Buying Penny Stocks Today? Here’s What You Need to Know
With another potentially volatile day of trading for penny stocks and blue chips, there is a lot for investors to consider. As we all know, the largest contributing factor to stock market movement right now is the war going on in Ukraine. 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 morning tradings futures for the Dow Jones dropped by around 200 points. This comes after the index ended trading on Friday lower as well. Right now, the major fear comes as the U.S. and Europe discuss the possibility of a ban on Russian oil. This resulted in the price of oil jumping to over $120 per barrel, which is its highest level in over 14 years.
In addition, we saw European markets drop significantly, indicating the severity of this global event. Although the market is trying to recover right now, there is still a lot to consider about the conflict in Ukraine. And with another round of peace talks occurring today, investors should be on their toes. With this in mind, let’s take a look at three penny stocks that are gaining during trading right now.
3 Penny Stocks Gaining During Trading Right Now
VEON Ltd. (NASDAQ: VEON)
One of the bigger gainers of the day so far is VEON stock. During premarket, shares of VEON climbed by over 14% to more than $0.46 per share. This is a sizable uptick and reflects news announced during trading a few days ago. VEON, which is a Russian company based in Amsterdam, stated that it has no ultimate controlling shareholder and therefore it is not subject to sanctions.
This has been a major worry for investors as any company tied to Russia has fallen significantly in value in the past few weeks. While VEON stock is highly volatile, this news is positive and could make VEON worth adding to your penny stocks watchlist.
Imperial Petroleum Inc. (NASDAQ: IMPP)
One of the biggest gainers we’ve seen in the past few weeks is IMPP stock. In the last five day and one month period, shares of IMPP stock have shot up by over 40% and 360% respectively. And with a 33% gain during premarket trading today, it’s clear IMPP stock is full of bullish sentiment right now.
Aside from being the latest meme stock to jump in astronomical numbers, Imperial Petroleum is benefitting from the rise in the price of oil. And with a $12 million underwritten public offering announced a few weeks ago, it is also working to capitalize on these gains. Considering that, is IMPP stock going to be on your list of penny stocks to buy?
TherapeuticsMD Inc. (NASDAQ: TXMD)
Another large premarket gainer during trading today is TXMD stock. During premarket, shares of TXMD shot up by over 53% to more than $0.32. The main reason for this comes as the company entered into a definitive agreement to divest its business known as vitaCare Prescription Services to GoodRx. (NASDAQ: GDRX).
This is a big deal and will give TXMD $150 million in cash with a potential $7 million in payments depending on vitaCare’s performance. In addition to this being a big deal on its own, there is also a sizable amount of bullish sentiment in the biotech sector right now. With this considered, do you think TXMD is worth buying right now or not?
Which Penny Stocks Are You Watching Today?
Finding the best penny stocks to buy is challenging. If we consider the amount of factors occurring simultaneously with both penny stocks and blue chips, we see that investing right now is not easy.
But, with the right trading strategy and a commitment to understanding the latest news and events, it can be much easier than previously imagined. Considering that the stock market is likely to stay volatile in the near future, which penny stocks are you watching right now?