3 Penny Stocks on Reddit to Add to Your February List
If you’re looking for Reddit penny stocks to buy, there are hundreds to choose from. One thing to consider is that Reddit can and most of the time does lead to high amounts of volatility. This is due to the nature of the social media site and the amount of traders on there. And when we add in the high volatility of penny stocks, we see that this comes incrementally more.
Now in 2022, Reddit is often used as a place for traders to come together to find the best penny stocks to buy. But, because they are so volatile, it is best to do as much research as you can before buying or selling any penny stocks found online. Considering that the market is not getting any less volatile, now is the time to put in the research and find companies that could be worth it. With that in mind, let’s take a look at three Reddit penny stocks to watch right now.
3 Reddit Penny Stocks to Watch Right Now
Zomedica Corp. (NYSE: ZOM)
One of the largest gainers of the day is ZOM stock, which shot up by over 22 at EOD. This is a major gain and reflects some big news that came out yesterday at 6 AM. Before we get into it, it’s worth looking into what Zomedica does. For those unfamiliar, Zomedica is a biotech company working in the field of veterinary health. It offers diagnostic and therapeutic products that benefit both patients and veterinarians as well. Based in Michigan, Zomedica has several products in its pipeline.
The most recent news from the company came on February 15th, when it announced stated that Adrian Lock, its VP, and GM, will lead the Company’s sales organization. Mr. Lock stated “I am very excited to lead and continue to build a world class veterinary sales organization in support of the growth of the Truforma in-clinic biosensor platform, PulseVet shock wave therapy, and other exceptional technologies that Zomedica may add in the animal health market.”
In response to this, the CEO of Zomedica, Larry Heaton, stated “Adrian has been doing an outstanding job of building PulseVet sales in the equine market, and is a natural fit for him to lead the growing sales team as we launch shock wave therapy into the much larger, small animal market and continue to commercialize our TRUFORMA® platform.”
While this is interesting news, it may take some time before the full effects of it are felt. With that considered, will ZOM be on your penny stocks watchlist?
Harmony Gold Mining Co. (NYSE: HMY)
Harmony Gold Mining is another penny stock that shot up by over 5.5% during trading today. In the past few days, we’ve been covering gold stocks as a result of the price of gold rising and subsequent bullish momentum in the industry. As a result, HMY stock is heavily in focus for investors. Right now, we’re moving toward prices that we last saw in the past few months. And, this is one of the reasons that investors are interested in HMY stock and others in the past few days. There are a few reasons that gold is highly popular right now.
For one, during times of high inflation and geopolitical tension, many investors turn to gold. This is due to gold historically being a store of value during economic and political instability. While it is tough to say how long this will last, we do know that there is a sizable amount of volatility in the stock market right now. As a result, HMY stock continues to be a popular choice for investors of all types.
So, to look at HMY stock as a potential penny stock to buy, investors need to consider what is going on in both the stock market at large and with gold. With this in mind, will HMY be on your list of penny stocks to watch?
RLX Technology Inc. (NYSE: RLX)
Another big gainer of the day so far is RLX stock. By EOD, shares of RLX had climbed by over 7.7% to over $3.88 per share. This is a substantial increase and brings its five day gain to over 13%. A few weeks ago, the company announced a share repurchase program due to its dropping share price. It stated that the board had authorized a repurchase of $500 million in shares by the end of 2023.
For some context, RLX is a branded e-vapor company based in China. It offers in-house tech and product development. While the Chinese e-vapor market has taken a big dive in the past year, recently companies have begun to climb. And, today’s over 7% gain for RLX stock is a clear example of this.
Now, there is no one reason that RLX stock is gaining. However, we have seen KAVL stock which is a similar company, climb substantially in the past few days. With penny stocks, we often see gains like this occur with little to no news behind it. And as a result, these companies can be played as a swing trade. But, be aware that RLX stock is highly volatile, if that wasn’t clear from today’s trading. Considering this, is RLX stock worth buying or not?
Can Penny Stocks Continue to Climb This Month?
If you’re making a list of the best penny stocks to buy, there are hundreds of options to choose from. While it can be difficult given the sheer amount of penny stocks out there, with the right research on hand, it can be much easier.
Now, because the stock market is so volatile in 2022, there is a lot for investors to understand. This means looking at the news, seeing what is occurring, and considering how it may impact the stocks in your portfolio. With all of this in mind, do you think that penny stocks can continue to climb this month?