3 Top Penny Stocks to Add to Your Watchlist Right Now
With added bullish sentiment in the stock market right now, there are a lot of penny stocks that could be worth watching right now. But, to understand which penny stocks are worth buying, it’s important to do your research first.
When it comes to penny stocks, the goal is, of course, to buy low and sell high. But, in order to do that successfully, you need to have a firm understanding of the company behind the stock. You need to know its financials, its business model, and its growth potential. Without this information, it’s impossible to make an informed decision about whether or not to invest.
Luckily, there are plenty of resources that can help you with your research. In addition to this, consider that penny stocks are highly speculative. That means that prices tend to move very quickly with little or no notice. So, with all of this in mind, let’s take a look at three top penny stocks to add to your watchlist right now.
3 Top Penny Stocks to Watch in June 2022
DiDi Global Inc. (NYSE: DIDI)
During trading on June 6th, shares of DIDI stock managed to shoot up by more than 24%. This is a major gain for the company that comes after a one-year drop of over 80%.
And in the past month, shares of DIDI stock have seen a major bullish turnaround. This has resulted in a climb of over 45%. So, why are shares of DIDI stock shooting up right now? Well, the biggest news today came as China announced it would be ending its probe into the company. This has been a major and warranted fear from investors in the past few months. And now that it has an end in sight, investors are excited about what the future of DIDI stock could hold.
In addition DIDI will likely receive a very large financial penalty in addition to offering 1% of outstanding shares to the State. This will allow for greater control of the company from the Chinese government. So, while the penalties are not ideal, the fact that this probe is over is an encouraging sign for investors. With this in mind, will DIDI be on your list of penny stocks to buy or not?
Zomedica Corp. (NYSE: ZOM)
Another penny stock that saw decent bullish sentiment on June 6th is ZOM stock. At EOD on June 6th, shares of ZOM stock managed to shoot up by over 2.4% with a small after-hours uptick. And in the past month, shares of ZOM stock have pushed up by over 20%, which is no small feat. While this may not seem like a lot, ZOM has not had the easiest time in the past few months. And over the last six, shares of ZOM stock have fallen by more than 30%.
So to understand why Zomedica is seeing gains, we have to take a look at its recent announcements. On May 19th, the company stated that it has entered into a strategic agreement for the VetGuardian via a $1 million convertible note from Structured Monitoring Products Inc. The VetGuardian platform allows vets to monitor animals overnight by providing real-time data.
“We are excited to announce this investment and potential collaboration with SMP. This investment is part of Zomedica’s ongoing commitment to working with partners across the veterinary industry in flexible ways to bring innovative products that provide clinical value to market. This investment will enable SMP to accelerate the development and commercialization of VetGuardian.”The VP of Business Development for Zomedica, Greg Blair
While it is tough to say what the long-term result of this deal will be, there’s no doubting that it is an exciting prospect right now. Considering this, will ZOM be on your penny stocks watchlist or not?
Grab Holdings Inc. (NASDAQ: GRAB)
Another gainer of the day on June 6th is GRAB stock. At EOD, shares of GRAB stock managed to push up by over 3.9%, which is no small feat. And this is even more exciting considering its six-month drop of over 70%. While it is tough to say why shares are climbing, we did recently see shares of GRAB climb ass analyst firm Bernstein upgraded shares of the company.
In addition, the company recently reported a 6% rise in revenue on its quarterly balance sheet. This amounted to an increase of $228 million which was much more than analysts have expected. The announcement comes as the company posted monthly user growth of 10% to 30.9 million. Although it’s hard to say if GRAB stock is worth buying or not, it could be worth looking into this coming week.
Which Penny Stocks Are You Buying in 2022?
Finding penny stocks to buy right now can be a profitable endeavor. But, traders need to know where to look and which penny stocks are worth buying. While it is challenging, investing in penny stocks can be a great way to make money in 2022.
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As stated earlier, investing is all about research and knowing how to use what is going on in the stock market to your advantage. Considering all of this, which penny stocks are you buying in 2022?