Buying Penny Stocks Today? Here’s What You Need to Know
With a short week of trading penny stocks upon us, there is a lot to know about buying and selling stocks this week. Because of this, knowing what is going on in the stock market and how to take advantage is crucial. With all of that in mind, lets take a look at what you need to know about trading penny stocks today.
What to Know About Trading Penny Stocks Today
With a short week of trading here, there are two main factors that are on every traders mind right now. This includes the risk of increasing interest rates and the geopolitical tension between Russia and Ukraine.
These two factors alone have led to one of the most volatile stock markets we’ve seen in a long time. Right now, Russian troops are heading into Ukraine toward two breakaway regions in the Eastern portion of the country.
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Because of this, ramifications from Western Europe and the U.S. have begun to take hold. This includes Germany working to halt the operation of the Nord Stream 2 Baltic Sea pipeline.
So, while this is a developing story, it will likely have a negative impact on the stock market today. And as a result, investors need to stay on top, and understand how these will affect their portfolios. With this in mind, let’s take a look at three penny stocks that are climbing right now.
3 Penny Stocks to Watch Today
- Phunware Inc. (NASDAQ: PHUN)
- Ocugen Inc. (NASDAQ: OCGN)
- Imperial Petroleum Inc. (NASDAQ: IMPP)
Phunware Inc. (NASDAQ: PHUN)
One of the bigger gainers of the day during morning trading today is Phunware Inc., pushing up by around 10% at midday. This brings its one month gain to over 35%, which is quite substantial. Aside from the announcement of its latest PhunToken rewards program a few days ago, there is other news that is driving the price of PHUN stock right now.
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A few months ago, rumors surrounded the company that it would have a role in Donald Trump’s new social media app. While these were and are not true, we saw PHUN stock rise in tandem with Digital World Acquisition Corp. (NASDAQ: DWAC). This is an SPAC dedicated to taking Trump’s social media platform public. And yesterday, the TRUTH social media platform, hit the Apple App Store, sparking big gains today with DWAC and subsequently, PHUN stock. Considering this, will PHUN be on your penny stocks watchlist?
Ocugen Inc. (NASDAQ: OCGN)
Another big gainer during premarket today is OCGN stock. By early morning, shares of OCGN had shot up by over 14% to more than $3.95 per share. A few big announcements are in play for Ocugen right now. This includes a conference call for its Q4 and full year 2021 results on Friday of this week, which is much anticipated.
In addition, the company announced that the FDA had lifted its clinical hold on the submission of its IND for its Covid-19 vaccine. This means that the company can continue working toward development and hopefully commercialization of the vaccine candidate. So, whether this makes OCGN stock worth adding to your list of penny stocks to watch or not, is up to you.
Imperial Petroleum Inc. (NASDAQ: IMPP)
The largest premarket gainer of the day so far is IMPP stock. In morning trading, shares of IMPP stock exploded by over 52% to over $0.75 per share. This is a major gain and comes only a few weeks after it closed on a $12 million underwritten public offering. Based in Greece, IMPP offers oil transport across Seaborne shipping channels. It owns three product tankers and one oil tanker.
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While it’s hard to say exactly why IMPP is moving, it could be due to two reasons. On one hand, shares declined by over 7% on Friday, which could be responsible for today’s bullish turnaround. In addition, the aforementioned closing of the Nord Stream pipeline could be shining a light on IMPP stock. Regardless, it could be worth watching during trading today.
Are Penny Stocks Worth Watching This Week?
With such a wide variety of penny stocks to choose from, finding the best ones to buy can be challenging. But, because there is so much opportunity in the stock market, it all comes down to knowing where to look. With all of this in mind, which penny stocks are you watching during this short week of trading?
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