3 Penny Stocks to Watch With Big Stock Market News Right Now
With another day of volatile trading for penny stocks and blue chips, there is a lot that investors need to know right now. Today, penny stocks are seeing bullish momentum despite overall declines in the market. And, today we also witnessed declines in the broader market due to less than stellar CPI numbers.
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With penny stocks, it all comes down to understanding what is going on in the news and how to take advantage. The low price of small caps means that price fluctuations are likely to happen regularly and by large amounts. While this should not serve to incite fear, it should help to guide your trading strategy. With all of that in mind, let’s take a look at three penny stocks to add to your February watchlist.
3 Penny Stocks to Add to Your February Watchlist
- DiDi Global Inc. (NYSE: DIDI)
- Society Pass Inc. (NASDAQ: SOPA)
- ContextLogic Inc. (NASDAQ: WISH)
DiDi Global Inc. (NYSE: DIDI)
By midday, shares of DIDI stock had climbed by over 11% to north of $4.40 per share. This is a sizable uptick and one that reflects a 24% five day gain. During that time, we’ve been covering DIDI stock as investors continue to show bullish interest in the company.
Why is DIDI Stock Climbing Today?
The reason that DiDi is shooting up in value right now comes as news states that China’s state-backed funds may be purchasing shares in companies to avoid losses. This is no where near the first time that China has done this, and it most likely will not be the last.
In addition to this, today, the company announced that it received a greater investment from one of its largest investors. The company states that Tencent Holdings Ltd. added almost 2 million Class A ordinary shares to its already sizable position in the company. This brings its ownership from 6.4% to 7.4%, which is quite a substantial gain. Because DIDI stock has been shooting down in the longer term, this is a great event for investors to consider.
It adds an air of confidence in DIDI stock and shows that the company could have a brighter future. While it is hard to say hat the long term future of DIDI stock will look like, we do know that this is big news. Considering that, will DIDI be on your list of penny stocks to buy?
Society Pass Inc. (NASDAQ: SOPA)
Another big gainer of the day so far is SOPA stock. By midday, shares of SOPA had shot up by over 10.6% to almost $4 per share. While shares of SOPA stock have dropped by around 90% in the past six months, it does look like we’re seeing a small bullish turnaround right now with the company. To understand why, we have to take a look at its recent announcements and the company as a whole.
Why is SOPA Stock Climbing Today?
On February 8th, SOPA stock announced the pricing of its $10 million underwritten public offering. In the offering, it stated that it would sell roughly 3.03 million shares of common stock at a price of $3.30 per share. Shortly after, shares of SOPA stock dropped substantially. So, we may be seeing a turnaround following that drop, but it does look like it could be too soon to say.
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For those unfamiliar, Society Pass offers a loyalty and analytics platform for merchants. This includes POS solutions, customer management, profile analytics, and more for small and medium sized businesses. While it’s tough to say if SOPA stock can continue to climb in the near future, we are seeing a sizable amount of bullish interest in the company right now. With this in mind, does SOPA deserve a spot on your penny stocks watchlist?
ContextLogic Inc. (NASDAQ: WISH)
While WISH stock’s 2.7% gain during trading today is nothing to write home about, it is substantial. In the past five days, shares of WISH stock have climbed by over 10% to more than $2.60 as of today. Now, it is tough to say that WISH stock is worth buying as the business has gone through quite a lot of troubles in the past year or so. But, to explore whether there is any chance of value with WISH stock, let’s take a closer look.
Why is WISH Stock Climbing Today?
It’s hard to say with confidence why shares of WISH stock are moving during today’s trading session. However, we can look any some of the most recent news from the company to try and deduce a reason.
On February 2nd, ContextLogic announced that it will introduce a new ‘invite-only’ selection process for its merchants. As one of the largest mobile commerce platforms in the world, the company has sizable potential to continue growing. It states that this move should help to give more power to merchants while providing an A+ service as well.
“Our overall goal is to create a fun environment for users to shop for quality products online, and this starts at the moment of merchant sign-up. The addition of an ‘invite-only’ sign-up experience will go a long way as we focus on partnering with higher-quality merchants. It’s just one of many features we will be rolling out this year to improve the user experience on Wish.”
The VP of Product for Merchants and Logistics for Wish, Mauricio Monico
With all of that considered, do you think that WISH stock is worth buying or not?
Which Penny Stocks Are You Buying Today?
If you’re searching for penny stocks that could be worth buying, there are hundreds to choose from. But, understanding where to look and which companies may have value, is crucial. Right now, there is a lot that is going on in the stock market.
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And, this can make it challenging to make money with penny stocks. But, if investors use the tools they have available to them, it can be much easier than previously imagined. Considering that, which penny stocks are you buying right now?
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