3 Penny Stocks to Add to Your Watchlist That Are Climbing Today
With another interesting day of trading penny stocks and blue chips, there is a lot for investors to know. During trading on May 11th, investors digested news of worse-than-expected inflation data. The data showed that the Consumer Price Index for April, rose by 8.3% which albeit, is slightly down from March’s 8.5% increase. While this is not a great sign, it is expected as high inflation and interest rate hikes continue to hit the market.
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This data is crucial to how penny stocks perform as it will tell the Fed what to do with interest rates in the coming months. In the past few weeks, we have seen major bearish sentiment across the board, with the S&P 500 down by 17% from its high on January 3rd. Since then, investors have scrambled to find potential buying opportunities. So, considering all of this, let’s take a look at three penny stocks that are exploding during trading today.
3 Penny Stocks That Are Exploding During Trading Today
- Armstrong Flooring Inc. (NYSE: AFI)
- Regulus Therapeutics Inc. (NASDAQ: RGLS)
- Matterport Inc. (NASDAQ: MTTR)
Armstrong Flooring Inc. (NYSE: AFI)
The largest gainer of the day and one of the largest we’ve seen in a while is AFI stock. By midday, shares of AFI stock have shot up by over 300%. This is a staggering gain that comes only a few days after the company filed for bankruptcy protection. It stated that it could not increase prices high enough to keep up with the cost of supplies and transportation. Additionally, the company had $317 million in owed money to creditors with $517 million worth of assets. If you’re not familiar, Armstrong Flooring is a provider of vinyl sheets, planks, and tiles.
“Simply stated, the company’s increasing costs significantly outpaced its pricing power…“Our business and team members have been working diligently to strengthen our financial foundation in the face of several macroeconomic trends—including supply chain challenges, the current inflationary environment, and continued headwinds from the COVID-19 pandemic.”
The CEO of the Armstrong, Michel S. Vermette
While this is not ideal, it could help the company to restructure its business in a way that is more conducive to profitability. Considering its major move during trading today, will AFI be on your list of penny stocks to buy or not?
Regulus Therapeutics Inc. (NASDAQ: RGLS)
Another major gainer on May 11th is RGLS stock. At midday, shares of RGLS had shot up by over 54% to more than $0.27 per share. This big gain comes as the company made an exciting announcement during trading. During premarket, Regulus stated that it received FDA acceptance for its investigational new drug (IND) application for RGLS8429. This is a compound used in the treatment of Autosomal Dominant Polycystic Kidney Disease.
“With FDA’s acceptance of our IND and the Phase 1 trial preparations well underway, we look forward to advancing this program which ultimately may provide a transformative treatment option for patients with ADPKD. We are on track to initiate the study in the second quarter and expect data from the healthy volunteer study and initiation of dosing in patients with ADPKD in the second half of this year.”
This is great news for the company and should continue to play out in the near future. Right now, we are seeing a major amount of bullish sentiment with biotech penny stocks. And today’s over 50% move for RGLS, is a great indication of that. So, whether this makes RGLS stock worth adding to your penny stocks watchlist, is up to you.
Matterport Inc. (NASDAQ: MTTR)
With an over 8.9% gain on May 11th, MTTR stock is another penny stock in focus right now. We’ve been covering Matterport for quite some time as the company has seen some bullish sentiment in the last few trading days. The big news for Matterport comes as it announced its Q1 2022 financial results, which were much stronger than expected. In the results, the company posted subscriber growth of 70% to more than 560,000.
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Additionally, it posted 24% YoY revenue growth from its subscriptions. And lastly, Matterport announced that it holds more than $600 million in cash on hand with no debt. All of these numbers are very positive and show that MTTR stock is working hard to grow.
“We are pleased to report another strong quarter, increasing our subscriber count by 70% to 562,000 subscribers for the period. We expanded Spaces Under Management by 49% to 7.3 million spaces — that’s 7.3 million Matterport digital twins of homes, offices, factories, hotels, and so much more…This enormous market opportunity is expanding, and we remain focused on efficiently scaling Matterport’s business to meet the rising global demand for software-driven property management.”
RJ Pittman, the CEO of Matterport
This large update is the reason that MTTR stock is seeing so much bullish sentiment right now. With that in mind, will it be on your penny stocks watchlist or not?
Which Penny Stocks Are You Watching Right Now?
Finding the best penny stocks to buy all comes down to knowing where to look. While investing in penny stocks and blue chips has not been easy in 2022 to say the least, it has been profitable for some.
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So, knowing exactly what is going on in the stock market and how to take advantage, both remain crucial steps in making profits with small caps. Considering all of this, which penny stocks are you watching right now?
