Why Stocks Are Down Today & 4 Penny Stocks To Watch Moving Against This Trend
Thanks to concerns over the omicron variant and speculation on this week’s fed decision, the stock market is down today. While that doesn’t seem to matter to the traders buying penny stocks today, it has impacted sentiment.
Why The Stock Market Is Down Today
First thing’s first, why is the stock market down today? Following a strong close last week, stocks initially traded lower on December 13th, thanks to news from the U.K. that it was facing a “tidal wave” of infections from the new omicron variant. Prime Minister Boris Johnson discussed the country’s first death of a patient with the variant. The UK sped up its rollout of boosters in response to heightened case figures.
“It’s spreading at a phenomenal rate, something that we’ve never seen before — it’s doubling every two to three days in infections,” Health Secretary Sajid Javid told Sky News on Monday.
This further spooked traders who were already on their toes ahead of the next Fed meeting set for this week. The Federal Reserve will give a decision on monetary policy Tuesday and Wednesday. Fed Chair Jerome Powell speaks mid-week in the usual press conference to accompany monetary policy meetings. However, omicron could play a role as the Federal Reserve has closely gauged its taper rate and potential interest rate outlook on the pace of economic recovery. Last week’s Consumer Price Index figures showed that inflation was also rising at its fastest rate since 1982.
Meanwhile, policymakers for other central banks are set to meet this week. These include members from the Bank of England and the European Central Bank. So, while pandemic fears fuel speculation on monetary policy outcomes, the broader stock market is down today.
Hot Penny Stocks To Watch
Even with this as the backdrop for broader markets, cheap stocks seem to be against the trend. Obviously, all penny stocks haven’t bounced back as swiftly. However, today we’ll look at a handful going against the broader trend in the stock market today.
- Tivic Health (NASDAQ: TIVC)
- Bluejay Diagnostics Inc. (NASDAQ: BJDX)
- Orbital Energy Group (NASDAQ: OEG)
- Reliance Global Group Inc. (NASDAQ: RELI)
Tivic Health (NASDAQ: TIVC)
Shares of Tivic Health made a nice bounce-back on December 13 after a few sessions of selling pressure took it back below $4.30. Over the last few weeks, the healthcare stock has been on our watch list. Tivic specializes in medical device development, particularly advancing its ClearUP product. This FDA Class II and EU Class IIa device has been cleared for sinus relief and nasal inflammation symptoms.
What To Watch With TIVC Stock Right Now
Despite not having many news headlines since its November IPO, there are a few things to follow regarding TIVC stock. In particular, CearUP sales are a more prominent topic of discussion. That’s because the proceeds from its IPO are set to be used for advertising, PR, social media, e-commerce infrastructure, and increasing the awareness of the device. Tivic said that there are also plans to support its ClearUP Gen 2 platform launch.
Last week, CEO Jennifer Ernst spoke at the Sidoti MicroCap conference. She highlighted the fast-paced growth in the bioelectronic medicine field and participated in one-on-one meetings with investors during the event. Furthermore, on the heels of being named to Fast Company’s “Next Big Things in Tech” list, TIVC stock has begun turning heads in the stock market this week. Among retail trading circles, specifically, the lower outstanding share count following the IPO has come into focus.
If you look at the TIVC stock profile page, you’ll see the OS sits under 10 million shares right now. Not to mention, the IPO itself had only 3 million shares offered.
Bluejay Diagnostics Inc. (NASDAQ: BJDX)
Shares of Bluejay Diagnostics were also carrying on with the bullish uptrend experienced over the last few session. Ever since plunging after its IPO, retail traders have looked deeper into any potential in BJDX stock.
Diagnostic stocks have become somewhat of a focus thanks to the onset of the new variant. Bluejay, however, isn’t part of the mix when it comes to virus stocks. Its Symphony System is designed as a cost-effective & near-patient platform for triage, disease progression monitoring, and diagnosis in hospitals and long-term acute care facilities. According to the company, it provides results in less than 30 minutes to help offer better and earlier treatment decisions. Right now, the platform is used for Sepsis Triage.
What To Watch With BJDX Stock Right Now
Like Tivic, Bluejay hasn’t come out with much news since its IPO. However, there are a few things that traders seem to have focused on. As highlighted in the article: Best Penny Stocks To Buy Now? 10 Short Squeeze Stocks To Watch, Fintel data shows a short float percentage on the stock of just under 7%. Considering that the total outstanding share count for BJDX stock is less than 20 million, that could explain why it has been a bit more volatile during recent sessions. With an uptick of attention on short squeeze stocks and medical stocks, in general, BJDX could be one to watch this week.
Orbital Energy Group (NASDAQ: OEG)
Another trend among retail traders in the stock market today is insider activity. Buying and selling conducted by more significant shareholders or company management tend to send specific signals to the market. Whatever insiders are doing doesn’t mean it’s good or bad for the stock’s future. However, sentiment tends to play a more prominent role when talking about penny stocks.
Orbital Energy Group, in particular, has had a busy month of insiders shelling out cash for stock. Between December 2 and December 13, CEO James O’Neil picked up early 300,000 shares of OEG stock at average prices between $2.275 and $2.69. These purchases brought his total direct holdings to more than 1.2 million shares.
What To Watch With OEG Stock Right Now
Orbital is a unique energy company in that it has diversified beyond traditional power solutions. Its group of businesses includes solar services, telecom, natural gas, and its Orbital Power Services. The company’s recent acquisition of Front Line Power Construction further extends its reach in providing construction, maintenance, and emergency response services for customers.
In light of this latest acquisition and insider buying, OEG stock has been one to watch for most of December so far. Since the 1st, shares are up more than 10%.
Reliance Global Group Inc. (NASDAQ: RELI)
Similar to Bluejay Diagnostics, Reliance Global is no stranger to volatility. Since the end of November, RELI stock has experienced several sporadic breakouts that took it as high as $3.38. It’s an insurance penny stock that has been in and out of the spotlight thanks to recent attention on the broader sector. Specifically, Reliance focuses on combining artificial intelligence and cloud-based tech to offer a way for customers to gain a personalized experience compared to traditional insurance agencies.
Last week’s launch of Reliance’s 5MinuteInsure platform opened up eight more states to its new offering. The platform is designed to give users the ability to shop for insurance and receive competitive quotes in under 2 minutes. According to Reliance, this latest launch brings the platform to a total of 20 states in the U.S., with a combined population of more than 100 million.
What To Watch With RELI Stock Right Now
If you’re looking for news or filings from the company, you won’t find much this week. However, with a total outstanding share count below 20 million and a short float percentage of more than 30%, according to Fintel, RELI has become a popular short squeeze and low float penny stock to watch right now. Given that, it’s also important to understand that volatility can and has played a role. So if it’s on your list of penny stocks today, make sure to keep that in mind.
Hot Penny Stocks Today
Even though the stock market is down today, that doesn’t mean there aren’t plenty of opportunities to make money with stocks. In climates like this, it’s always important to weigh risk and reward and understand why specific trends are prevalent for different stocks. There are a few things to keep in mind with the companies mentioned in this article. Now it’s up to you to determine if they’re the best penny stocks for your watch list right now.
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