3 Penny Stocks That Are Climbing Right Now
With another week of trading penny stocks and blue chips here, there is a lot for investors to know. On May 9th, we saw the Dow slide once again with tech stocks leading the downward move. As we’ve seen in the past few weeks, there is a lot of volatility around. And, this has led to major losses across the board with tech, biotech, and most stocks in general.
So, to have the best chance of making money with small caps, investors need to be confident in their trading strategy. In addition, having a well-thought-out understanding of what is going on in the market, is crucial to profit with penny stocks. So, with that in mind, let’s take a look at three penny stocks that are climbing today.
3 Penny Stocks to Watch That Are Pushing Up Today
Exela Technologies Inc. (NASDAQ: XELA)
One of the bigger gainers of the day so far is XELA stock. At midday, shares of XELA had shot up by over 9% to more than $0.30 per share. Despite a six month drop of over 80%, it’s clear that investors are showing interest in the company.
Now, while we do see some penny stocks climb with no news, Exela made an exciting announcement during premarket trading. The company stated that it has executed on a binding $150 million financing commitment from PNC Bank. It states that this commitment will offer up to $150 million on or before May 31st of this year. And, it also stated that this financing should help it to lower its annual interest by $6 million based on an initial interest rate of around 4%.
This is great news for Exela and should help it to have access to more capital and the repayment of certain debt obligations. As a business process automation company, XELA has seen a major amount of interest alongside the growth of the tech sector recently. So, with all of that considered, do you think that XELA stock is worth adding to your list of penny stocks to buy or not?
Cyngn Inc. (NASDAQ: CYN)
Another major gainer of the day on May 9th is CYN stock. At midday, shares of CYN had shot up by over 11% to more than $4. While this may seem like a lot, in the past one month period, we’ve seen shares of CYN stock explode by over 220%.
This major gain was sparked in mid-April when the company announced the launch of its DriveMod Kit. This is a fully-autonomous vehicle hardware integration module. After it filed a patent for this product back in February of this year, the company has since worked hard to get its assembly line going as of last month.
“We are excited to have launched production of DriveMod Kit for Columbia’s Stockchaser. With 883,000 new material-handling vehicles sold each year in the U.S., DriveMod Kit creates a sizable opportunity for Cyngn to lead the rapid adoption of turnkey AV solutions for both retrofit and new vehicles.
Installation can be done quickly and does not require special training. Anyone who works on these vehicles can retrofit an existing Columbia Stockchaser into a fully autonomous vehicle with very little effort.”The CEO of Cyngn, Lior Tal
Because this product can be used with existing tech, it could become a major winner in the AV industry. While it’s hard to say what the long term will look like, there is no doubting that this is an exciting prospect. And, with the market on autonomous vehicles growing substantially, CYN remains an intriguing company to add to your penny stocks watchlist.
Society Pass Inc. (NASDAQ: SOPA)
SOPA stock is a penny stock that we have covered numerous times in the past few months. And today, we witnessed substantial gains with SOPA stock, as it shot up by over 35% at midday. Despite a six month drop of over 94%, which took SOPA from over $40 per share to less than $2.60, we have begun to see some recent bullish sentiment.
The big news today comes as the company reported its Q1 2022 financial results. In the results, it saw its revenue grow by over 4,500%. This is a shocking number, however, it only represents a rise from around $10k to over $445k. While this is still a large sum of money, it should be taken with a grain of salt. In addition to this, the company announced a cash on hand growth amount of over 30% QoQ, to $31 million.
“Our robust revenue growth validates our acquisitions focused operating model. Leflair continues to be our main revenue contributor as we gear up our latest acquisitions Pushkart and Handycart to become leaders in their respective markets.
As a result of our corporate restructuring process, Leflair Group is now set to become Southeast Asia’s next lifestyle retail super distributor nexus, evolving from a single discounted platform to a lifestyle retail ecosystem.”
Whether this exciting news makes SOPA stock worth buying or not is up to you.
Which Penny Stocks Are on Your Watchlist Right Now?
With so much going on in the stock market, there is a lot for those who trade penny stocks to consider. Right now, we have to understand what factors are contributing to stock market growth, and what factors are hindering it.
And, because there is so much in flux, this can be complicated. But, with the right trading strategy on hand, it can be much easier than previously imagined. With that in mind, which penny stocks are on your watchlist right now?