3 Reddit Penny Stocks to Add to Your Watchlist Right Now
Are penny stocks a good investment? This is a question that has investors come to terms with on a daily basis. Some people believe that penny stocks are a great way to make money, while others believe that they are too risky. So, what is the truth? Are penny stocks worth investing in or not?
Well, the short answer is that it comes down to you and your individual investing style. While some investors are more conservative, others are more aggressive and may be willing to take on more risk for the chance of greater rewards. While some penny stocks today such as Progenity Inc. (NASDAQ: PROG) and Denison Mines Corp. (NYSE: DNN) are showing upticks, others are not.
When it comes to penny stocks, there is a higher degree of risk involved. This is because these stocks are under $5 and tend to be highly influenced by news and events. They also tend to be much more volatile and can fluctuate greatly in any given trading day. When we add in the Reddit component, we see that this increases even more so.
[Read More] Best Penny Stocks To Buy Now? 4 Energy Stocks To Watch
In the past few years, we’ve seen the influence of Reddit continue to climb as it relates to penny stocks. This can be a good and a bad thing depending on what type of investor you are. If you’re looking for highly volatile and reactive penny stocks to buy, Reddit is a great place to find inspiration. However, if you’re in search of penny stocks that will show long-term stable gains, Reddit stocks may be worth avoiding. So, with all of this in mind, let’s take a look at three penny stocks on Reddit to watch as March comes to an end.
3 Penny Stocks on Reddit to Watch as March Ends
- Imperial Petroleum Inc. (NASDAQ: IMPP)
- Transocean Ltd. (NYSE: RIG)
- Clarus Therapeutics Holdings Inc. (NASDAQ: CRXT)
Imperial Petroleum Inc. (NASDAQ: IMPP)
Imperial Petroleum is a penny stock that has been making waves recently. And with around 1.4% in gains today, IMPP stock is once again on the radar. Now, in the past five days, shares of IMPP stock have climbed by over 25%. However, from February 18th to March 7th, shares of IMPP stock shot up by over 1,400%, before falling from that high. So, why are so many investors watching IMPP stock right now?
Well, the most recent news from the company came yesterday when it announced the closing of an upsized underwritten public offering. This offering of $60 million consists of 37.5 million units at a price of $1.60 per unit. The company states that it will use these proceeds for capital expenditures, acquisitions of new vessels, and other general corporate needs.
If you’re not familiar, Imperial Petroleum owns a variety of ships for use in providing seaborne transportation services for petroleum products. Right now, it has three M.R. product tankers and one Aframax oil tanker. Because of the high bullish sentiment surrounding oil and gas right now, it’s clear that IMPP continues to show its potential. With this in mind, will it be on your list of penny stocks to watch or not?
Transocean Ltd. (NYSE: RIG)
One of the bigger gainers of the day so far is RIG stock. Up 10% at midday, RIG stock has climbed by over 47% in the past month and YTD by over 57%. One of the big reasons for RIG stocks recent gains is the result of the war between Ukraine and Russia.
At around $4.89 per share, RIG is just shy of no longer being a penny stock. However, because it is, it’s worth looking at why shares are moving right now and what the company does. Right now, there is a major shortage of natural gas as a result of the sanctions put on Russia. Because of this, we’ve seen energy penny stocks of all types continue to climb in value over the past few weeks.
[Read More] Hot Marijuana Penny Stocks Under $1 To Watch Ahead Of MORE Act Vote
While Transocean has not released any news in that time, it’s clear that this is the reason that RIG and other energy stocks are climbing right now. One thing to keep in mind is that this is a very speculative move. So, understand the short and long term effects that this could have on the energy industry. With that in mind, will RIG be on your penny stocks watchlist?
Clarus Therapeutics Holdings Inc. (NASDAQ: CRXT)
Up by more than 27% at midday are shares of CRXT stock. This is a staggering gain and adds to CRXT stock’s five day gain of more than 110%. The biggest recent news from the company came on March 16th. On the 16th, it announced the initiation of Phase 4 testing for the clinical trial of Jatenzo. This is a testosterone based treatment for hypogonadal men with chronic kidney disease.
“We are excited screening has begun for the first patient in this trial of hypogonadal men with CKD. Patients with CKD suffer from a myriad of comorbidities, which often include profound reductions in circulating T. Epidemiological data indicate that an estimated two million men with CKD are clinically hypogonadal and thus may benefit from T replacement therapy.”
The President and CEO of Clarus Therapeutics, Dr. Robert Dudley
This is potentially a large market opportunity for Clarus, and this news shows why CRXT stock is climbing right now. Whether this makes CRXT stock worth buying or not is up to you.
Which Penny Stocks Are You Watching Right Now?
Finding penny stocks on Reddit can and is a great way to get inspiration for your watchlist. However, investors need to have a complete understanding of their own investing style and the risk that they’re willing to take on. Many investors turn to Reddit due to the high volatility of the stocks mentioned within it.
[Read More] Will The Cannabis Legalization Bill Affect Penny Stocks? 3 to Watch
This lends itself heavily to swing trading, which is a popular method that traders use with penny stocks. Regardless, always understand what is going on in the stock market at large, and how to take advantage of that. With this in mind, which penny stocks are you watching right now?
If you enjoyed this article and you’re interested in learning how to trade so you can have the best chance to profit consistently then you need to checkout this YouTube channel. CLICK HERE RIGHT NOW!!
