Buying Penny Stocks Today? Here’s What You Need to Know
Buying penny stocks and blue chips in February has been difficult. With so many factors impacting the investing landscape, understanding where penny stocks may go in a trading day, is not easy. But, by understanding what these factors are and how to take advantage, investors can have a much easier time making money with small caps. 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
The largest impacting factor on penny stocks and the stock market as a whole right now is the Russia-Ukraine tension. We have covered this extensively in the past week or two, and it has continued to cause high volatility.
Tensions on the border of Ukraine have resulted in a major selloff as investors gear up for potential conflict. In addition to this, major inflation and interest rate hikes are both curbing gains right now, and increasing market insecurity.
While some investors believe that 2022 is ripe for a bullish turnaround, others think that this could be just the beginning. Regardless, large market fluctuations are often a great way to make money for the who swing trade. Considering this, let’s take a look at three penny stocks climbing during premarket right now.
3 Penny Stocks Climbing During Premarket Right Now
- Quanergy Systems Inc. (NYSE: QNGY)
- Flotek Industries Inc. (NYSE: FTK)
- Creative Medical Technology Holdings Inc. (NASDAQ: CELZ)
Quanergy Systems Inc. (NYSE: QNGY)
One of the largest premarket gainers of the day is QNGY stock. By early morning, shares of QNGY had shot up by over 58% to more than $6.65 per share. While this technically makes it no longer a penny stock, it was just a day ago. After its SPAC merger and subsequent listing on the NYSE, Quanergy has made sizable headway in the market.
Yesterday, the company announced that it had secured an order for 1,000 sensors for IoT applications. This is big news for the company and shows that it is working tirelessly to grow. And, with the applications for IoT and LiDAR systems continuing to grow, QNGY could be worth adding to your list of penny stocks to watch.
Flotek Industries Inc. (NYSE: FTK)
In the past five days, shares of FTK stock have shot up by a very substantial 58% including a small premarket gain today. While many penny stocks climb with no news at all, Flotek made a very exciting announcement during trading yesterday.
The announcement came as the company was awarded a long term over $1 billion contract from ProFrac Holdings, LLC. Flotek states that this deal once closed, will increase its revenue backlog by $1 billion at the minimum and as much as $2.1 billion in the long run. The company expects the deal to close by the second quarter of this year, and will be voted upon by shareholders prior. Considering this exciting news, is FTK stock worth buying right now or not?
Creative Medical Technology Holdings Inc. (NASDAQ: CELZ)
Another major premarket gainer is CELZ stock, which shot up by over 15% during early morning trading. This comes after a sizable gain during trading on February 17th as well. It’s worth noting that we covered CELZ stock yesterday due to its high volume, however, with its gain today, it’s worth looking into once more.
One of the reasons for its gains is its moves as a low float penny stock. It is currently working on new immune therapies via New Drug Applications with the FDA. Although there is no specific news that is sparking the gain with CELZ stock right now, it is popular and trending online. So, take that with a grain of salt when considering whether or not to add CELZ to your penny stocks watchlist.
Are Penny Stocks Worth Buying Today?
If you’re looking for penny stocks to buy, there are hundreds of options out there. But, knowing the difference between which penny stocks are worth it and which aren’t, is crucial.
This means staying up to date with the latest news and events, and considering exactly what is going on in the market. With all of this in mind, do you think that penny stocks are worth buying today or not?