3 Penny Stocks That Climbed on June 1st
While June 1st was not a day to write home about for penny stocks and blue chips, it was exciting nonetheless. Right now, there is a sizable amount of volatility in the stock market. This has caused many penny stocks investors to make money, and many to lose money. And although trading penny stocks can be risky, if done correctly it can also be very profitable. Now, to find the best penny stocks to buy, investors need to have a few things down.
The main two are a firm understanding of what is going on in the stock market, and the knowledge to take advantage of movement with penny stocks. Both of these factors will be crucial in the coming weeks as we see more and more stocks continue to move.
As we continue to see this movement, it is important to remember that there are many opportunities for profit. For investors that are looking for the best penny stocks to buy, a crucial step is understanding the news. Right now, the major events at play are rising inflation, and consequently, climbing interest rates. This has caused stocks to become more volatile, and investors are worried about a continued market crash.
However, this does not mean that penny stocks are a bad investment. In fact, penny stocks tend to see major movement during these times. And, most who invest in penny stocks, are looking for large movers. So, with this in mind, let’s take a look at three penny stocks that climbed on June 1st.
3 Penny Stocks to Add to Your Watchlist Right Now
Spark Networks SE (NASDAQ: LOV)
One of the larger gainers of the day is LOV stock. At EOD on June 1st, shares of LOV stock had shot up by over 38%. This is a substantial gain for the company and one that brings it to over $2.92 in value. So, why are we seeing such major increases in value for LOV stock?
[Read More] How To Make Money With Penny Stocks
Well, the most recent news for the company came today during morning trading. On June 1st, the company announced the exploration of new strategic alternatives in order to move forward as a business.
“Spark is thriving from an operational standpoint and is well-positioned to return to sustainable revenue growth. Following approaches by a number of parties interested in a potential transaction, we believe now is an opportune time to explore a range of potential strategic alternatives.”The CEO of Spark Networks, Eric Eichmann
While the company is not confident that this will move forward in a favorable outcome, it intends to work on building its business in the near future. If you’re not familiar, Spark Networks is a social dating platform for those over 40 and in the religious demographic. While it is tough to say if LOV stock is worth buying or not, it could be worth adding to your list of penny stocks to watch.
Bitnile Holdings Inc. (NYSE: NILE)
Another penny stock that saw substantial gains on June 1st is NILE stock. At EOD, shares of NILE stock had shot up by over 11% to more than $0.42 per share. And, in the past five days, shares of NILE stock have climbed by more than 50%. The most recent announcement from the company came on June 1st when it announced its Bitcoin production and mining operation report. In the report, the company stated that has mined 210 Bitcoin in its Michigan data center.
“Our mining production continues to grow as planned. We are not only increasing power availability at our facility in Michigan but are also considering other mining sites throughout the country. I will continue to state that our focus remains on the goal of becoming one of the larger publicly traded Bitcoin miners in the country.”The CEO of Bitnile, Milton Ault, III
If you’re not familiar, Bitnile is a holding company that operates a data center and invests in a range of industries. It’s primary funding is brought by mining Bitcoin. So, whether this makes it worth adding to your penny stocks watchlist, is up to you.
Pedevco Corp. (NYSE: PED)
At EOD on June 1st, shares of PED stock had shot up by over 9.7%. This is a big gain for the company and comes after a five day uptick of more than 21%. And, in the past six months, we’ve seen shares of PED stock climb by over 40%. To understand why PED stock is climbing, we can look at its most recent announcement.
On May 16th, the company announced several strategic updates. In the highlights, the company announced around 1,074 barrels of oil equivalent per day during the three month period ended March 31st, 2022. In addition, it announced a Q1 2022 operating income of $1.26 million, which is a 74% increase from Q1 2022.
“We are pleased with our strong Q1 2022 results. We not only significantly increased production, but we also delivered $0.02 in earnings per share and generated Adjusted EBITDA of $3.8 million in the quarter. Looking ahead, we plan to leverage our ~$25 million of cash and zero debt as we evaluate additional drilling opportunities in our Permian Basin asset.”President of Pedevco Corp., J. Douglas Shick
Which Penny Stocks Are You Watching Right Now?
While these penny stocks do have a lot to offer, there are hundreds of options to choose from. This means that investors need to do the proper due diligence in order to find the best stocks to invest in.
However, with so many stocks to choose from, this can be a daunting task. So, always make sure to do as much research as you can, and make sure that you understand what is going on in the stock market. With all of this in mind, which penny stocks are you watching right now?