Buying Penny Stocks Today? Here’s What You Need to Know
After a very positive day of trading for penny stocks and blue chips, investors are excited about trading today. Yesterday, the Dow jumped by almost 600 points with the S&P 500 rising by more than 2.1%. These are both substantial gains that reflect a bullish turnaround from the recent bearish momentum. Some big gainers during trading today include Neo Inc. (NYSE: NIO) and IQIYI Inc. (NASDAQ: IQ) to name a few.
While the issues at play with Ukraine are still occurring, investors are more comfortable with trading as it continues. With this 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 early morning trading today, stocks were gaining. This is due to some progress with relations between Russia and Ukraine. The war going on has been at center stage for the past few weeks, and any movement with it has a major effect on how stocks trade.
In addition to this, we’re scheduled to hear from the Fed today regarding its decision on interest rates. This will likely be the next big impact on the market. With all of that 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
- Sonnet BioTherapeutics Holdings Inc. (NASDAQ: SONN)
- DiDi Global Inc. (NYSE: DIDI)
- VEON Ltd. (NASDAQ: VEON)
Sonnet BioTherapeutics Holdings Inc. (NASDAQ: SONN)
One of the largest premarket gainers today is SONN Stock, pushing up by over 80% during early morning trading. Despite a 6 month drop of more than 55%, this recent move is a solid indication that there could be some bullish interest in SONN stock. The big news for the company comes today as the company announced FDA clearance for its IND regarding SON-1010.
SON-1010 is for the treatment of advanced solid tumors. This is a big deal for the company and should allow it to progress into its Phase 1 trial by the second quarter of this year. With that in mind, will SONN be on your penny stocks watchlist?
DiDi Global Inc. (NYSE: DIDI)
DiDi Global Inc. is another penny stock that is climbing during premarket trading. By early morning, shares of DIDI stock had shot up by over 40%, which is no small feat. It’s worth noting that we have covered DIDI stock numerous times in the past few weeks due to its substantial moves in price. And while there is no news regarding why DIDI stock is climbing right now, there are a few reasons.
For one, the recent crash in the Chinese stock market brought many stocks down to major lows. With DIDI stock being one of those, the company is now working to recover some of its value. And following threats of delisting from a U.S. exchange and a listing on the Hong Kong stock exchange, the company has since ceased these operations. So, because of these factors, does DIDI deserve a spot on your list of penny stocks to buy?
VEON Ltd. (NASDAQ: VEON)
During premarket trading, VEON stock managed to climb by a substantial, 6.7%. While shares of VEON have dropped by over 75% in the past month, this seVEON, Kaan Terzioglu, he stated that the company has a strong liquidity profile and a strong business to match.
With a recent upgrade in its credit rating, the company has been working to repay its debts in recent weeks. The company has over 218 million customers that it provides connectivity and digital services for, and as a result, it is a major player in the industry. Whether this makes VEON stock worth buying or not is up to you.
Which Penny Stocks Are on Your Watchlist Today?
Finding the best penny stocks to buy is all about understanding where to look. While it can be challenging to find penny stocks that are worth buying, using research and a keen understanding of what is going on in the stock market will help.
Considering that there are so many different factors at play right now, it all comes down to thinking outside of the box. With that in mind, which penny stocks are on your watchlist today?