3 Penny Stocks to Add to Your Watchlist Right Now
After a less than stellar period of stock performance in the past few weeks, many investors are looking for penny stocks that could outperform in the near future. But, this is complicated and of course, easier said than done.
What to Watch With the Stock Market Right Now
And with the stock market and penny stocks in a more volatile place than in months prior, now is the time to hunker down, and find a strategy that works for you. Right now, there are several factors that are impacting the stock market at large. On one hand, we have the pandemic. This has lessened in severity to some degree, although it is still around.
Next on the list, we have the state of the economy in the U.S. This includes inflation, Fed interest rate hikes, and much more. And lastly, we are now facing geopolitical troubles with Russia attempting to potentially invade Ukraine. So, with all of these factors going on simultaneously, it’s no wonder that volatility in the stock market is high right now.
However, many investors choose to take advantage of this high volatility by trading during intraday movements in the market. The best advice here is to know exactly what is going on in the stock market and how to take advantage. With all of this in mind, let’s take a look at three penny stocks to add to your watchlist this week.
3 Penny Stocks to Watch This Week
GoHealth Inc. (NASDAQ: GOCO)
One of the bigger gainers of the day today is GOCO stock. By EOD, shares of GOCO had pushed up by over 4% to around $2.60 per share. Despite a one year loss of over 80%, it appears as though shares of GOCO stock are beginning to see a slight bullish turnaround. Now, it’s tough to say why shares of GoHealth jumped today.
But, to understand why, we can take a look at what the company does. GoHealth operates in the health insurance marketplace field. It offers customers an easy way to enroll in health insurance plans and to date, has enrolled millions in both Medicare and individual/family plans. Right now, there is a major emphasis on healthcare as a result of the pandemic.
And while it is hard to see why shares are pushing up outside of this, it is exciting to see this bullish move with GOCO stock right now. Keep in mind that shares of GOCO tend to be highly volatile. And this means that prices are likely to continue fluctuating in the near future. So, with all of that in mind, do you think that GOCO stock is worth buying or not?
Express Inc. (NYSE: EXPR)
Another sizable gainer of the day so far is EXPR stock. By EOD on January 24th, shares of EXPR stock had pushed up by over 5.6% to north of $3.08 per share. Before we get into it, it’s worth noting that EXPR has consistently been a trending penny stock on social media.
This means that investors discuss it often, which can lead to large movements in its price. If you’re not familiar, Express is a popular clothing retailer in the U.S. The company has been working to expand its sales, and recently reported its Q3 2021 results. In the results, the company, the company was able to increase its sales by over 47% to $472 million.
The CEO of Express Inc., Tim Baxter, stated “These results are tangible evidence we’re resonating with consumers.” This is all exciting news, and despite EXPR stock’s volatility, it does look like the company itself is growing. Now, with penny stocks, we often see that fundamentals do not drive price. But, this does not mean that it is not beneficial to the future of the company. With all of this in mind, will EXPR be on your penny stocks watchlist?
Metromile Inc. (NASDAQ: MILE)
Another penny stock that managed to climb today is MILE stock. By EOD, shares had pushed up from a midday low by over 13%. The main reason behind this gain comes as shares of MILE stock plummeted earlier in the day.
While no company specific news came out, many believe that today’s move has to do with investors anxiety surrounding speculative growth stocks. And because Metromile fits into this category, shares dropped by over 10% during intraday trading. While MILE stock is also down by around 90% from its all-time highs, the company seems to have a more long-term investor base.
So, as we’re seeing today, there is certainly a high degree of fear in the stock market right now. But, with this fear also comes the potential to make money with penny stocks. Now, it’s tough to say if MILE stock is worth it or not as it is quite volatile. But, with decent fundamentals and solid movement during trading today, it could be worth adding to your list of penny stocks to watch right now.
Is Trading Penny Stocks in 2022 Worth It?
If you’re trying to find penny stocks to buy right now, there are hundreds of options to choose from. But, investors need to be selective, as the market is moving extremely quickly right now. So, the best course of action will always be to understand what is going on in the stock market and what factors could impact your portfolio moving forward.
In addition to this, having a strong trading strategy that can adjust with what is going on in the market, can help you to avoid unnecessary losses. Always know that penny stocks will continue to be volatile.
Because of their low price and the rate at which news affects that price point, fluctuations are likely to continue occurring. So, take advantage of movements and understand your tolerance for risk. With all of this in mind, do you think that trading penny stocks in 2022 is worth it or not?
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