3 Good Penny Stocks to Add to Your Watchlist Today
While the stock market today is not as bullish for penny stocks as it has been in the past few days, there plenty of opportunities to be had. Now, in the past month or so, we have seen very high levels of volatility.
And while bullish sentiment has filled both penny stocks and blue chips in the past few days, we have to remember that we will not always see days in the green. But, given where the stock market is as a whole right now, there could be some bargains to be had by investors. Knowing where to look however, is the tough part. So, in 2022, it is all about understanding exactly what is going on in the stock market and using that to your advantage.
While this may seem difficult, it can be easy with the right information on hand. YTD, we have seen some tremendous losses across the board. This includes tech penny stocks, biotech penny stocks, and others. And although this has not been a benefit, now, it presents as some stocks being well below their book value. So, with all of this in mind, let’s take a look at three penny stocks that could be worth watching right now.
3 Good Penny Stocks to Watch Right Now
- RLX Technology Inc. (NYSE: RLX)
- Stealth BioTherapeuics Corp. (NASDAQ: MITO)
- Grab Holdings Ltd. (NASDAQ: GRAB)
RLX Technology Inc. (NYSE: RLX)
One of the larger gainers of the day on June 8th is RLX stock. At midday, shares of RLX had shot up by over 14%. And in the past five day period, we’ve seen shares of RLX Technology climb by more than 25% which is no small feat.
So, why are we seeing such sizable rises in value with RLX stock? The most recent news from the company came on May 20th when it announced its unaudited Q1 2022 financial results. In the results, the company reported $270.4 million in net revenue. In addition, the company announced a lower gross margin of 38.1% vs 46% in the same period in 2021.
“During the first quarter of 2022, we continued to focus on our core strategy and maintain our leading position in the industry while preparing for the anticipated regulatory changes.
As the new regulatory framework has come into effect and detailed implementation measures have been released, we are proactively adapting our business to the new market environment by applying for the relevant licenses and developing qualified products that meet the requirements of the most recent national standards.”Ms. Ying Wang, the Co-founder, and CEO of RLX Technology
All of this is exciting for the company and investors alike. And with its recent bullish momentum, RLX could be worth keeping an eye on. Considering that, will it be on your penny stocks watchlist?
Stealth BioTherapeutics Corp. (NASDAQ: MITO)
Another major gainer on June 8th is MITO stock. At midday, shares of MITO stock climbed by over 19%, which is a major gain. And, in the past five days, MITO stock has climbed over 26% with more than 37% in gains in the past month. The most recent news from the company came today when it announced a functional improvement in motor neurons due to its TDP-43 pathology.
This data was presented at the Keystone Neurodegeneration Symposium. And, it stated that its SBT-272 compound improved mitochondrial structure and motility substantially, which is a key indication of its benefit on neuronal health. Right now, we continue to see major bullish sentiment in the biotech industry. And while this announcement alone is nothing to write home about, it does show that MITO is working hard to grow. With this in mind, does it deserve a spot on your list of penny stocks to buy?
Grab Holdings Ltd. (NASDAQ: GRAB)
With over 12% in gains at midday on June 8th, GRAB is another penny stock that investors are watching right now. And in the past five day period, GRAB stock has shot up by more than 16%. During that time, we have covered it extensively. And for that reason, it’s worth looking into why shares are once again climbing. Today, the company announced GrabMaps, which is its new enterprise service that allows it to utilize location based intelligence and tech. It will be available in seven out of the eight countries where the company currently operates.
“Grab has always sought to build innovative tech that addresses Southeast Asia’s hyperlocal needs and GrabMaps is a great example of that.
The back alleys and narrow side streets common across Southeast Asia cities often don’t show up on conventional maps, but are navigated by our driver and delivery partners every day. We’ve invested to turn this intelligence into a competitive advantage, allowing us to serve our users and partners with a great experience.”The Co-Founder of Grab, Tan Hooi Ling
This is a major benefit for the company and something that investors should keep in mind as well. Whether this makes GRAB stock a buy or not, is up to you.
Are Penny Stocks Worth Buying Right Now?
If you’re looking for the best penny stocks to buy, there are hundreds of options to choose from. However, because of the sheer amount of movement in the stock market, investors need to make sure that they stay on their toes.
That means understanding exactly what is going on with penny stocks, and using that to profit. While volatility can be scary, it can also present plenty of ways to make money with penny stocks. So, with all of this in mind, do you think that penny stocks are worth buying right now or not?