Buying Penny Stocks Today? Here’s What You Need to Know
As we turn the corner in January for trading penny stocks and blue chips, there is a lot for investors to consider right now. With a highly volatile past few weeks of trading, investors only expect volatility to continue in the near future. To understand why, let’s take a look at what’s going on in the stock market today.
What to Know About Trading Penny Stocks Today
Ahead of Monday’s trading session, U.S. stock futures pointed to a lower open. While Friday was mostly positive, with the S&P 500 up by around 2.4%, January has been one of the worst months in terms of performance, since the start of the pandemic. In addition to this, the NASDAQ is in a major correction right now, showing some of the worst moves since October of 2008.
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This week, we have several major companies reporting earnings, including Chevron, Exxon Mobil, Google, Facebook, and more. In addition to this, the price of oil is rising right now to seven-year highs. This comes as tensions continue to rise with the U.S. and Russia’s movement in Ukraine.
So, as you can see there is a lot to keep track of in the stock market right now. And because of that, investors should keep a close ear to the ground. With that in mind, let’s take a look at three penny stocks climbing during premarket today.
3 Penny Stocks Climbing During Premarket Right Now
- FGI Industries Ltd. (NASDAQ: FGI)
- Yoshitsu Co. Ltd. (NASDAQ: TKLF)
- Ideanomics Inc. (NASDAQ: IDEX)
FGI Industries Ltd. (NASDAQ: FGI)
One of the largest premarket gainers today is FGI stock. During morning trading, shares pushed up by almost 40%, taking it to over $5.20 per share. While no company specific news came out, FGI only completed its IPO last week at $6 per share.
On Friday, share’s rose by around 19%, with a 92% gain today during premarket before dropping to its 39% gain to start the day. With that in mind, will FGI be on your list of penny stocks to watch?
Yoshitsu Co. Ltd. (NASDAQ: TKLF)
Similarly to FGI stock, TKLF stock is moving based on recent performance. On Thursday of last week, shares of TKLF dropped by around 22% before jumping by over 30% the following day. During premarket today, shares of TKLF jumped by around 11%, which is no small feat.
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TKLF is another recent IPO, with its offering occurring around three weeks ago. If you’re not familiar, Yoshitsu is a retailer and wholesaler of beauty and health products in Japan. Considering all of this, is TKLF stock worth adding to your penny stocks watchlist today?
Ideanomics Inc. (NASDAQ: IDEX)
Another premarket gainer today is IDEX stock, which climbed by around 5% to start the day. The main news here comes as the company announced that it would release its Q4 and full year 2021 earnings on March 1st.
For some context, Ideanomics has hands in several unique markets. It operates through two divisions mainly; Ideanomics Mobility and Ideanomics Capital. Through these, it invests in groundbreaking EV and mobility technologies, as well as new fintech solutions respectively. If you’re interested in IDEX stock, this upcoming earnings release is important to consider.
Are Penny Stocks Worth Buying Right Now?
If you’re looking for penny stocks to buy, there are hundreds to choose from. While the stock market as a whole may be wildly volatile right now, there are plenty of ways to make money with penny stocks.
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As we enter into a new month, the time is now to create a strong trading strategy that can continue to adapt to the conditions of the present. With all of that in mind, do you think that penny stocks are worth buying right now or not?
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