TSLA) to shoot up substantially in value.
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The news resulted in large bullish sentiment in the stock market yesterday for tech and an overall day in the green. So as we move into another day of trading for penny stocks, let’s look at what you need to know.
What You Need to Know About Trading Penny Stocks Today
After the tech rally yesterday, we’re seeing some signs of a dip during early morning trading today. Ahead of market open, contracts on the S&P 500 and the Dow had dropped by around 0.2%. This comes following news that there could be a fresh batch of sanctions against Russia in the very near future.
While investors expect volatility to continue in the near future, it’s tough to say whether that will be mostly bullish or bearish movement. However, we have seen positivity during trading in the last week or two. Considering this, let’s take a look at three penny stocks that are climbing during morning trading.
3 Penny Stocks Climbing During Morning Trading
- Sunshine Biopharma Inc. (NASDAQ: SBFM)
- Aterian Inc. (NASDAQ: ATER)
- Recon Technology Ltd. (NASDAQ: RCON)
Sunshine Biopharma Inc. (NASDAQ: SBFM)
The largest morning gainer and one of the largest gainers we’ve seen recently is SBFM stock. During premarket, shares of SBFM stock managed to explode by more than 155%. This is major and comes alongside a one month jump of over 40%. At $5.84 as of premarket trading, SBFM is technically no longer a penny stock.
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So why are shares of SBFM stock climbing right now? The big news came from the company today when it announced that its new mRNA molecules are effective against drug-resistant cancer cells. Considering this major news, will SBFM be on your penny stocks watchlist?
Aterian Inc. (NASDAQ: ATER)
Another sizable morning gainer is ATER stock, which shot up by over 10.8% during premarket trading. In the past five days, ATER stock has climbed by more than 30%, which is no small feat. While there is no news that is causing its gain right now, many believe that it is due to ATER’s placement as a short squeeze stock.
A few days ago, it did announce the addition of Cynthia Williams to its board of directors, however, it’s unlikely that this would cause today’s gains. Whether this makes ATER stock worth adding to your list of penny stocks to buy, is up to you.
Recon Technology Ltd. (NASDAQ: RCON)
Up by more than 24% during premarket trading is RCON stock. This is a sizable uptick and one that comes after a six month drop of more than 60%. While there is no news that is causing this gain right now, the company did announce its fiscal results for the first six months of fiscal 2022 a few days ago.
In the results it posted revenue growth of 116% alongside growth for its wastewater segment of 609%. These are major moves made by the company and show that it is working hard to grow. Considering that, do you think RCON stock is worth buying or not?
Which Penny Stocks Are You Watching Today?
Finding the best penny stocks to buy can be challenging. However, by understanding exactly what is going on in the stock market, it can be much easier than previously imagined.
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Utilizing information is the best way to have a higher chance of making money with penny stocks. And with so much going on in the stock market right now, it is also the best way to avoid losing money. With that in mind, which penny stocks are you watching today?
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