Buying Penny Stocks Today? Here’s What You Need to Know
Trading penny stocks and blue chips in the past few weeks has been extremely difficult. With rising interest rates, Covid, and more recently, tension between Russia and Ukraine, there is a lot of volatility in the stock market right now.
And with the S&P 500 moving toward correction territory, the geopolitical conflict is continuing to create a tense market situation. 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
During premarket, Dow Jones Industrial Average futures were up around 200 points with the S&P 500 up by around 0.8%. This comes after the indexes dropped by 480 points and 1% respectively during trading yesterday.
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So, while markets are rebounding slightly today, the S&P 500 and Dow are at the lowest levels seen since 2022 began. Right now, investors need to focus on the conflict between Russia and Ukraine. This is the largest impacting factor on the stock market and it continues to wreak havoc on volatility.
With sanctions hitting Russia from U.S. and U.K. financial institutions and Germany blocking a pipeline from operating, it’s clear tensions are high. Lastly, we’re seeing the price of oil climb toward a seven-year high, with Brent Crude touching almost $100 per barrel. So, with all of this in mind, let’s take a look at three penny stocks gaining during premarket right now.
3 Penny Stocks Gaining During Premarket Right Now
- Imperial Petroleum Inc. (NASDAQ: IMPP)
- Mullen Automotive Inc. (NASDAQ: MULN)
- Revelation Biosciences Inc. (NASDAQ: REVB)
Imperial Petroleum Inc. (NASDAQ: IMPP)
During premarket, shares of IMPP shot up by over 30%. This comes as IMPP stock climbed by more than 60% during trading yesterday. The latest news from the company is its $12 million underwritten public offering which was announced last month.
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And since then, there has not been much reported by Imperial Petroleum. But, as stated earlier, there is also a major amount of bullishness in the oil and gas sector right now. So, this could be adding to IMPP’s rally. Considering that, will it be on your list of penny stocks to watch?
Mullen Automotive Inc. (NASDAQ: MULN)
Another sizable premarket gainer is MULN stock. By early morning, shares of MULN stock had shot up by over 28%. This is a sizable gain and comes after a disappointing week of trading where Mullen witnessed a 45% drop in value thus far.
In the past six months, shares of MULN have fallen by a massive 94%. So, why are we seeing MULN stock climb right now? The most recent announcement from the company came as it stated that it was on track to meet its operational goals. In addition, it announced several major accomplishments.
Mullen stated that “The company is unaware of any business reason for the current decline of the Mullen Stock price.” This is an interesting sentiment to consider and one that is indicative of the sheer volatility of penny stocks. So, with EV companies in focus right now, is MULN worth adding to your penny stocks watchlist?
Revelation Biosciences Inc. (NASDAQ: REVB)
Pushing up by over 29% in premarket trading is REVB stock. Similar to Mullen, shares of REVB have shot down by around 40% in the past month. The most recent news from the company came on February 17th, when Roth Capital initiated coverage on it. In its coverage, the firm added a Buy rating with a $12 price target. While analyst ratings are nothing to live or die by, they are worth considering when looking at a company.
Prior to this, Revelation announced a $7.76 million equity financing deal to help move forward with its current clinical trials. Right now, many investors are focused on biotech penny stocks, and REVB has a lot going in its pipeline. Considering that, will it be on your watchlist or not?
Which Penny Stocks Are You Watching?
Finding penny stocks to buy can be challenging in the current stock market. But, understanding exactly what is making the market move and how to take advantage, will be your best chance at profitability.
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Now, making money with penny stocks will always take a thorough trading strategy and a strong consideration of how to trade. So, with all of that in mind, which penny stocks are you watching right now?
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