3 Hot Penny Stocks to Add to Your Watchlist Today
Investing in penny stocks can be a risky proposition, but it can also be a way to make a quick profit. For the most part, penny stocks are not worth the investment; however, there are exceptions to this rule. If you are considering investing in penny stocks, it is important to do your research and understand the risks involved.
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Penny stocks are generally defined as stocks that trade for less than $5 per share. These stocks are often highly volatile and can be very risky. Many penny stocks are not listed on major exchanges, which makes them even more speculative.
While it can be difficult to find penny stocks to buy in 2022, there are plenty of resources available to help you research them. The best way to understand whether penny stocks are worth buying or not is by having a trading strategy. With this, let’s take a look at what happened in the stock market on October 3rd.
What Happened in the Stock Market on October 3rd
On October 3rd, we saw penny stocks and blue chips climb substantially by EOD. This means that we have hopefully ended the losing streak that we have been in for the past few days. On Monday, the S&P 500 shot up by around 2.5% with the Dow climbing by over 750 points. These are large advancements that are very exciting for investors to consider.
And, we also saw some major bullish movement for the energy industry with West Texas Intermediate climbing to over $83 per barrel. Despite this, we did see shares of Tesla Inc. (NASDAQ: TSLA) drop by over 8.5%, which is something to consider. As a result of all of this, we see that volatility is not going anywhere anytime soon. Considering that, let’s take a look at three penny stocks to add to your watchlist right now.
3 Penny Stocks to Watch Right Now
- Color Star Technology Co. Ltd. (NASDAQ: CSCW)
- Zovio Inc. (NASDAQ: ZVO)
- AeroClean Technologies Inc. (NASDAQ: AERC)
Color Star Technology Co. Ltd. (NASDAQ: CSCW)
One of the larger gainers of the day on October 3rd was CSCW stock. By EOD and into after hours, shares of CSCW stock had shot up by over 12% and more than 4.5%. This brings it to over $1.39, which is no small feat.
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So, why are shares of CSCW stock climbing right now? Well, after a 65% drop in the past month, this welcomed gain is the result of Color Star attending the Dubai Metaverse Assembly to promote its DONO Metaverse Smartphone. In addition, this is causing a sizable amount of speculation, which shows that CSCW is a popular penny stock right now. With all of this in mind, will CSCW be on your list of penny stocks to buy or not?
Zovio Inc. (NASDAQ: ZVO)
With over 10.4% in gains at EOD, ZVO is another penny stock that investors are watching right now. And, during after hours, shares of ZVO stock managed to shoot up by over 7.5% which is no small feat.
The latest news from the company came on Monday when an announcement came out that it would hold a special meeting later in October. The meeting is in regards to a proposal that would fully dissolve the company and cease operations fully. As a result, ZVO is a purely speculative trade right now. Considering this news, does ZVO belong on your penny stocks watchlist or not?
AeroClean Technologies Inc. (NASDAQ: AERC)
With big news on October 3rd, AERC is another big gainer of the day on October 3rd. During trading and after hours, AERC stock shot up by over 11% and more than 40% respectively. The biggest news came at midday when the company announced a business merger with Molekule.
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Molekule is a industry leader in providing premium FDA-cleared air purification products. The pair expect double-digit organic revenue growth which is a very exciting prospect for investors. Moving forward, the two will trade under Molekule (NASDAQ: MKUL). With all of this considered, do you think AERC is a buy today or not?
Which Penny Stocks Are You Watching Right Now?
So, is investing in penny stocks worth it? While there are certainly some risks involved, there can also be significant rewards. For the savvy investor, penny stocks can be a great way to make money.
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However, it is important to do your research and understand the risks before getting started. This involves knowing the difference between a good penny stock and a bad penny stock. With the right research and knowledge, investing in penny stocks can be a profitable endeavor. But, without putting in the time, it can quickly lead to large losses. With all of this in mind, do you think investing in penny stocks in 2022 is worth it or not?
