What You Need to Know About Buying Penny Stocks Today
With the first full week of May coming to an end, there is a lot for penny stocks investors to know. Early morning gainers today such as Sunshine Biopharma Inc. (NASDAQ: SBFM) and Better Therapeutics Inc. (NASDAQ: BTTX) are in the spotlight, among others.
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And because of that, we are seeing renewed bullish interest across the board. With so much news hitting the market right now, investors need to make sure that they have a full understanding of everything going on. With this in mind, let’s take a look at what you need to know about trading today.
What’s Going on With Penny Stocks on May 5th, 2022
During morning trading, stocks were falling as news from the Fed a day earlier is digested. And despite Wednesday, May 4th being one of the best trading days we’ve seen in two years, there is a lot that is still on the table. The news comes as the Fed decided to raise rates by a half-point, which is the first time this has occurred since the year 2000. So, with this news still causing volatility, let’s take a look at three penny stocks gaining in morning trading.
3 Penny Stocks Gaining in Morning Trading
- Hycroft Mining Holding Corp. (NASDAQ: HYMC)
- Sonim Technologies Inc. (NASDAQ: SONM)
- Austin Gold Corp. (NYSE: AUST)
Hycroft Mining Holding Corp. (NASDAQ: HYMC)
Hycroft Mining is a penny stock that we have covered numerous times in the past few months. And during premarket trading today, shares of HYMC stock managed to shoot up by over 29%. This is a substantial gain and comes alongside bullishness in the mining sector at large right now. YTD, shares of HYMC stock have shot up by over 125% which is no small feat.
The big news today comes as the company announced its Q1 2022 operating and financial results. With over $194.4 million in raised cash during the quarter, HYMC ended the period with $172 million or so in the bank. With gold production high, it’s clear that HYMC could be worth adding to your list of penny stocks to watch.
Sonim Technologies Inc. (NASDAQ: SONM)
Another big gainer during premarket trading is SONM stock. During morning trading, shares of SONM stock managed to shoot up by over 32%. This adds to its five day gain of over 13%, which shows why so many investors are focused on SONM stock right now.
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The most recent announcement from the company came this morning when it announced new purchase orders from a top U.S. carrier for its ruggedized phones. These orders total $9.5 million, and are regarding its XP5 phone as well as its XP10 5G rugged smartphone. Considering this exciting update, will SONM be on your penny stocks watchlist?
Austin Gold Corp. (NYSE: AUST)
During morning trading, shares of AUST stock managed to shoot up by over 25%. This is a major gain for a company that only IPO’d a few days ago. On the day of its IPO, shares of AUST stock exploded before falling later in the day. And now, following its $13 million public offering, we are seeing bullish sentiment with AUST stock.
In addition to this, there is also a sizable amount of bullish sentiment with mining penny stocks right now. This is adding to the overall bullishness on AUST stock. So, considering that, does it deserve a spot on your list of penny stocks to buy or not?
Which Penny Stocks Are You Watching Right Now?
With so much going on in the stock market right now, finding the best penny stocks to buy can be tricky.
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Despite that, there are plenty of factors that investors can use to their advantage to make money with small caps. This includes looking at the news, recent announcements from companies and so on. Considering all of this, which penny stocks are you watching right now?
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