Why These 4 Penny Stocks Are Climbing Right Now
With another day of volatile trading for penny stocks and blue chips, it’s important to remember a few key tenets for stocks and the stock market in general. First, penny stocks are volatile by nature. They will go up and down, sometimes rapidly and sometimes slowly. Second, it is crucial to understand why the stock market is moving and how to use that to your advantage. And third, it’s important to do your own research and consider what exactly is affecting the penny stocks on your list.
In the past few trading days, we’ve seen major volatility that is underscored by bearish trading performance. While this can be an extremely difficult period for investors to use to their advantage, there are some opportunities within. Considering that, let’s take a look at four penny stocks that exploded during trading today.
4 Penny Stocks That Are Pushing Up During Trading Today
- Vroom Inc. (NASDAQ: VRM)
- MICT Inc. (NASDAQ: MICT)
- Cyngn Inc. (NASDAQ: CYN)
- Baosheng Media Group Holdings Ltd. (NASDAQ: BAOS)
Vroom Inc. (NASDAQ: VRM)
During trading today, shares of VRM stock have shot up by over 35% at midday which is quite substantial. This is also a major bullish turnaround from its past month performance which is down by around 32%. And, in the past six months, shares of VRM stock have fallen by around 90%. While many penny stocks climb with little to no news, VRM made an exciting announcement that is causing its sizable uptick right now.
At EOD on May 9th, the company reported its Q1 2022 financials, which exceeded guidance on all key metrics. In addition, it announced a business realignment plan. Looking at the report, we see that its e-commerce units sold increased 26% YoY, with its e-commerce revenue increasing by over 60% YoY. And, the company managed to bring in a gross profit of $34.3 million, which is 8% more than the previous year. So, with all of this exciting news in mind, do you think VRM is worth adding to your list of penny stocks to buy?
MICT Inc. (NASDAQ: MICT)
Another major gainer of the day is MICT stock. At midday, shares of MICT had shot up by more than 24% to over $0.67 per share. This staggering gain comes alongside a definitive merger agreement with Tingo Inc. The goal of the agreement is to create a business that would have more than $900 million in annual revenue alongside the ability to serve African and Asian markets.
“We are truly excited to continue our journey as a Nasdaq-listed public company through this synergistic combination with MICT. We have driven significant growth in our revenue year over year from 2020 to 2021. This trend demonstrates the increased activity resulting from the adoption of the smartphone ‘device-as-a-service’ strategy we have implemented in recent years.”The CEO of Tingo, Dozy Mmobuosi
This is an exciting announcement for the company and shows just how hard the two are working to grow. With Asian and African markets proving to be a substantial area of profitability for tech right now, it’s clear that MICT could be worth watching in the coming months. Considering this, will MICT be on your penny stocks watchlist or not?
Cyngn Inc. (NASDAQ: CYN)
With over 18% in gains at midday, CYN is another penny stock that investors are watching right now, and for good reason. If that seems like a lot, in the past five day and one month period, shares of CYN stock have exploded by over 28% and more than 299%. This is an extensive gain that has brought CYN stock outside of penny stocks territory. And to understand why, we have to take a closer look.
In the past few weeks, we’ve covered Cyngn numerous times, and the bulk of the news is due to the launch of its DriveMod kit. This is an autonomous vehicle integration module that it filed a patent for back in February of this year. And since then, the company has begun manufacturing, and intends to start selling as soon as possible. So, while it is very speculative and volatile, it’s clear that investors are excited about the future of the company. Whether that makes it worth buying or not, is up to you.
Baosheng Media Group Holdings Ltd. (NASDAQ: BAOS)
Keeping on theme with penny stocks that exploded today, we see BAOS stock, with over 34% in gains. This major uptick gives BAOS stock a five day climb of more than 45%. And, the gain today comes after BAOS stock dropped by around 10% a day earlier. While there is no news for BAOS stock right now, we can look at its recent announcements to see why BAOS stock is climbing.
For some context, Baosheng is a Chinese-based producer of advertising and online marketing products. This includes those used in the deployment of search ads, in feed ads, mobile app ads, and much more. A few weeks ago, the company received a notification from the NASDAQ regarding its inability to meet the $1 listing requirement. Since then, it has been an extremely volatile period of trading for BAOS stock. So, while it is tough to say if BAOS is worth buying or not, it’s clear that there is movement that could be taken advantage of.
Which Penny Stocks Are You Watching Right Now?
Finding penny stocks to buy can be challenging in 2022. But, with the right strategy on hand and a commitment to understanding how to trade, there are plenty of ways to make it much easier than previously imagined.
Currently, it all comes down to knowing how to take advantage of what is going on in the stock market. And because of that, staying up to date with the latest news and events is crucial. Considering this, which penny stocks are you watching right now?