3 Penny Stocks to Watch on April 18th, 2022
With a new week of trading penny stocks here, there is a lot for investors to consider. When it comes to buying penny stocks, it’s all about understanding what is going on in the stock market and how to take advantage.
And because penny stocks are so speculative, this is a crucial step for making money with small caps in 2022. Some early morning gainers include Borqs Technologies Inc. (NASDAQ: BRQS) and Enveric Biosciences Inc. (NASDAQ: ENVB) among others. Because of this, let’s take a look at what you need to know about trading penny stocks today.
What to Know About Trading Penny Stocks Today
Ahead of market open on April 18th, we saw stock futures drop alongside a rise in 10-year Treasury yields to a more than three-year high. In addition, inflation prices are continuing to wreak havoc on U.S. markets, with reports showing increasing prices for common goods.
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With major companies set to announce financial results this week, it should be an interesting period for the market. Alongside this, continued tension in Ukraine has caused more volatility in world markets as well. So, with all of this in mind, let’s take a look at three penny stocks that are gaining during morning trading.
3 Penny Stocks That Are Gaining in Morning Trading
- Casa Systems Inc. (NASDAQ: CASA)
- Mullen Automotive Inc. (NASDAQ: MULN)
- Bitnile Holdings Inc. (NYSE: NILE)
Casa Systems Inc. (NASDAQ: CASA)
One of the largest premarket gainers during trading today is CASA stock. By early morning, shares of CASA had shot up by more than 47% to over $5.73 per share. This is a major gain that brings Casa Systems out of penny stocks territory. And to understand why, we have to take a closer look at recent news from the company.
The main reason for today’s gain comes as the company was awarded a multi-year contract from Verizon to provide its 5G Core Network Functions for Verizon’s Mobile Edge Computing. This will lead to Verizon making a $40 million investment in CASA common stock. So, with that exciting news in mind, will CASA be on your penny stocks watchlist or not?
Mullen Automotive Inc. (NASDAQ: MULN)
Mullen Automotive is a penny stock that we have covered countless times in the past few weeks. And with some momentum during early morning trading, MULN is back on the radar. Now, in the past six months, shares of MULN stock have dropped by more than 70%.
While this is disheartening for investors, we did see an over 200% spike from mid-February until now. Today, the company announced that it plans to bring its EV battery production in-house. This will be a big step for MULN and could make it worth adding to your list of penny stocks to watch.
Bitnile Holdings Inc. (NYSE: NILE)
Another penny stock that we have covered numerous times is NILE stock. With an over 24% gain during premarket trading, NILE is working hard to make a comeback from its YTD drop of over 55%.
The big news for Bitnile today came as it announced its 2021 year end results. In the results, the company grew its revenue by over 120% to more than $52 million. And, it managed to end the year with over $490 million in assets. These are major growth numbers and show that NILE is building its business quickly. Considering that, will it be on your buy list or not?
Which Penny Stocks Are You Watching This Week?
Finding the best penny stocks to buy in 2022 can be challenging. However, because there are so many to choose from, it may be easier than previously imagined.
[Read More] How to Find the Best Penny Stocks to Buy in 2022
With 2022 proving to be just as volatile as the year prior, there is a lot for investors to keep track of. But, with so much movement also comes plenty of opportunity to make money with small caps. With that in mind, which penny stocks are you watching this week?