Inflation data came out today in a much-awaited report. It showed what most had expected: new 40-year highs. The Consumer Price Index (CPI) hit 8.5, but markets have taken this as a bullish sign. Whether it’s penny stocks or higher-priced stocks, the devil is in the details.

Based on several of the specifics within the report, traders are speculating that this is peak inflation. Whether or not that is the case is yet to be seen. However, it’s worth noting the data, the market’s reaction, and finding opportunities that could leverage this speculation even more. Today we look at a handful of penny stocks to watch after new inflation data was reported.

Penny Stocks To Buy [or avoid]

  1. SOS Limited (NYSE: SOS)
  2. Astra Space Inc. (NASDAQ: ASTR)
  3. Oriental Culture Holding Ltd (NASDAQ: OCG)
  4. Imperial Petroleum Inc. (NASDAQ: IMPP)

Best Penny Stocks To Buy

Even marginal trends can play a leading role in penny stocks. Today the S&P has ripped higher even in light of hot inflation data. But with hopes of this being “the top,” traders are looking for new opportunities. Right now, believe it or not, several tech penny stocks are heating up in addition to the more traditional names in energy and metals.

We’re talking cryptocurrency, NFT, space travel; all of the sexy stories you might think would underperform in an inflationary environment. Even meme coins like Dogecoin and Shiba Inu are heating up. Is this a new risk-on environment for lower-priced asset classes? If that’s the case, it might not come as a surprise that some of these penny stocks are jumped on Tuesday.

SOS Limited (NYSE: SOS)

best bitcoin penny stocks to buy SOS Limited SOS stock

Shares of SOS Limited moved higher during early trade thanks to a jump in cryptocurrency prices. The company specializes in blockchain and data technology. Of course, it also has a cryptocurrency business, including mining, and could expand into cryptocurrency security and insurance.

This week the company announced the launch of its North American operations. In particular, the initial step in the first Phase of the Wisconson Super Computing center is complete and has a 5MW capacity, hosting four mobile containers. According to SOS, this provided for operating up to 2,500 supercomputing servers. The final step of this phase will include an additional 20MW capacity and should be completed by June based on its April 12th update.

As one of the penny stocks under $1, SOS stock is no stranger to volatility. With a surge in digital asset prices and news-fueled excitement, this could be one of the penny stocks to watch this week.

Oriental Culture Holding Ltd (NASDAQ: OCG)

Sticking with the digital asset excitement, Oriental Culture Holding has joined this list of penny stocks. It was one of the companies initially speculated on by retail traders early on when NFT excitement first emerged.

Fast-forward to this year, and the company has firmly planted its flag in the NFT arena with numerous progress reports throughout the first few months of the year. Last month, for instance, Oriental launched its NFT services business. The goal was to offer a way to create and mint NFTs for cultural and artwork collections. This week the digital asset trend continued gaining traction following another big update.

Oriental Culture announced entry into the metaverse. When there’s a risk-on environment, edge tech companies have gained momentum. Tuesday’s news focuses on Oriental Culture, with several investors will take a stake in Beijing Jiu Yu Ling Jing Technology Co. and providing internet development resources to support it. Jiu Yu Ling offers services to global wine and alcohol companies and is in the process of creating a “Wine and Spirits” metaverse.

This new project will become a blockchain-based game, according to Oriental Culture. A virtual “Wine World” will be created for merchants and fans, offering access to education and sales in this virtual environment. The big question now is can this metaverse excitement continue fueling gains for OCG stock this month?

Astra Space Inc. (NASDAQ: ASTR)

best penny stocks to buy Astra Space ASTC stock

When you hear traders talking about penny stocks going to the moon, does space travel ever come to mind? In this case, Astra Space Inc. has been one of the low-priced stocks to watch as the space race for the new millennium continues heating up. The company specializes in orbital launch services and delivered its first commercial payload into earth orbit last year.

This week Astra has regained more attention from the market after its latest update. It announced a new electric propulsion system contract with LeoStella. Astra expects to start delivery later this year and into next year.

“LeoStella is a pioneering force in constructing critical space infrastructure through a variety of satellite designs…Their vision to deploy reliable, cost-effective satellites aligns closely with Astra’s and demonstrates the innovative forces at work to expand and accelerate access to space.”

Mike Cassidy, VP of Product Management at Astra.

Shares of ASTC stock have remained in focus as companies like Elon Musk’s SpaceX and Virgin Galactic (NYSE: SPCE) have continued making industry-related progress. Considering SpaceX alone plans on 60 launches this year, companies like Astra Space could be on the radar (no pun intended).

Imperial Petroleum Inc. (NASDAQ: IMPP)

Though there’s been a lot of excitement in cutting-edge tech, you can’t forget about traditional industries that tend to thrive during times like these. Energy remains in focus, and penny stocks like Imperial Petroleum have sometimes become top performers. This week, IMPP stock is back in focus as oil prices bounce back. The company offers petroleum products and crude oil transportation services.

Shares of the energy penny stock surged last quarter thanks to excitement in the industry. Thanks to this latest round of earnings results and capitalization efforts, management expects to expand its fleet further. Imperial previously acquired 2 product tankers before these results. With another bump in energy, IMPP stock and other oil and gas penny stocks could be on the watch list.

Penny Stocks To Buy

Are any of these on your list of penny stocks to buy? No matter what you’ve got on watch, it’s essential to understand the catalysts at play. What’s moving certain stocks and why? Understanding the source of volatility can be a big help when planning out your trader and even identifying other market opportunities.

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