3 Premarket Gaining Penny Stocks to Watch Right Now
With blue chips and penny stocks climbing slightly during premarket, investors are excited about the future. The recent movement could be due to the better-than-expected CPI news from last month. Prior to this, we were witnessing major stock market volatility with prices gapping up and down substantially in any given trading day.
So, while we’re are no where near being out of the woods yet in terms of price fluctuations, the gains of the past few days are a welcomed sign. With penny stocks, we have to understand that large economic factors will continue to play a major role in how they trade. And because of this, it is crucial to consider what will shift in the market moving forward.
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Right now, many investors believe that 2022 could be a positive year for the stock market. This was echoed by finance mogul, Jamie Dimon, who stated a few days ago that the stock market could see new highs this year. While there is more unknown than known right now, the positivity being echoed around penny stocks is encouraging. So, with all of this in mind, let’s take a look at three penny stocks that climbed during premarket trading today.
3 Penny Stocks That Climbed During Premarket Trading
- OLB Group Inc. (NASDAQ: OLB)
- BTCS Inc. (NASDAQ: BTCS)
- Puma Biotechnology Inc. (NASDAQ: PBYI)
OLB Group Inc. (NASDAQ: OLB)
During premarket trading, shares of OLB stock shot up by over 8.8% to $2.47 per share. Despite a one year drop of roughly 56%, we are witnessing a small bullish turnaround with OLB Group right now. So, what does the company do and why are shares up right now?
Well, the big news from OLB comes as it announced the potential delivery of an additional 400 Antminer S19K Pro cryptocurrency mining machines this month. The company states that it should be able to produce roughly $1 million in monthly revenue when its 1,000 miners are fully deployed and operational.
“Upon delivery of all the machines, these 400 Antminer will bring our total cryptocurrency mining machine count to 1,000. We expect to be periodically ordering additional machines on an ongoing basis.”
The CEO of OLB Group, Ronny Yakov
While cryptocurrency has crashed in the past few weeks, over the last few days, we’ve seen the market return to its bullish nature. Outside of this, OLB operates in eCommerce as a Fintech company. It provides Bitcoin mining, cloud services, customer service, sales reporting, and much more. So, as a potentially diversified play with exposure to the cryptocurrency industry, many investors are keeping an eye on the company. But, whether it deserves a spot on your list of penny stocks to watch is up to you.
BTCS Inc. (NASDAQ: BTCS)
Up by around 14% in premarket trading are shares of BTCS stock. While this may seem like a lot, shares of the tech company have shot up by a staggering 85% in the past five days. Before we get into why shares are climbing today, it’s worth looking at what BTCS does. BTCS Inc. is a tech company working in the field of blockchain and digital assets.
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The company claims that it is the first pure-play U.S. publicly traded company to focus on blockchain tech. Today, BTCS announced that it has added Algorand to its staking operations. The Algorand blockchain allows for asset development, smart contracts, atomic swaps and more.
“More than 500 global organizations leverage Algorand’s technology – from university partners (MIT, UC Berkeley, Peking University), to ecosystem players (Orion Protocol, Chainalysis, Hummingbot), to key stakeholders (Union Square Ventures, Cumberland Advisors), to government enterprises (Marshall Islands). Given this, we believe ALGO is a great addition to our blockchain infrastructure efforts.”
The COO of BTCS, Michal Handerhan
This is very exciting news, especially considering the rising price of cryptocurrency right now. With this in mind, will BTCS be on your penny stocks watchlist moving forward?
Puma Biotechnology Inc. (NASDAQ: PBYI)
Moving out of the tech industry, we see Puma Biotechnology. Puma Biotech is a company focused on the development and commercialization of products used to fight cancer. This includes PB272, PB357, and many more. Yesterday, the company announced that the National Comprehensive Cancer Network or NCCN has included two important changes to its Clinical Practice Guidelines in Oncology for treating breast cancer in 2022. The changes involve its compound NERLYNX or neratinib.
“The NCCN guidelines are utilized by many institutions, practices and clinicians who treat breast cancer patients. These updates help to increase the awareness of neratinib within the guidelines and should further support neratinib as an appropriate option to reduce the risk of recurrence for patients battling HER2-positive breast cancer.”
The CEO of Puma Biotechnology, Alan H. Auerbach
Right now and over the past two years, there has been a major emphasis on biotech penny stocks. While PBYI is not working on anything related to Covid right now, the company is seeing heightened popularity in 2022. With its sizable gain during premarket trading today, do you think that PBYI stock is worth buying right now or not?
Which Penny Stocks Are You Watching Right Now?
If you’re looking for the best penny stocks to buy in 2022, there are hundreds of options to choose from. But, to stay ahead of the game, investors need to have a thorough and consistent understanding of what’s going on in the stock market. Right now, the main contributing factor to market movement is the pandemic and specifically, the Omicron variant.
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While hope for the end of the pandemic has been on the rise, we’ve also seen a sharp uptick in case numbers over the last few weeks. In addition to this, the economic state of the U.S. with factors such as inflation, unemployment, and interest rates, is also important to consider. So, while investing in 2022 is not easy, making money with penny stocks is possible. Considering all of this, which penny stocks are you watching right now?
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