Top Penny Stocks to Watch Premarket
During premarket, penny stocks and blue chips looked to start the day lower with U.S. stock futures pointing down. In early morning trading, shares of JPMorgan Chase & Co (NYSE: JPM) had dropped by around 3% despite the bank beating estimates for its quarterly results. Earlier in the week, we also saw a major bounce among tech stocks. However, the volatility we witnessed late in the week seemed to reverse those gains.
While there are plenty of penny stocks pushing up right now, we have to take into consideration what is going on in a macroeconomic sense. In December, we witnessed retail sales fall by around1.9%, which is greater than the 0.1% estimate that investors had hoped for. So, while there is a lot to be excited about such as the positive quarterly reports from large financial institutions, investors should also be wary about the future.
News That Could Affect Penny Stocks
Today, President Joe Biden will nominate the next Fed Reserve Vice Chair for Supervision, Sarah Bloom Raskin. This comes alongside the Supreme Court blocking Biden’s request for a Covid-vaccine mandate for private companies. Additionally, the Transportation Department is in the midst of putting forth a $27 billion program to upgrade roughly 15,000 highway bridges as part of an infrastructure bill.
5 Trending Penny Stocks to Watch
- Guardforce AI Co. Ltd. (NASDAQ: GFAI)
- Nextplay Technologies Inc. (NASDAQ: NXTP)
- China SXT Pharmaceuticals Inc. (NASDAQ: SXTC)
- Kaival Brands Innovations Group Inc. (NASDAQ: KAVL)
- Vinco Ventures Inc. (NASDAQ: BBIG)
Guardforce AI Co. Ltd. (NASDAQ: GFAI)
By market open, shares of GFAI stock had jumped by over 24%. The big news with GFAI comes as the company announced its plans to expand robotics as a service in China. This includes the proposed acquisition of Shenzhen Keiweien Robot Service Co. Ltd. and Guangzhou Kewei robot Technology Co. Ltd.
The acquisition should occur by the end of next month. Guardforce estimates the purchase price to be around $10 million, which will be paid in cash and restricted shares. With this in mind, is GFAI stock worth adding to your list of penny stocks to watch?
Nextplay Technologies Inc. (NASDAQ: NXTP)
By early morning, shares of NXTP stock had jumped by over 15% to north of $0.77 per share. The news for NXTP stock comes as the company announced its Q3 financial report only a day prior. In the report, the company posted record revenue of $4.2 million.
This represents an almost 60% sequential increase. In addition, its gross margin increased to 53.5%, which is no small feat. At the end of the quarter, the company states that it held assets totaling $121 million in value. All of these numbers are significant and show that NXTP stock is growing right now.
China SXT Pharmaceuticals Inc. (NASDAQ: SXTC)
With an over 15% gain during early morning trading, SXTC stock is on many investors radars right now. While no news is causing this jump, the company is working hard to remain listed on the NASDAQ following a deficiency letter sent back in December.
For some context, China SXT is a pharmaceutical company developing and manufacturing traditional Chinese medicines. While its performance over the past year is nothing to write home about, the company has made several speculative gains in that time. Whether it deserves a spot on your penny stocks watchlist however, is up to you.
Kaival Brands Innovations Group Inc. (NASDAQ: KAVL)
Another big gaining penny stock during morning trading is KAVL stock. Last month, the company announced that smokers in the U.K. preferred its E-cigarette products to other brands. And, with the staggering rise in popularity of E-cigarettes, the company has made major headway in the past year or so.
Kaival Brands is based out of Florida and produces a large range of brands in the vaporizing market. This includes being the exclusive global distributor of all products made by Bidi Vapor. While KAVL stock is highly volatile, it could be worth watching in the near future.
Vinco Ventures Inc. (NASDAQ: BBIG)
BBIG stock is a penny stock that we’ve covered multiple times in the past few months. And during that time, shares have continued to shoot up including a 3% gain in early morning on January 14th. This brings its five day gain to almost 60%, which is no small feat whatsoever.
The company is moving right now on rumors of the launch of Cryptyde as well as its Lomotif platform. The latter is a business that Vinco owns a 50% interest in through a partnership with Zash Global Media made in July of last year. Right now, BBIG is highly popular on social media and is aptly known as a Reddit penny stock. Considering this, is BBIG stock worth buying or not?
Which Penny Stocks Are You Watching in January?
With so many penny stocks to watch in January, understanding where the market is headed is crucial. While it can be difficult given the sheer amount of momentum in the stock market right now, having a strong trading strategy and a know-how of how to take advantage of current events are key. These will allow you to have the best chance of making money with penny stocks in 2022. With that in mind, which penny stocks are you watching in January?