3 Reddit Penny Stocks For Your February Watchlist
With the past week presenting an interesting market for both penny stocks and blue chips, there is a lot of volatility all around right now. And while volatility can incite fear, with a proper understanding of the state of the stock market, making money with penny stocks in 2022 can be entirely possible.
Now, it can be complicated given the sheer amount of movement that is occurring right now. However, if we break down everything that is going on separately, we can begin to create a strategy that allows us to use these as an advantage.
Today, the largest mover is CPI data that came out. This data showed some of the highest rates of inflation in the past four decades and caused a major bearish turn at midday. With this however, we see just how reactive the stock market is right now. And, when we factor in the role of social media sites like Reddit and Twitter on penny stocks, this can increase exponentially. So, considering all of that, let’s take a look at three Reddit penny stocks to watch right now.
3 Penny Stocks on Reddit to Watch Right Now
- Ebang International Holdings Inc. (NASDAQ: EBON)
- Progenity Inc. (NASDAQ: PROG)
- Phunware Inc. (NASDAQ: PHUN)
Ebang International Holdings Inc. (NASDAQ: EBON)
One of the largest gainers of the day is EBON stock. By midday, shares of EBON had climbed by over 16% to more than $1.60 per share. This is a sizable uptick and reflects the overall bullish momentum that the company is seeing right now. In the past five days, shares of EBON stock have climbed by over 35%, which is no small feat.
And while many penny stocks climb with little to no news, EBON made an exciting announcement during trading today. In premarket on February 10th, Ebang International stated that it received registration approval for a digital currency exchange in Australia. This approval comes from the Australian Transaction Reports and Analysis Centre or AUSTRAC.
“Last year, we began our expansion in Australia by setting up subsidiaries and office space and establishing our local professional team. And now we are proud to announce that AUSTRAC has approved Ebonex Australia’s registration as a digital currency exchange (DCE).
AUSTRAC, an Australian government financial intelligence agency responsible for detecting, deterring and responding to criminal abuse of the financial system, oversees registration of any business that offers cryptocurrency exchange services.”The CEO of EBON, Mr. Dong Hu
This is major news as cryptocurrency continues to be a major focus for investors in 2022. And, with so much momentum left to occur in the crypto industry, this could be just the beginning. So, with all of this in mind, will EBON be on your list of penny stocks to watch?
Progenity Inc. (NASDAQ: PROG)
While shares of PROG stock had climbed by more than 10% during intraday trading, they quickly retreated alongside the greater market. Despite this, we’ve seen shares of PROG stock climb by more than 30% in the past five days. This is even more substantial considering its almost 70% drop in the past twelve months.
So, why are shares of PROG stock climbing right now? Well, before we get into it, it’s worth noting that we’ve been covering PROG extensively over the past few weeks. And, its recent momentum stems from an announcement made on January 25th. On the 25th, the company stated that it has strengthened its IP portfolio with a patent for single-molecule detection technology.
“This platform has the potential to greatly reduce operating costs and reduce turnaround times for genomic tests, with potential utility extending from nucleic acids to proteins. We are committed to maximizing the value of our patent portfolio and are actively assessing partnerships and other approaches that may expedite a path to market.”Matthew Cooper, the General Manager of Diagnostics at Progenity
Now, it’s tough to say when we could see results from this specific patent. However, it is without a doubt, very encouraging news. With biotech penny stocks, patents are one of the main methods for long term growth. Considering this, does PROG belong on your penny stocks watchlist?
Phunware Inc. (NASDAQ: PHUN)
Another gainer of the day is PHUN stock, which pushed up by almost 2% at midday. While this may not seem like a lot, PHUN stock has climbed by over 46% in the past five days. There are a few reasons why this is the case, and to understand it, we have to look at what the company does and what it has been doing recently. The main reason for the recent moves with Phunware comes as it was rumored PHUN would provide services for Donald Trump’s new social media company.
As the SPAC that was created to take the social media company public skyrocketed, so did shares of PHUN. However, this was an is a rumor as there is no concrete evidence of Phunware’s involvement. But, with penny stocks, we typically see speculation drive price. Only a few days ago, the company announced a strategic political partnership with Campaign Nucleus to build upon its smart-advocacy solutions.
“Phunware’s previous experience in deploying enterprise grade mobile ecosystems designed to engage, manage and monetize audiences at scale will help Campaign Nucleus deliver critical functionality and capabilities to any center right politician or advocate at the local, state or national level.”The Founder of Campaign Nucleus, Brad Parscale
So, while there are a sizable amount of rumors that are affecting Phunware right now, the company also has a lot going for it. Keep in mind that PHUN stock is highly speculative. And as a result, it tends to fluctuate greatly in price on any given trading day. So, whether it deserves a spot on your list or not is up to you.
Which Penny Stocks Are on Your Watchlist in February?
In the past few weeks, we’ve seen both penny stocks and blue chips continue to be highly volatile. And while navigating these waters in 2022 can seem scary, with the right information by your side, it can bar much easier than previously imagined.
If we consider the current factors that are at play in the stock market, we can begin to craft a stranger to use them as an advantage. With this in mind, which penny stocks are you watching in February?
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