Are These 3 Penny Stocks on Your Watchlist Right Now?
If you’re looking for the best penny stocks to buy, there are hundreds to choose from. As a result of this, it all comes down to individual investors to find the penny stocks that fit their investing style. Right now, there are also a few trends that investors should keep an eye on. The first has to do with news and recent updates in the market.
As we all know, the largest impacting factors on the stock market in the past few weeks has been the war in Ukraine, and rising interest rates. However, in the last day or so we have also seen a new trend with meme stocks coming back into play. If you’re not familiar, meme stocks are stocks that are popularized by social media sites like Reddit and Twitter. This includes popular names like AMC Entertainment Holdings Inc. (NYSE: AMC) and GameStop Corp. (NYSE: GME), as well as recent entrants to the category.
While meme stocks can be a great way to make money with penny stocks in 2022, they can also be a swift way to lose money. So, always keep that in mind, and make sure that the volatility of the stocks you’re watching, lines up with what you’re comfortable with. In addition, it’s likely that the market volatility we’ve seen in the past few weeks will continue throughout this week and the near future. So, with all of that considered, let’s take a look at three penny stocks to watch in the final week of March.
3 Penny Stocks to Watch in the First Week of April
- ContextLogic Inc. (NASDAQ: WISH)
- Tonix Pharmaceuticals Holding Corp. (NASDAQ: TNXP)
- Color Star Technology Co. Ltd. (NASDAQ: CSCW)
ContextLogic Inc. (NASDAQ: WISH)
One of the bigger gainers of the day is ContextLogic Inc. By end of day, shares of WISH stock had shot up by over 6.7%. In the past five days, shares of WISH stock have shot up by more than 10.4%. And, this comes after a one year drop of more than 83%. After witnessing this major bearish fall, we see why today’s gain and its recent bullish momentum is so important. So, let’s take a look at why WISH stock is climbing right now.
If you’re not familiar, ContextLogic is a very large Ecommerce company dedicated to offering local marketplace-based platforms. The most recent announcement from ContextLogic came on March 1st when the company announced its Q4 2021 financial results. In the results, the company posted revenue of $289 million, which is a decrease of 64% YoY. In addition, it announced an adjusted EBITDA loss of $23 million.
“The financial health of our business and the future growth of Wish is dependent on improving our user experience, deepening our merchant relationships, and achieving organizational efficiencies. When we get these three foundational pillars fortified, we expect to drive the company into a new era of growth.”The CEO of Wish, Vijay Talwar
While its financial results are nothing to write home about, it’s clear that the company is working hard to grow. Considering this, will it be on your list of penny stocks to watch or not?
Tonix Pharmaceuticals Holding Corp. (NASDAQ: TNXP)
Up by over 4% at EOD is TNXP stock. In the past month shares of TNXP have pushed up by more than 20%. The most important recent news from Tonix came on March 21st. On the 21st, it announced results from its Phase 3 RALLY Study of TNX-102 SL 5.6 mg for managing fibromyalgia.
“The positive outcome of the earlier RELIEF study stands in contrast to the missed primary endpoint in RALLY. We believe the difference between these study results may be driven in large part by a 79% increase in adverse event-related participant discontinuations in the drug treatment group in RALLY as compared to RELIEF. Similarly, a 77% increase of adverse event-related participant discontinuations was observed in the placebo group…”The CMO of Tonix Pharmaceuticals, Dr. Gregory Sullivan
While the company still has a ways to go before this study is completed, this data is encouraging to say the least. Whether this makes TNXP stock worth buying or not however, is up to you.
Color Star Technology Co. Ltd. (NASDAQ: CSCW)
Another big gainer so far today is CSCW stock, which climbed by more than 5.4%. It’s worth noting that we’ve covered CSCW stock numerous times in the past few months due to its frequent movements in the market. And during that time, Color Star has consistently been mentioned as a meme stock. The most recent news from Color Star Technology came on March 25th. On the 25th, the company announced the establishment of a new Singapore-based subsidiary that will focus on its meta-digital technology.
“The establishment of the Singapore subsidiary is proof that Color Star has made significant progress since the business transformation, which is also proof that shifting our focus onto the metaverse was the correct decision.
On the other hand, we will be bringing changes to the concept of traditional physical stores through our development of digital integration, which will very likely see success, and not only for the cultural entertainment industry.”The CEO of Color Star, Lucas Capetian
With this exciting news in mind, it’s clear that CSCW stock remains a popular choice for investors of all types. Whether this makes CSCW worth adding to your penny stocks watchlist however, remains up to you.
Can Penny Stocks Continue to Climb Next Month?
In the past week or two, we’ve begun to see a sizable uptick in bullish market sentiment. This comes after a few months of bearish price movement from the beginning of the year onward.
While this is a relief, most investors believe that we are not out of the woods yet. And instead, we are simply seeing small movement that could be positive in the end. So, with all of this considered, do you think that penny stocks can continue to climb next month?