Why These 4 Penny Stocks Exploded During Trading Today
Finding penny stocks that are climbing during a trading day can be a great way to get ahead in the stock market. While it can be challenging given the sheer number of penny stocks out there, understanding exactly what is going on in the stock market will help you to make money with penny stocks.
During trading today, we witnessed the stock market turn higher. This is the result of a bullish turnaround following negative trading in the morning. Moving forward, investors are waiting on new inflation data that will come out later in the week as well as more corporate earnings. All of this will help to point out what the near term for penny stocks or blue chips may look like. With that in mind, let’s take a look at four penny stocks that are climbing right now.
4 Penny Stocks That Are Climbing Right Now
- Velodyne Lidar Inc. (NASDAQ: VLDR)
- Society Pass Inc. (NASDAQ: SOPA)
- DiDi Global Inc. (NYSE: DIDI)
- Progenity Inc. (NASDAQ: PROG)
Velodyne Lidar Inc. (NASDAQ: VLDR)
One of the bigger gainers of the day so far is VLDR stock. By midday, shares of VLDR stock had shot up by over 13% to north of $4.27 per share. While many large gains with penny stocks can occur purely off of speculation, Velodyne made an exciting announcement during trading yesterday.
The company announced that Amazon.com Inc. had secured a warrant to acquire almost 40 million shares of Velodyne. This brought it up by over 88% in after-hours trading on February 7th. In the deal, Amazon can exercise the warrant on or before February 4th of 2030 at roughly $4.18 per share. This is a very exciting deal and it illustrates the potential that Velodyne could have in the future.
If you’re not familiar, Velodyne is a developer of real-time lidar sensors. It offers these for automobiles, robotics, unmanned aerial vehicles, smart cities, and much more. And, as a cutting-edge tech penny stock, many investors are watching VLDR stock right now. So, with this in mind, will VLDR be on your list of penny stocks to watch?
Society Pass Inc. (NASDAQ: SOPA)
By midday, shares of SOPA stock had shot up by a staggering 60% to more than $5.25 per share. This is a major uptick and makes SOPA stock one of the largest gainers of the day. Back in November, shares of the E-commerce company went public at around $9 per share.
After finishing its first trading day up over 400%, shares then climbed by another 700% only a day later. Since then, we have seen a major bearish trend bringing its shares down to the $5.25 level as of today. However, in the past few trading days, shares of SOPA stock have begun to see some bullish momentum. The company is aimed at providing Southeast Asia with merchant-based loyalty programs. This includes industries such as travel, restaurants, beauty and much more.
With over 1.5 million users and more than 3,500 brands tied to it, the company does have a large market share. However, its sizable volatility means that it is likely to continue witnessing large fluctuations with SOPA stock. Whether this makes SOPA worth adding to your penny stocks watchlist however, is up to you.
DiDi Global Inc. (NYSE: DIDI)
DIDI stock is a penny stock that we have covered numerous times in the past few months. And again today, shares are up by over 7.4%, bringing it heightened popularity. While shares of DIDI stock are down by over 70% in the past twelve months, we have begun to see a bullish turnaround in the last week or so. For that reason, it’s worth looking into why DIDI stock is climbing right now. Now, DiDi Global is mainly a provider of ride sharing services in China. It is regarded as the largest provider of such, and in turn, is a mainstay in the Chinese transport industry.
However, after some regulatory issues with the Chinese government, we’ve seen major instability in the price of DIDI stock. Going from $14 per share to under $5 in only a matter of months is clearly not ideal for investors. However, at its current price, some believe that DIDI stock could be in value territory. While it’s tough to say with certainty whether this is true or not, there is no doubting that its recent gains are exciting.
Progenity Inc. (NASDAQ: PROG)
Climbing by over 8.9% today is PROG stock. Similarly to the other stocks on this list, we’ve covered Progenity extensively over the past few months. And during that time, we have seen both major bullish and bearish momentum. Now, the movement we’ve witnessed with PROG stock has been split between its developments as a company and its short squeeze potential. On the development side, the company recently announced the strengthening of its intellectual property via a single-molecule detection technology patent.
“We have added another important patent to our IP portfolio for the single-molecule detection platform, which is designed to enable sequence-free counting of target analytes including cell-free nucleic acids. We believe this approach may have important near-term impact in the fields of noninvasive prenatal testing (NIPT) and liquid biopsy.”The General Manager of Diagnostics at Progenity, Matthew Cooper
This is great news for the company and should help to put it ahead of the game moving forward. Now, because PROG stock is so volatile, it can be tough to view it as a stable long term play. However, with its sizable prospects, it could be worth adding to your watchlist moving forward.
Are These Penny Stocks Worth Buying Right Now?
If you’re looking for penny stocks to watch, there are hundreds of options to choose from. While it can be challenging to pick the best ones for your watchlist, the sheer number of options out there means that making money with small caps is entirely possible.
Considering that we are seeing somewhat renewed bullish sentiment right now, investors are hopeful about the future. With all of this in mind, do you think that these penny stocks are worth buying right now or not?
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