Buying Penny Stocks Today? Here’s What You Need to Know
After a very volatile few weeks of trading for penny stocks and blue chips, investors are cautiously optimistic about the future. While interest rates and geopolitical tensions have been driving market upsets recently, we’ve also seen small spurts of bullish momentum. As a result of the highly volatile market, we are also seeing a lot of trading being conducted with fear.
While investors are hopeful about the future, there is also a sizable amount of uncertainty abound. This means that paying attention to what’s going on with penny stocks and the stock market as a whole is more crucial than ever. With that in mind, let’s take a look at what you need to know about trading penny stocks today.
What to Know About Trading Penny Stocks Today
Today, we will witness earnings reports from several major companies. This includes CVS Health Corp. (NYSE: CVS), Yum Brands Inc. (NYSE: YUM), and several tech companies during after hours trading. Earnings are extremely important to consider because they can set the tone for the broader market moving forward.
Aside from this, we are seeing Futures on the S&P 500 and NASDAQ 100 push up. This is a positive side and could lead to a bullish open following a solid day of trading on Tuesday. With earnings reports so far being mostly positive, the signs for an economic recovery are underway.
But, traders will need to feel more comfortable with the idea of cheap money disappearing as interest rates tentatively begin to rise in March. So, with all of this in mind, let’s take a look at three penny stocks that are climbing during premarket right now.
3 Penny Stocks Climbing During Premarket Right Now
- Infobird Co. Ltd. (NASDAQ: IFBD)
- Moving Image Technologies Inc. (NYSE: MITQ)
- Avrobio Inc. (NASDAQ: AVRO)
Infobird Co. Ltd. (NASDAQ: IFBD)
One of the biggest gainers of the day during premarket trading is IFBD stock. By early morning, shares of IFBD stock had shot up by over 20% to north of $0.94 per share. While there is no company-specific news driving this price increase, we can look at its recent announcement to deduce a reason for today’s gain.
On February 2nd, it signed into a contract with Nippi Japan for digital marketing solutions. The goal is to build out a new digital strategy for Nippi via Infobird’s strategic marketing operations. Whether this is the reason IFBD stock shot up today or not, it remains worth considering for your penny stocks watchlist.
Moving Image Technologies Inc. (NYSE: MITQ)
Another major gainer during premarket today is MITQ stock. By early morning, shares of MITQ stock had climbed by over 26% to more than $1.52 per share. This follows a one month drop of around 30% which shows a sizable bullish turnaround. The big news for MITQ comes as it announced 113% in revenue growth during the second quarter of 2022.
This is big news and shows sizable positivity for the future of MITQ. And, with a 93% YoY growth in its revenue guidance for 2022, many investors continue to show interest in the company. With that in mind, will MITQ be on your list of penny stocks to watch?
Avrobio Inc. (NASDAQ: AVRO)
With an almost 4% gain during premarket today, AVRO stock is in focus for many investors right now. In the past six months, shares of AVRO stock have shot down by around 70%. While this is disheartening, we could be seeing the early stages of a small bullish recovery. So, why did shares climb today?
Well, during early morning on February 9th, the company reported interim data from its Phase 1/2 study of its investigational gene therapy for cystinosis. With favorable data in these interim results, the company states that it is on track to begin its sponsored trial planned for next year. Whether this makes AVRO stock worth buying or not is up to you.
Which Penny Stocks Are You Watching Today?
If you’re looking for the best penny stocks to buy, there are hundreds of options to choose from. Because of the sheer range of penny stocks out there, investors need to consider everything that is going on in the stock market and how to take advantage. With all of that in mind, which penny stocks are you watching today?
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