Buying Penny Stocks Today? Here’s What You Need to Know
With another week of trading penny stocks here, there is a lot for investors to know. During early morning trading, we saw stocks like Twitter Inc. (NYSE: TWTR) and DiDi Global Inc. (NYSE: DIDI) climb substantially.
The major news today comes as Twitter stock skyrocketed following the announcement that Elon Musk has more than $3 billion invested in it. Big speculative announcements like this will always have a material impact on the underlying stock. And as investors, it’s up to us to figure out how to take advantage.
What You Need to Know About Trading Penny Stocks Today
The big news today comes as U.S. stock futures began trading mostly higher. While there are threats of new sanctions against Russia, we have begun to see consistent bullish sentiment in the market in the past week or so.
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And although there is rising inflation and the potential for slowed economic growth, the slump we have seen in the past several months, could be a thing of the past. So, with the market beginning the new week strong, let’s take a look at three penny stocks that are gaining during morning trading.
3 Penny Stocks Gaining During Morning Trading Today
- Protalix Biotherapeutics Inc. (NYSE: PLX)
- Red Cat Holdings Inc. (NASDAQ: RCAT)
- Spi Energy Co. Ltd. (NASDAQ: SPI)
Protalix Biotherapeutics Inc. (NYSE: PLX)
One of the largest premarket gainers during trading today is PLX stock. During early morning trading, shares of PLX stock shot up by over 44% to more than $1.52 per share. While we do see gains like this without news, PLX made an exciting announcement during early morning.
It stated that it has released topline results from its 24-month Phase III BALANCE Clinical trial of PRX-102 for treating Fabry Disease. This drug successfully met endpoint targets for kidney function, which is a big deal for the company. Considering this exciting news, will PLX be on your penny stocks watchlist today?
Red Cat Holdings Inc. (NASDAQ: RCAT)
Another big morning gainer today is RCAT stock with more than 22% in gains. In the past month, shares of RCAT stock have shot up by over 5.9%. The big news for RCAT stock came this morning as it announced that it had secured a purchase order for Golden Eagle Drone units from a NATO member country. And right now, we continue to see heightened attention for companies having any role in the conflict in Ukraine.
This is major news for the company as these drone units will be deployed in Ukraine. And, it states that the units are a major tool in the fight on surveillance and reconnaissance. With that considered, will RCAT be on your list of penny stocks to buy or not?
Spi Energy Co. Ltd. (NASDAQ: SPI)
Pushing up by over 30%, SPI stock is another penny stock that investors are watching right now. The major news for SPI came today as the company reported record revenue of over $162 million for the fiscal year ended on December 31st. In addition, it stated that it expects revenue to come in at around $200-220 million for the 2022 year.
Lastly, the company announced that it had cash of around $9.8 million as of the end of last year. All of this is extremely positive for the company, especially at a time when energy storage and EV’s are in focus. Because of this, does SPI stock deserve a spot on your penny stocks buy list?
Are Penny Stocks Worth Buying Right Now?
Finding the best penny stocks to buy can be challenging. But, with the right news and information by your side, it can be much easier to make money with small caps. And, knowing how to trade and what your investing strategy is, will also be crucial steps when it comes to buying penny stocks. Considering all of this, do you think that penny stocks are worth buying right now or not?