Buying Penny Stocks Today? Here’s What You Need to Know
After a wild and volatile few weeks of trading penny stocks and blue chips, it looks like we may be in for another week of extreme trading. The most recent news hitting the market from the Russia-Ukraine conflict continues to have a major effect on penny stocks and how the entire market trades. For that reason, it’s worth looking into what you need to know about trading penny stocks today.
What to Know About Trading Penny Stocks Today
In the past few weeks, most of the momentum in the stock market has been due to the invasion of Ukraine by Russia. And today, stocks are once again set to fall as the market opens due to the latest news.
Over the weekend, Russian President Vladimir Putin, put his country’s nuclear deterrence on high alert. And, this means that many countries around the world are gearing up for new defense budgets.
That includes Germany announcing that it would add 100 billion euros to a new fund for defense spending related to this. And in the U.S., many defense stocks such as Raytheon Technologies Corp. (NYSE: RTX) and Lockheed Martin Corp. (NYSE: LMT), climbed during premarket trading.
In Russia, major sanctions have resulted in an economic collapse. The recent collapse in Russian currency brought the country to raising interest rates from 9.5% to 20%. This is a major increase and will have massive implications for the short and long term future of the Russian economy. So, with all of this in mind, let’s take a look at three penny stocks that are gaining during premarket right now.
3 Penny Stocks Gaining During Premarket Right Now
- Camber Energy Inc. (NYSE: CEI)
- Imperial Petroleum Inc. (NASDAQ: IMPP)
- Mullen Automotive Inc. (NASDAQ: MULN)
Camber Energy Inc. (NYSE: CEI)
One of the bigger gainers of the day is CEI stock. By early morning, shares of CEI had shot up by over 5%. Now, this comes as CEI stock has continued to climb in the past few weeks. Over the last five days, shares of CEI stock have exploded by almost 30% and since February 22nd, by more than 45%. So, why is Camber Energy climbing?
Well, aside from some recent company-specific announcements, CEI is often discussed heavily online as a Reddit penny stock. This means that it is subject to large price movement based on social sentiment. And because of this, we see constant moves with CEI stock. In addition, the recent major upticks in energy prices have resulted in energy penny stocks climbing significantly. So, with all of that in mind, will it be on your penny stocks watchlist?
Imperial Petroleum Inc. (NASDAQ: IMPP)
Another big morning gainer today is IMPP stock. By early morning, shares of IMPP stock shot up by over 12%. But, this does not compare to its five day gain of more than 295%. Similarly to Camber Energy, one of the main sources of movement with IMPP stock is the investing environment surrounding energy stocks.
But, aside from this, IMPP recently announced the closing of a $12 million underwritten public offering. It’s tough to say why exactly IMPP stock has exploded in value in that time, but it is likely a combination of all the factors mentioned above. So, with that considered, do you think IMPP stock is worth adding to your list of penny stocks to buy or not?
Mullen Automotive Inc. (NASDAQ: MULN)
Another penny stock that has continued to climb in value in the past few trading sessions is MULN stock. Surpassing $1 during morning trading, MULN stock shot up by over 45% in premarket today. This comes after a six month loss of more than 90%, which saw MULN stock drop from over $10 per share to under $1.
Today, the company announced that it has made progress on the development of its solid-state polymer battery pack development. This is great news and should allow the company to offer a 150-kilowatt-hour battery pack that could deliver more than 600 miles of range. The news is very exciting and shows just why MULN stock is climbing right now.
Which Penny Stocks Are You Watching Today?
With so many penny stocks to watch right now, there is a lot for investors to consider. But, understanding exactly what is going on in the stock market and how to take advantage, is crucial to making money with penny stocks. So, with all of this in mind, which penny stocks are you watching today?