3 Penny Stocks Under $2 to Watch With Inflation on the Rise
Investing in penny stocks can be a high-risk proposition, but it can also pay off handsomely if you find the right company. If you’re willing to do your research and take a gamble, investing in penny stocks under $2 could give you the chance to make a big profit.
To find penny stocks that are worth investing in, you’ll need to do your due diligence. This means researching the company, its financials, and its prospects. You can find a lot of this information online, but you’ll also want to make sure you have a proper trading plan ahead of time. Utilizing online resources like Twitter and Reddit can also give you some insight into what other investors are saying about a particular stock. Some popular stocks today include Castor Maritime Inc. (NASDAQ: CTRM) and Medavail Holdings Inc. (NASDAQ: MDVL) among others.
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Once you’ve found a few penny stocks that you’re interested in, it’s time to start narrowing down your list and understanding your investing goals. Remember, with penny stocks there is always a risk of losing your entire investment, so don’t put all your eggs in one basket. Start small and make sure to stick to your strategy and never trade with emotion.
If you’re willing to take on a little bit of risk, investing in penny stocks under $2 could be a great way to make some big profits. Considering that, let’s take a look at three that could be worth watching.
3 Under $2 Penny Stocks to Watch Right Now
- Gran Tierra Energy Inc. (NYSE: GTE)
- Verastem Inc. (NASDAQ: VSTM)
- Sonim Technologies Inc. (NASDAQ: SONM)
Gran Tierra Energy Inc. (NYSE: GTE)
One of the bigger gainers of the day on April 14th is GTE stock. By midday, shares of GTE stock had shot up by over 4% to more than $1.66 per share. This gives it a five day and one month gain of over 5% and more than 18% respectively.
And if that’s not enough, in the past six months, shares of GTE stock have shot up by more than 88%. So, why is Gran Tierra seeing so much bullish sentiment right now? Well, to understand this, we have to take a closer look at energy penny stocks and recent updates from the company. The most recent news from the company comes as it is supposed to report its earnings on May 3rd. This is big news and will be the next time we hear the financial situation of the company.
For 2021, the company reported net income of $42 million which its highest realized net income amount since 2018. In addition, the company was able to repay around $123 million in its credit facility during the year, and it states that this should be fully paid off by June of 2022. With the price of oil skyrocketing in the past few weeks, it’s clear that GTE remains in focus. Considering that, will it be on your penny stocks watchlist or not?
Verastem Inc. (NASDAQ: VSTM)
Another penny stock that is climbing during trading today is VSTM stock, which climbed by as much as 16% at midday. And in the past month VSTM stock has popped up by as much as 48% which is no small feat.
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The most recent news from the company came on March 28th, when it announced its Q4 2021 and full year results. In the results, the company announced that it secured $150 million in non-dilutive funding from Oxford Finance LLC. It states that this is enough to keep it going until 2025.
“We anticipate a catalyst-driven year and are well-positioned to maximize the potential of VS-6766 as a backbone therapy across RAS pathway-driven solid tumors in order to bring new solutions to patients in areas of high unmet need. Our recent debt facility adds flexibility to our financial strength and is expected to support the continued development and potential commercial launches of VS-6766 and defactinib.”
The CEO of Verastem, Brian Stuglik
Financially, the company reported total revenue of $0.5 million with a net loss of $16.5 million. And, it announced that it ended the quarter with $100.3 million in cash on hand. With all of that considered, will VSTM be on your list of penny stocks to watch?
Sonim Technologies Inc. (NASDAQ: SONM)
With over 8.5% in gains today and more than 26% in the past month, shares of SONM stock are in focus right now. To understand what is going on with the company and why it is moving, we have to take a look at the company’s recent announcements.
The most recent news came today when the company announced an equity transaction to grow its market. It stated that it has entered into an agreement with AJP Holding Company, LLC, where AJP will buy 20.8 million shares of SONM at $0.84 per share. This will bring in roughly $17.5 million to Sonim.
“Sonim’s deep relationships with all of the Tier One mobile carriers in North America provide an excellent launching point on which to bring a wider array of 5G semi-rugged and industrial devices to market.
We believe Sonim can become the top middle market rugged and industrial device provider in North America, offering a wider range of 5G smartphones, feature phones, mobile hot spots and other industrial communications equipment that incorporate our rugged heritage.”
Peter Liu, the new CEO of Sonim
Because Sonim is a tech penny stock, the company has received heightened attention in the past year or two. With all of this in mind, do you think SONM stock is worth buying or not?
Are These Under $2 Penny Stocks Worth Buying?
Finding penny stocks to buy under $2 can be tricky. And because of the low price, they also tend to be highly volatile.
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While the under $2 price can mean large price fluctuations, it can also mean a large opportunity to make money. Just make sure that you have a proper trading plan and understand exactly what is going on in the stock market. Considering all of this, do you think that penny stocks under $2 are worth buying or not?
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