3 Penny Stocks to Watch With the Market Climbing Right Now
With positivity in the stock market right now for penny stocks and blue chips, there is a lot for investors to be excited about. Although it is difficult to understand what will happen in the coming weeks to months, the bullishness we’re seeing right now is encouraging.
On Thursday, May 26th, the S&P 500 climbed by around 1.3% with the Dow Jones up by over 400 points. These gains are a major turnaround from the bearish performance that we’ve seen in the past few weeks. While we are seeing some companies report weaker-than-expected Q2 forecasts, investors are tired of the major market drops since the beginning of the year.
Now, with penny stocks, volatility is a characteristic that investors are well aware of. And because of that, it can almost be expected. So, as traders, it is up to us to ensure that we have a proper strategy to deal with these large market fluctuations. Considering all of this, let’s take a look at three penny stocks to add to your watchlist as May comes to an end.
3 Penny Stocks to Add to Your Watchlist as May Ends
- Scisparc Ltd. (NASDAQ: SPRC)
- Very Good Food Company Inc. (NASDAQ: VGFC)
- Guardion Health Sciences Inc. (NASDAQ: GHSI)
Scisparc Ltd. (NASDAQ: SPRC)
One of the larger gainers during midday trading is SPRC stock. At midday, shares of SPRC had shot up by a staggering 42% to over $3.38 per share. This major gain comes after a six-month drop of over 50%, which illustrates just how important it is.
While we do see many gains with penny stocks with no news behind it, Scisparc made an exciting announcement during morning trading. The company announced that the Ethics Committee at the Hannover School in Germany and the Tel Aviv Sourasky Medical Center have given approvals for its Phase IIB clinical study of SCI-110. This is a compound used in the treatment of those suffering from Tourette’s Syndrome.
“We are delighted and honored to receive Ethics Committee approval, an important step toward initiation of our Phase IIb trial in TS. We are encouraged by the Phase IIa study conducted at Yale University, which demonstrated that SCI-110 was able to significantly decrease symptoms over time in adult subjects with TS, and we are excited about achieving another significant milestone to further the Company’s clinical program.”The CEO of Scisparc, Oz Adler
This is a major deal for the company and one that brings in a lot of attention for it as well. Although it is hard to say if SPRC stock will continue gaining, today’s move is encouraging. Considering all of this, will SPRC be on your list of penny stocks to watch or not?
Very Good Food Company Inc. (NASDAQ: VGFC)
Another decent gainer of the day on May 26th is VGFC stock, which shot up by over 7.5% at midday. Now, if this gain doesn’t seem like a lot, in the past five days, shares of VGFC stock have exploded by over 100%. This major gain comes after a big recent announcement. On May 25th, the company announced a large retail expansion into Canada with Loblaw Companies.
“We’re incredibly excited to bring our successful products to Loblaw customers across Canada and serve up even more plant-based goodness, getting us closer to achieving our wholesale expansion targets with what we have in our pipeline.
Our new BBQ Ribs and Very Good Steak will continue to raise the plant-based bar by offering consumers innovative and “value-added” products that are unique in the market, making it easier for them to adopt a plant-based-based lifestyle.”The Chief Commercial Officer of Very Good Food Company, Jordan Rogers
With any food-based company, distribution is the most critical aspect to a successful business. And because of that, we see just how important this deal is. Whether this makes VGFC stock worth adding to your penny stocks watchlist or not, is up to you.
Guardion Health Sciences Inc. (NASDAQ: GHSI)
Guardion Health Sciences is a penny stock that we have covered numerous times in the past few months. And today, shares of GHSI stock managed to shoot up by over 30% at midday. At around $0.20, we tend to see high rates of volatility with GHSI stock, however, there’s no doubting that this gain is encouraging. The big news from the company came as it announced that its new Viactiv Omega Boost Gel Bites are available for purchase on Amazon.
“This is an exciting milestone for our Viactiv Omega Boost product as we are now beginning to offer the product through third-party retail venues. Amazon is one of the top online shopping destinations, and we look forward to continuing to expand the opportunities for consumers to obtain this product.”The CEO of Guardion, Bret Scholtes
As stated earlier, distribution is a huge component of any business. And because of this deal, we see just why shares of GHSI stock are climbing right now. With this considered, is GHSI stock worth buying today?
Which Penny Stocks Are You Watching Right Now?
If you’re looking for the best penny stocks to buy, there are hundreds to choose from. But, with so much going on in the stock market, investors need to be sure of their trading strategy.
This means understanding exactly what factors are impacting penny stocks and blue chips, as well as how to take advantage. While trading is not easy right now, we are seeing small glimpses of bullish sentiment like we witnessed today. So, with all of this in mind, which penny stocks are you watching right now?