Are These 4 Penny Stocks Worth Buying Right Now?
With February already off to an interesting start for penny stocks and blue chips, there is a lot for investors to understand right now. At the top, traders need to consider the main factors that are impacting the stock market.
Right now, this includes in no particular order; the pandemic, inflation, interest rates, and geopolitical concerns. Because each of these have an individual impact on how penny stocks are trading, it is crucial to consider all of them. Now, the best way to avoid losing money right now is to have a consistent trading strategy.
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The pandemic has continued to be a major factor over the past two years. And while that effect is changing, we are still seeing news related to Covid spark gains. This includes Ocugen Inc. (NASDAQ: OCGN), which just saw its Covaxin vaccine granted EUA in 13 countries around the world.
This means not trading with emotion, and not letting news get the better of your portfolio. If you trade penny stocks, you’re likely familiar with the fact that they are highly speculative and volatile. This is the nature of stocks under $5. But, this also means that they are likely to move frequently and by large amounts. So, while none of this should serve to incite fear, it should help to inform your trading decision. With all of that in mind, let’s take a look at four penny stocks to add to your watchlist right now.
4 Penny Stocks to Add to Your Watchlist Right Now
- Skillz Inc. (NYSE: SKLZ)
- Southwestern Energy Company (NYSE: SWN)
- Vinco Ventures Inc. (NASDAQ: BBIG)
- Senseonics Holdings Inc. (NYSE: SENS)
Skillz Inc. (NYSE: SKLZ)
With around 3% in gains by midday today, SKLZ stock is on many investors watchlists. While shares of SKLZ Stock have been as high as $43 in the past, they have since dropped down to $3.78 as of the beginning of February.
Despite shares being down this heavily, we have seen SKLZ stock move up in the past few trading sessions. And, it’s important to consider Skillz balance sheet as well to understand whether or not SKLZ stock is worth buying. In its third quarter, the company announced cash and cash equivalents of over $540 million.
In addition, as of December of last year, the company managed to raise roughly $300 million through senior secured notes. Recently, the company announced that it plans to move into India as a way to grow its market size. And, it states that this should allow it to capitalize on the potential $5 billion mobile gaming industry that is projected by 2025. So, with all of this in mind, will SKLZ stock be on your list of penny stocks to watch.
Southwestern Energy Company (NYSE: SWN)
Another gainer of the day so far is SWN stock, which managed to climb by over 2.6% by midday. In the past five days, shares of SWN stock have climbed by over 8.3%. The most recent news for Southwestern Energy came yesterday when news dropped surrounding the purchase of SWN shares by Ridgemont Partners Management LLC.
The news showed that Ridgemont now holds roughly 47.42 million shares of SWN stock, which represents 100% of its holdings. Right now, there is a sizable amount of interest in the oil and gas industry. And as a result, SWN stock has seen heightened interest in the past few trading days. With the price of oil and gas also rising due to higher demand and supply constraints, it makes sense that SWN stock is climbing right now. With that in mind, will it be on your list of penny stocks to watch?
Vinco Ventures Inc. (NASDAQ: BBIG)
In the last month, shares of BBIG stock have climbed by over 19%. This is a sizable gain and one that we have covered extensively during that time. Now, there are a few reasons why shares of BBIG stock are climbing right now. The main two include its role in the Metaverse and its moves into the digital entertainment market.
In the past week or so, the company has announced that its Cryptyde Inc. spinoff, which if approved on the NASDAQ would trade under the symbol TYDE, will raise $42 million. This will be done via secured convertible senior notes as well as a common equity raise. Now, it’s important to consider that BBIG stock is highly volatile. However, it could have interesting prospects moving forward. With that considered, does BBIG stock deserve a spot on your penny stocks watchlist?
Senseonics Holdings Inc. (NYSE: SENS)
Senseonics is another penny stock that we have covered extensively in the past few days. And again today, shares of SENS stock increased by over 10.9%. This brings its five day gain to a very impressive, 40.1%. So, why have shares of SENS stock increased so much during that time? The most recent news from the company came in early January when it announced the expectation of a positive result from the FDA regarding its next-generation glucose monitoring system.
It stated that all queries that the FDA raised, have been answered, and now, it expects to transition this new product into market within the second quarter of this year. As a result, it also reiterated its financial outlook for the full 2021 year of between $12 and $15 million. While SENS stock can be quite volatile, it has managed to stay popular in the past few months. With that in mind, is SENS stock worth watching?
Which Penny Stocks Are on Your Watchlist Right Now?
Because 2022 has been such a volatile year so far for penny stocks and blue chips, finding the best ones to buy can be challenging. But, with so many events having an impact on how stocks are trading, there are also plenty of opportunities to make money with penny stocks.
Now, being able to sort the winners from the losers with a trading strategy is the best way to have a heightened chance of profitability. And in 2022, those with a trading strategy, are at an automatic advantage. Considering all of this, which penny stocks are you watching right now?
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