3 Penny Stocks That Pushed Up During Trading Today
Penny stocks and blue chips climbed today on positive news regarding jobs numbers in the U.S. The report that came out showed that the U.S. economy posted more than 943,000 jobs in July, which is quite a large number. And in addition to this, shares of HOOD stock surged by as much as 19% in early morning trading, before falling to a respectable 8% gain or so by midday. Both of these factors are clearly illustrating that there is a lot of bullish sentiment for investors to take advantage of.
On top of positive jobs numbers and HOOD stock climbing, we are also seeing major positivity with the blockchain and crypto markets right now. While major cryptocurrencies like Bitcoin and DogeCoin are not making meteoric rises, the underlying penny stocks involved in the industry are. This is the result of China cracking down on Bitcoin mining, and leaving a massive hole for American and Canadian miners to fill.
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All of these factors mean that there is a lot of momentum in the market right now, contributing to the overall bullishness we’re witnessing. As penny stocks investors, it’s our job to figure out how to use this to our advantage. With all of this in mind, let’s take a look at three penny stocks to watch as jobs numbers rise and HOOD stock climbs.
3 Penny Stocks to Watch Right Now
- Kaixin Auto Holdings (NASDAQ: KXIN)
- SOS Ltd. (NYSE: SOS)
- China XD Plastics Company Ltd. (NASDAQ: CXDC)
Kaixin Auto Holdings (NASDAQ: KXIN)
One of the biggest gainers of the day so far is KXIN stock. By midday, shares of KXIN had shot up by over 57% to $2.63 per share. This sizable gain comes alongside some interesting news for the company, reports during early morning trading. Before we get into it, let’s talk about what KXIN does. Kaixin Auto Holdings is as its name suggests, a provider of dealership services in the new and used car market in China.
It offers both online and offline car buying as well as a finance platform for buyers to utilize. Today, the company announced that it will be moving into the EV market through a new energy vehicle business unit. This is backed by the Chinese government’s push to increase the amount of EVs introduced to the market.
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The EV sector has been on fire in the past few months, and Kaixin could have a sizable role as the market continues to grow. At the end of last year, the company reported having more than 14 dealerships in China. In addition to this, it offers everything from insurance to warranties and more. Considering its shifting role in the industry KXIN stock could be worth keeping an eye on.
SOS Ltd. (NYSE: SOS)
Another penny stock climbing during today’s trading is SOS Ltd. Shares of SOS stock pushed up by a solid 6% or so, putting its five-day gain to almost 10%. While no company-specific news came out today, we can look at SOS’s business to see why it is showing this bullish sentiment right now.
As stated earlier, the blockchain industry is heating up, and many crypto stocks are benefitting. And, only a few weeks ago, SOS Ltd. entered into a joint venture agreement with Niagara Development LLC for a new crypto mining operation and Digital Super Computing Custody Operation Center. In the agreement, Niagara will offer up to 150MW of electricity, which will be partly derived from renewable sources.
“SOS continues to increase its development of comprehensive blockchain solutions for digital trade, digital finance, and other industries. We decided to acquire a sustainable power supply as far as possible, as we expand our blockchain operations into North America and look forward to successful operation of the joint venture.”
The Chairman of SOS, Yandai Wang
One of the biggest issues with cryptocurrency mining is the amount of energy it takes. And, given that most do not use renewable energy, it is extremely cost-prohibitive and bad for the environment. Considering this move, SOS could be in an advantageous position in the crypto industry moving forward. Whether it makes it worth adding to your watchlist, however, is up to you.
China XD Plastics Company Ltd. (NASDAQ: CXDC)
Up by around 12% at midday are shares of the materials company, China XD Plastics. Through its subsidiaries, China XD Plastics sells composite polymer products used primarily for automotive needs. This includes trim pieces for automobile brands such as Audi, Mercedes, BMW, Toyota, VW, and many more. In addition, it has a research laboratory with dedicated scientists that are constantly innovating new and better products.
During the pandemic, the demand for new and used automobiles has skyrocketed. Combined with a shortage of microprocessors, and we see a major shortage of vehicles, and companies trying to get production up as quickly as possible. This could be one of the driving factors behind CXDC’s recent bullish momentum.
In the past five days, shares of CXDC stock have shot up by over 100% to its current price of $0.78 per share. Despite its YTD momentum not being as strong as its recent upward push, CXDC does look like an interesting penny stock to watch right now.
If we consider the trajectory of the new car market, we see that China XD Plastics could have an interesting role if demand stays constant into the future. And for this reason, investors should stay up to date on any reports relating to the auto industry. With this in mind, is CXDC stock worth adding to your list of penny stocks to watch?
Which Penny Stocks Are You Watching Right Now?
Finding the best penny stocks to watch in 2021 is all about understanding what factors are making the market move. With so many different things to consider simultaneously, it can be complicated to make a strategy that fits each one.
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However, if we focus on only a few areas of interest, making money with penny stocks can be much easier than previously imagined. With all of this in mind, which penny stocks are you watching right now?
