Are These Penny Stocks Worth Buying Right Now?
Finding penny stocks that exploded is one of the most popular ways to make money with small caps. But, to find penny stocks before they explode, is where the real potential comes in. Doing so takes both time and a commitment to understanding how to trade penny stocks. And because there are hundreds of penny stocks to choose from, it can be difficult at times to pick the best ones to buy. For that reason, let’s talk about what makes a penny stock explode.
How to Find Penny Stocks That Could Explode
The most common reason that a stock will shoot up in value nowadays is social sentiment. With the influence of social media sites such as Reddit and Twitter, the amount that a stock is discussed online has a lot to do with its potential to take off. Because of this, finding trending penny stocks can be a great way to make a watchlist in November 2021.
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The next factor to consider is if there are any recent announcements or upcoming updates regarding a company. Because speculation is a major influence in price with penny stocks, the likelihood that an announcement will make a stock fluctuate is high. So, while this is not a complete list of how to find penny stocks to buy, it should help to point you in the right direction. With that in mind, let’s take a look at three penny stocks that exploded today.
3 Penny Stocks That Exploded During Today’s Trading
- iSpecimen Inc. (NASDAQ: ISPC) +93%
- RLX Technology Inc. (NYSE: RLX) +12%
- Multiplan Corp. (NYSE: MPLN) +24%
iSpecimen Inc. (NASDAQ: ISPC)
One of the biggest gainers of the day so far is ISPC stock, pushing up by over 93% at midday. This is a staggering gain, and one that brings iSpecimen out of penny stocks territory at over $9.50 per share. While many gains like this can occur with no news, ISPC made an exciting announcement during premarket trading today. The company stated that it has been selected by the U.S. Government to provide advanced research for Covid-19. This includes research on everything from transmissibility to variants and outcomes. During the last year or so, iSpecimen has been a go-to company for research regarding the coronavirus pandemic.
“Covid-19 has claimed more than 5 million lives, and it will require a lot of additional research to control the pandemic and improve society’s ability to contend with future outbreaks of infectious diseases. We embrace the challenge and are gratified that researchers are coming to us for the specific biospecimens they need from the types of patients they’re focusing on.”
The CEO of iSpecimen, Christopher Lanelli, MD, Ph.D.
Outside of this, iSpecimen acts as an online marketplace for scientists to access specimens and patients for research purposes. This has been and continues to be a major industry that iSpecimen is at the forefront of. Considering that, does ISPC stock deserve a spot on your watchlist following this massive value rise?
RLX Technology Inc. (NYSE: RLX)
While RLX stock’s midday gain of over 12% is not much compared to ISPC stock, it is still quite a lot independently. Now, no news came out regarding RLX stock today, however, we can look at what the company does to deduce a reason. For starters, RLX is a company that provides branded e-vapor products. It sells these products via both offline distribution and “branded store plus” retail methods. The company distributed vapor-related products in China, which has become a major market for them in the past few years.
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In the past month or so, not much news has come out about RLX Technology, however, the use of vaporizers has increased drastically in the last year or two. The most recent announcement from the company came in September when it stated that it would invest 20 million yuan into a used e-liquid pod recycling program in China. Aside from this, it’s difficult to tell why RLX stock climbed so much today.
However, often when we see momentum in an industry or with one company specifically, it can transfer to other, similar companies. And while it’s hard to tell if this is the case with RLX stock right now, it could be worth considering. So, with that in mind, is RLX worth adding to your list of penny stocks to watch?
Multiplan Corp. (NYSE: MPLN)
Another sizable gainer today is MPLN stock, which shot up by over 24% at midday. This comes on the back of news announced at the end of last week that the company announced its anticipated effective date of real registration. The registration comes alongside shares of its Class A Common stock, which are issuable upon conversion of its 6% convertible senior PIK toggle notes due 2027. On the same day, the company announced the appointment of Dr. Benjamin Perryman as its new VP of Data Science Operations.
“We are looking forward to Ben’s contributions and leadership in advancing the machine learning and AI-centric solutions that are solving the complex challenges facing our customers.”
The Senior VP and Chief Information Officer, Michael Kim
For some context, Multiplan operates in the healthcare sector, offering payors to manage the cost of care. This includes analytics-based services which are used with over 700 healthcare payors across commercial, government, and similar markets. Considering its sizable rise in value today, does MPLN stock deserve a spot on your watchlist?
Which Penny Stocks Are You Watching Right Now?
If you’re making a penny stocks watchlist right now, there are plenty of options to choose from. But, finding small caps that exploded can be a common and worthwhile strategy. In line with this, investors need to have a thorough understanding of how to trade penny stocks. This can mean the difference between making substantial gains and substantial losses in a short time frame.
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At the end of the day, trading penny stocks is a highly individualized task. And for that reason, understanding who you are as a trader will be a major benefit. So, with all of this in mind, which penny stocks are on your November watchlist?
*All data as of 12:15 PM EST
