Why These Penny Stocks Have High Volume Right Now
Finding penny stocks with high volume can be a great way to make a watchlist in 2022. And while volume can be a useful indicator for different metrics, there are others that should also be taken into consideration. But, to understand why volume is important, we have to take a look at what we can infer from using it as a data point.
Using Volume to Find Penny Stocks to Buy
For those unfamiliar, volume has a direct correlation with how popular a penny stock is. This is because volume is the amount of shares traded in a given day. And while volume on a single day may not be enough information, if we compare that number to previous daily volumes, we can begin to identify trends.
[Read More] 5 Hot Meme Stocks To Buy For Pennies Right Now
For example, if a penny stock has an average volume of 1 million, and the next day it trades over 10 million, there is clearly a factor at play. This could be anything from popularity of a given stock on social media to a company wide announcement or balance sheet release. But understanding what is causing the movement, is paramount to making money with penny stocks.
So, while volume is not nearly the only indicator used to find penny stocks to buy, it can be very helpful in deducing which companies could be worth looking into. With that in mind, let’s take a look at three penny stocks that investors are watching with high volume right now.
3 Penny Stocks With High Volume That Investors Are Watching
- Phunware Inc. (NASDAQ: PHUN)
- FuelCell Energy Inc. (NASDAQ: FCEL)
- Ocugen Inc. (NASDAQ: OCGN)
Phunware Inc. (NASDAQ: PHUN)
With a 5% gain at midday, Phunware is once again the focus of many investors. In the past six months, shares of PHUN stock have climbed by over 169%, including a more than 400% gain in mid-October of last year. While shares have since corrected slightly, there’s no doubting the popularity of Phunware right now.
The main reason behind Phunware’s rise comes with its relationship to Digital World Acquisition Corp. (NASDAQ: DWAC). If you’re not familiar, this is an SPAC that is set to take merge with Trump Media & Technology to take Donald Trump’s social media company public. Back in the 2020 presidential election, Phunware built the mobile application for the Trump campaign. And as a result, many investors are speculating that it could become involved in the DWAC merger.
If all that isn’t enough, the company is also heavily involved in the crypto industry, buying up Bitcoin several times over the past few months. So, while the latest moves from PHUN stock are highly speculative, there’s no doubting the interest that investors have in the company. Whether this makes PHUN stock worth adding to your penny stocks watchlist however, is up to you.
FuelCell Energy Inc. (NASDAQ: FCEL)
Another decent mover of the day so far is FCEL stock, pushing up by around 2% at midday. Despite a 30% drop in the last month we are seeing a slight bullish turnaround with FCEL stock. Now, it’s hard to say if this shift can continue to occur, but, to understand this further, let’s take a closer look at the company. Interestingly enough, the company expects its revenue to grow by over 109% for the fiscal 2022 year. This would be due to both heightened module sales as well as expanding its top line.
[Read More] Trading Penny Stocks? Top Stock Market News For January 20th, 2022
While many analysts claim that FCEL is a hold rather than a buy, others believe that the long term future of the sustainable energy market has a lot of promise. Fuel Cell is a leader in renewable energy tech and produces products that aid in the adoption of solar, wind, and other turn-key distributed power generation products. And recently, the company announced that it has achieved conditional commercial operation at its Long Island SureSource fuel cell project.
“We are excited to be in commercial operation of our fuel cell platform in the Town of Brookhaven, New York. We are executing on our promise to enable electrical resiliency and to deliver needed clean base load power to central Long Island, while reducing above ground risk associated with long distance high voltage transmission lines.
Utilizing three of our fuel cell platforms, we will deliver to the grid 24/7 power that is enough to power approximately 7,500 homes from a footprint slightly larger than a couple of tennis courts.”
The CEO of FuelCell, Jason Few
This is all highly encouraging news and should be kept in mind for all investors. With that considered, is FCEL stock worth buying or not?
Ocugen Inc. (NASDAQ: OCGN)
OCGN is a popular penny stock that has shown higher than average volume over the past few weeks. With a 1.75% gain by midday on January 20th, shares of OCGN stock are up by over 69% in the past year.
While it has declined from over $15 per share in November, some believe that Ocugen could be worth keeping an eye on. Only a week or so ago, the company announced that its Covid-19 vaccine booster proved to be effective against the Omicron variant. For some context, this vaccine was developed by Bharat Biotech, which is a partner of Ocugen.
Right now, there is a major amount of positive emphasis on any company that has involvement in treating Covid. And because of this, OCGN stock has received a sizable amount of attention in the past few weeks and months. Considering all of this, do you think that OCGN stock is worth adding to your penny stocks watchlist?
Which Penny Stocks Are You Watching Right Now?
With such a wide array of penny stocks to choose from in 2022, investors have to be picky about the stocks they plan to buy. Right now, factors such as inflation, the U.S. economy at large, and certain geopolitical events, are all impacting how penny stocks trade.
[Read More] Best Penny Stocks to Buy Right Now? Check These 3 Out As January Ends
Because of this, staying as up to date as possible with everything going on in the stock market, will be crucial to making money with penny stocks. And although it can be challenging given the sheer amount of volatility at play right now, with the right strategy, it can be much easier than previously imagined. Considering all of this, which penny stocks are you watching right now?
If you enjoyed this article and you’re interested in learning how to trade so you can have the best chance to profit consistently then you need to checkout this YouTube channel. CLICK HERE RIGHT NOW!
