3 Penny Stocks to Add to Your Watchlist This Week
With another interesting week of trading penny stocks off to a relatively flat start, there is a lot that investors need to know. For starters, making money with penny stocks is all about understanding exactly where to look to find the best value. This means understanding what is going on in the stock market and how to take advantage.
Right now, that includes rising inflation, climbing interest rates, and geopolitical uncertainty. While volatility can be scary for some, for others, it can be a great way to profit with small-caps. The next step is understanding how to make money with these extraordinary factors at play. That involves considering your risk tolerance, understanding what is making penny stocks climb or fall, and looking at different strategies to get in and out of trades.
For some traders, the best way to make money with penny stocks is to simply buy them and hold onto them for the long term. Others prefer to day trade, looking for quick profits by buying and selling stocks within a single day. No matter what your strategy is, the key is to always do your research and never risk more than you can afford to lose. With that in mind, here are some penny stocks to watch this week.
3 Penny Stocks to Watch This Week
- Data Storage Corp. (NASDAQ: DTST)
- Harpoon Therapeutics Inc. (NASDAQ: HARP)
- AgriFORCE Growing Systems Ltd. (NASDAQ: AGRI)
Data Storage Corp. (NASDAQ: DTST)
One of the larger gainers of the day so far is Data Storage Corp. which managed to shoot up by over 45% at midday. This adds to its five day gain of over 54%, which is no small feat. While we do see penny stocks climb with little to no news, Data Storage released its Q1 2022 financial results during premarket trading today. The company announced a YoY revenue growth amount of 236% to $8.6 million alongside $600 thousand in EBITDA.
“I am pleased to report we have witnessed increased sales, as well as an increase in monthly subscription services, which contributed to our revenue growth from $2.6 million to $8.7 million, a year-over-year increase of 236% for the first quarter of 2022.
At the same time, we achieved positive net income and generated over $600 thousand of EBITDA (see reconciliation below). We continue to deliver critically required information technology solutions to a niche multi-billion-dollar market and have invested millions of dollars to establish ourselves as a leader…”The CEO of Data Storage, Chuck Piluso
This is major news for the company and is clearly the reason behind its major uptick today. Recently, we’ve also seen large hype surrounding tech penny stocks, with Data Storage being a perfect example. So, with this in mind, will it be on your penny stocks watchlist or not?
Harpoon Therapeutics Inc. (NASDAQ: HARP)
Another large gaining penny stock at EOD on Monday, is HARP stock. By EOD, shares of HARP had shot up by over 18% to more than $2.36 per share. This adds to a five day gain of over 20% for the company, which is quite a large amount. The main reason behind todays gain comes as analysts made a large change to their outlook regarding Harpoon.
Analysts as a consensus stated that the company could bring in $19 million in revenue this year, with per share losses around $2.39. Despite this, some analysts believe that shares of HARP could be worth as much as $33, but it is hard to see that valuation at its current price. In addition to this news, the company states that it will report its financial results for Q1 2022 on March 31st, 2022.
“We continue to advance our robust pipeline of T cell engagers and explore their therapeutic potential in areas of unmet medical need. We anticipate upcoming milestones in the second half of the year for our lead programs from our TriTAC® platform and our next generation ProTriTAC® T cell engager HPN601 in solid tumors. We look forward to sharing our progress as we work to bring these important therapeutic options to patients.”The CEO of Harpoon, Julie Eastland
This news is exciting and should be kept in mind for now. With that considered, will HARP be on your list of penny stocks to watch moving forward?
AgriFORCE Growing Systems Ltd. (NASDAQ: AGRI)
AGRI is a penny stock that we have covered multiple times in the past few months. And during trading on May 16th, shares of AGRI exploded by over 65%. This major gain comes after shares pushed up by around 10% on Friday, May 13th. The latest news from the company came on May 12th when it announced an update on its acquisition of Delphy. The company stated that it had entered into a definitive agreement to acquire Delphy Groep BV, which is an agricultural tech consulting firm based out of Netherlands.
“As we work towards finalizing the administrative details related to the Delphy acquisition, we are steadily advancing our plans and strategies to commence immediately post closing. We believe the business synergies between our two organizations are substantial, and the combination positions us to become a meaningful player in the global agricultural market.”The CEO of AGRI, Ingo Mueller
Considering this, does AGRI belong on your penny stocks watchlist?
Which Penny Stocks Are You Watching Right Now?
Finding penny stocks to buy in 2022 is all about understanding where there is value. While some investors may look for long-term gains, the majority of those who trade penny stocks are interested in short-term upticks. This means looking at the news, understanding what is driving the price of penny stocks, and considering where they may be headed in the future.
With so much speculation in the stock market right now, it is anyone’s guess as to what will happen in the coming weeks. But, with a solid understanding of the macro environment, finding penny stocks to buy can be much easier than previously imagined. Considering this, which penny stocks are you watching right now?