Are These 3 Penny Stocks on Your Watchlist Right Now?
With another day of trading penny stocks and blue chips off to a great start, investors are excited about the future. Now, it is difficult to say with certainty whether the bullish momentum we’re seeing right now will continue. However, after a few months of mostly bearish trading patterns, the moves in the past day or so are encouraging.
Now, when it comes to finding the best penny stocks to buy, it all comes down to two things. First, what is your trading strategy, and what are your investing goals? This will help you to narrow down your list substantially. And second, what is currently going on in the stock market and how can you take advantage? While this is not a fool proof method to making money with penny stocks, it should help to point you in the right direction. With that in mind, let’s take a look at three penny stocks that are climbing during today’s session.
3 Penny Stocks to Add to Your Watchlist Today
- Vinco Ventures Inc. (NASDAQ: BBIG)
- Kaival Brands Innovations Group Inc. (NASDAQ: KAVL)
- Progenity Inc. (NASDAQ: PROG)
Vinco Ventures Inc. (NASDAQ: BBIG)
One of the biggest gainers of the day so far is BBIG stock. By midday on February 9th, shares of BBIG stock shot up by over 15% to north of $3.50 per share. It’s worth noting that we covered BBIG stock several times in the last few weeks and as recently as February 6th.
On the 6th in the article titled ‘Best Penny Stocks To Buy This Week? 5 Names You Should Know Now‘, we discussed BBIG as a ‘reddit penny stock’ and one that could be worth watching. Now, the most recent news with BBIG stock comes as investors are once again viewing it as a short squeeze stock.
In the past few months, we’ve seen shares of BBIG stock skyrocketed and fall back down incrementally. This is due to the major speculation that surrounds Vinco Ventures. As of January 13th, data shows that BBIG stock has 25.8% of its float shorted. This is a large amount as short interest above 10% is usually a signal to be wary. Now, it’s tough to say if BBIG stock will continue to climb at this rate. But, we do know that many investors are showing bullish interest in the company right now. So, with all of this in mind, will BBIG be on your list of penny stocks to watch?
Kaival Brands Innovations Group Inc. (NASDAQ: KAVL)
KAVL stock is another penny stock that we have covered extensively in the past few weeks. And since the last time we covered it on February 7th, shares have increased substantially. In our article Best Penny Stocks to Buy Right Now? 4 to Watch in Mid-February, we talked about Kaival following its 35% gain. And today, shares are up by another 25% for a total five day gain of more than 145%.
This is highly substantial and reflects moves made by the company and the sentiment surrounding it as well. The biggest news for the company recently came on February 3rd when it announced the win of a judicial stay of its FDA marketing denial order. This concerns the Bidi Vapor LLC., Bidi Stick, which Kaival is a global distributor of.
“We expect this judicial stay will result in a rebounding of BIDI® Stick sales. Many wholesale and retail partners had discontinued or slowed purchases of the BIDI® Stick, until we heard back from the courts on the likelihood of our merits case succeeding.”The President and CEO of Both Kaival Brands and Bidi Vapor, Niraj Patel
Now, it’s tough to say if KAVL stock can continue these bullish moves given the sheer amount of speculation surrounding it. However, the major momentum that we’re witnessing with KAVL illustrates that investors are excited about the future of the company. And with this announcement, we see that Kaival and Bidi Vapor could have a winning product to sell within the next few months and beyond. With that considered, does KAVL deserve a spot on your penny stocks watchlist this month?
Progenity Inc. (NASDAQ: PROG)
By midday, shares of PROG stock had shot up by over 10.6% to almost $2 per share. During the past week or so we’ve covered Progenity plenty of times due to its consistent gains. And, the majority of this is based on an announcement it made at the end of January.
In the past five days, shares of PROG stock have climbed by more than 34%. On January 25th, the company announced that it has been awarded another patent for its single-molecule detection assay platform that is currently under development. The patent is titled “Methods, Systems, and Compositions for Counting Nucleic Avid Molecules.”
“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
In the biotech sector, patents are a major method for growth and this is a clear example of one. While PROG stock can be highly volatile, we’ve also seen a sizable amount of bullish interest in it recently. So, with all of this in mind, will PROG be on your list of penny stocks to watch?
Are Penny Stocks Worth Buying in February 2022?
The short answer to this question is that it is completely dependent on you and your trading strategy. While buying penny stocks can be worthwhile, it can also lead to large losses if you don’t know what you’re doing. So, always do the proper research and understand exactly how to trade penny stocks. So, with all of this in mind, do you think that penny stocks are worth buying in 2022 or not?
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