3 Penny Stocks to Watch That Are Climbing During Today’s Session
Finding penny stocks that are worth buying can be a daunting task. There are a lot of things to look for and it can be difficult to weed out the good penny stocks from the bad. But if you know what you’re looking for, it can be easier than you think.
One of the most important steps is to understand what’s affecting the stock market. This includes political and economic events, as well as company-specific news. And because penny stocks are so speculative, it’s essential to have a firm grasp on the underlying fundamentals of the company before investing solely based off of news. You also need to be aware of the different types of penny stocks and the industries that they reside in. For example, some penny stocks are traded on major exchanges while others are only traded on over-the-counter (OTC) markets.
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In addition to all of this, traders need to have a good idea of their own investing goals and risk tolerance. This is the best way to ensure that you are only investing in penny stocks that fit your trading profile. With all of these factors in mind, let’s take a look at some penny stocks that could be worth watching right now.
3 Penny Stocks to Add to Your Watchlist Right Now
- Cyngn Inc. (NASDAQ: CYN)
- Medavail Holdings Inc. (NASDAQ: MDVL)
- Nordic American Tanker Ltd. (NYSE: NAT)
Cyngn Inc. (NASDAQ: CYN)
During trading on April 21st, shares of CYN stock exploded by over 75% at midday. This is a major gain and one that follows a six month trend of mostly bearish sentiment. So, what does Cyngn do and why are shares climbing right now? The most recent news from the company came today as it announced the launch of its DriveMod Kit. This is a fully-equipped autonomous vehicle that integrates a hardware module for a variety of purposes. The news comes after the company filed a patent in February for the product.
“We are excited to have launched production of DriveMod Kit for Columbia’s Stockchaser. With 883,000 new material-handling vehicles sold each year in the U.S., DriveMod Kit creates a sizable opportunity for Cyngn to lead the rapid adoption of turnkey AV solutions for both retrofit and new vehicles.
Installation can be done quickly and does not require special training. Anyone who works on these vehicles can retrofit an existing Columbia Stockchaser into a fully autonomous vehicle with very little effort.”
The CEO of Cyngn, Lior Tal
If you’re not familiar, Cyngn is an autonomous vehicle technology producer. The company works on the enablement of autonomous vehicles for industrial challenges. This includes labor shortages, technical needs, and much more. With this major and speculative move today, it’s clear that CYN stock is in focus. But, whether it’s worth adding to your penny stocks watchlist or not is up to you.
Medavail Holdings Inc. (NASDAQ: MDVL)
With over 7.9% in gains at midday on April 21st, MDVL is another penny stock that we are seeing with big gains today. In the past few weeks, MDVL stock has made headlines numerous times due to its constant moves and big announcements.
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In addition, we’ve seen MDVL stock explode by more than 108% in the past five days alone. So, why are shares of Medavail stock moving right now? The most recent news of consequence for MDVL came on March 24th. On the 24th, the company announced its Q4 and full year 2021 financial results. In the results, the company posted total revenue for Q4 of $7.3 million. In addition, it posted cash and cash equivalents at the end of the year of more than $19.5 million.
“I am excited to have joined MedAvail at a pivotal time when I believe that there is a tremendous need and a rising demand in pharmacy services for our technology and pharmacy solutions. Since joining MedAvail, my confidence in our business has only strengthened further.
As we look ahead to 2022, I believe that we are strongly positioned with expansion in dispensing deployments and partnerships well underway and a clear roadmap seeking to deliver profitable and sustainable growth over the long-term.”
The CEO of Medavail, Mark Doerr
With this very exciting news in mind and its recent gains, do you think MDVL stock is worth buying right now or not?
Nordic American Tanker Ltd. (NYSE: NAT)
With over 1.2% in gains today, NAT stock has climbed by more than 55% in the past month period. This major gain is representative of the bullish sentiment surrounding the oil and gas industry during that time and Nordic American independently.
Only a week or so ago, the company announced that states for its one million barrel Suezmaxes are climbing right now. It stated that on a yearly basis, the company could generate over $200 million above the daily operating costs of $8,000 per ship. And if it can do this, it would be able to become debt free within a year or two.
The company’s statement also added that it continues to prioritize dividends, as payouts have occurred consecutively for the past 97 quarters. As a tanking company providing shipping services for oil and gas, the company continues to have a major market opportunity if demand continues to rise. Whether this makes it worth buying or not is up to you.
Are Penny Stocks Worth Buying or Not?
Finding penny stocks that are worth buying can be challenging. With so much affecting the stock market right now, it is a difficult time to predict whether the market will go up or down.
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But, with a solid understanding of how news is impacting penny stocks, it can be much easier to make a profit. Considering that there are so many factors going on, there is also a lot to take advantage of. With that in mind, do you think penny stocks are worth buying or not?
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