3 Penny Stocks to Add to Your Watchlist Right Now
If you’re looking for penny stocks to buy, there are plenty of options to choose from. But, to understand which companies are worth buying, investors need to have a thorough understanding of what penny stocks are. Penny stocks are shares of companies that trade for less than $5 per share. They’re often overlooked by investors because they’re considered to be high risk and volatile.
However, because they move so frequently and in large amounts, they have the potential to offer big returns if one is careful. To have the greatest chance of making money with penny stocks, it’s important to do your research and understand the market before making any moves. This means looking at aspects such as recent news and events, market updates, and announcements pertaining to individual penny stocks.
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When searching for the best penny stocks to buy, there are a few things that investors need to keep in mind. First and foremost, it’s important to only invest what you’re willing to lose. While losing money is not the objective with penny stocks, it is a reality for most at certain times.
Secondly, it’s crucial to have a solid plan and adhere to it. This means having an exit strategy for when things go wrong, as well as a strategy for reinvesting profits. Lastly, it’s important to diversify your portfolio by investing in multiple penny stocks that are in different industries. This way, you’ll be able to minimize your losses if one company underperforms. With this in mind, let’s take a look at three penny stocks that are climbing right now.
3 Penny Stocks That Are Climbing Right Now
- Bitnile Holdings Inc. (NYSE: NILE)
- Nextdoor Holdings Inc. (NYSE: KIND)
- BioNano Genomics Inc. (NASDAQ: BNGO)
Bitnile Holdings Inc. (NYSE: NILE)
Bitnile is one of the bigger gainers of the day, shooting up by over 12.9% at midday. Despite an 88% drop in the past six months, shares of NILE have seen some bullish sentiment recently. One of the main catalysts for its bearish momentum is the recent fall of cryptocurrency. However, the company also recently reported its preliminary Q1 2022 financial results. In the results, the company posted revenue of $32 million, which is a major increase of 142% YoY.
“We are encouraged by the Company’s momentum across its business segments. The first-quarter results represent a strong start to the year. We reaffirm our expectation to almost triple our top-line results in 2022 from 2021, growing revenue to more than $155 million in 2022.”
The CEO of Bitnile Holdings, Milton Ault III
If you’re not familiar, Bitnile is a holding company that owns a Bitcoin mining and data center. In addition, the company supports several industries such as telecom, automotive, entrepreneurial and much more. So, with all of that in mind, investors should consider the trajectory of cryptocurrency before investing in NILE stock. Whether this makes it worth adding to your list of penny stocks to buy, is up to you.
Nextdoor Holdings Inc. (NYSE: KIND)
Another gainer so far on May 13th is KIND stock, which shot up by over 13%. In the past six months, shares of KIND stock have fallen by over 75%, which makes today’s gain more encouraging. The most recent news from the company came when it announced its Q1 2022 financial realists on May 10th. Since then, they have seen solid bullish sentiment.
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To understand whether KIND stock is worth it or not, we have to look at what the company does. Nextdoor is a company that operates a platform for connecting neighborhoods. It has over 290,000 neighborhoods spread across 11 countries on its platform. On May 3rd, the company announced several new features to increase transparency and allow for conversations on the platform.
“At Nextdoor, we believe innovative product solutions that bridge technology and social science can help cultivate a kinder world. Our platform is unique in that we champion quality of engagement over quantity at any cost.
We understand that neighborhoods are made up of diverse people with differing viewpoints and see Nextdoor as an essential building block for creating stronger, more vibrant communities both online and offline.”
The Head of Product at Nextdoor, Kiran Prasad
With that in mind, does KIND deserve a spot on your penny stocks watchlist?
BioNano Genomics Inc. (NASDAQ: BNGO)
With over 14% in gains at midday, BNGO is a penny stock that we have covered multiple times in the past few months. The most recent news from the company came on May 13th, when it announced its participation in the 2022 American Cytogenomics Conference (ACC).
The Chief Informatics Officer at Bionano, Dr. Solheil Shams will be the one presenting at the conference. Dr. Shams will present the utilization of three new measures of genomic instability available in NxClinical v6.2 software. This works to detect homologous recombination repair deficiency in solid tumors.
“The lineup of content that will be presented on Bionano’s solutions at ACC this year is world-class. What makes our participation unique this year, is that we will have the combination of OGM products and our NxClinical software for attendees to view. We are focused on addressing their needs and now we can show them how, in person.”
Erik Holmlin, PhD., President and CEO of Bionano
Which Penny Stocks Are You Watching Right Now?
Finding the best penny stocks to buy right now is all about understanding where to look. With so many penny stocks to choose from, investors need to consider what is going on in the stock market and how to take advantage.
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Right now, there is also a large amount of volatility that investors can use to their benefit. So, with all of this in mind, which penny stocks are you watching right now?
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