Best Penny Stocks to Buy? 3 to Watch in June
If you’re looking for the best penny stocks to buy right now, there are hundreds of options to choose from. But, given how volatile the stock market has been lately, it can seem like a daunting task to find penny stocks that will be profitable.
Now, as we all know, penny stocks are some of the most speculative assets out there. This means that they will rise and fall substantially over the course of a few minutes or a few hours. And, these big moves are usually the result of small or large consequence news that comes out.
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So, making money with penny stocks is all about staying ahead and understanding exactly what is going on in the stock market. This means looking at the news, press releases, balance sheets, and much more. All of this information will give you the greatest chance of profiting with penny stocks. So, with the stock market only continuing to fluctuate greatly, staying on your toes is crucial. With this in mind, let’s take a look at three hot penny stocks to watch right now.
3 Hot Penny Stocks to Watch Right Now
- Zynerba Pharmaceuticals Inc. (NASDAQ: ZYNE)
- Qutoutiao Inc. (NASDAQ: QTT)
- China Pharma Holdings Inc. (NYSE: CPHI)
Zynerba Pharmaceuticals Inc. (NASDAQ: ZYNE)
One of the larger gainers of the day on June 9th is ZYNE stock. At EOD, shares of ZYNE managed to shoot up by over 35%, to more than $1.31 per share. This substantial gain reflects sizable bullish sentiment in the company and comes after a six month drop of over 60%. So, why are shares of ZYNE stock flying today?
Well, there is no one answer as the company has not released any news in quite some time. But, to understand why ZYNE stock is climbing, we can take a look at some of its most recent announcements. A few weeks ago, the company reported its Q1 2022 financial results as well as operational highlights.
In the results, the company posted that enrollment in its RECONNECT trial was ongoing. And, it stated that topline results from the Phase 2 trial of Zygel should come out mid-year 2022. Financially, the company ended the quarter with almost $70 million in cash on hand. So, while it is not easy to say why Zynerba Pharmaceuticals is seeing gains today, it’s clear that investors are interested in the company. Considering that, will it be on your list of penny stocks to buy?
Qutoutiao Inc. (NASDAQ: QTT)
Another gainer of the day is QTT stock. At EOD, shares of QTT stock managed to push up by over 4.9%. If that doesn’t seem like much, QTT stock has exploded by over 110% in the past five day period.
To understand why shares of QTT are pushing up, we can look at its most recent quarterly report. On May 2nd, the company posted its fourth quarter and full year 2021 results. In the results, the company announced net revenue of $138 million, which is a decrease of 32% over the same quarter of the previous year.
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In addition to this, the company announced a net loss of $46 million. For some context, Qutoutiao is a provider of mobile content via its platforms in China. It offers apps such as Qutoutiao, and Midu, which is its social based user loyalty program. Now, while QTT stock is highly volatile, the company has seen some major bullish sentiment recently. Considering that, does it deserve a spot on your penny stocks watchlist or not?
China Pharma Holdings Inc. (NYSE: CPHI)
With over 5.4% in gains at EOD on June 9th, CPHI is another penny stock on many investors radars. Although it is tough to say why shares of CPHI stock are gaining, it could be due to similar reasons to the other stocks on this list. The latest news from China Pharma came a few months ago when it announced its fiscal year 2021 financial results. In the results, the company announced $9.6 million in revenue, which was slightly below the previous year. In addition, its gross margin was 3.6% compared to 18% in the year prior.
“Affected by the centralized drug procurement policy in China, our products continued to bear huge price pressure in 2021, which negatively affected our income. In addition, the sporadic outbreaks of COVID-19 in several cities in China in 2021 and the related quarantine and control also negatively affect our sales and marketing activities.”
The CEO of China Pharma, Ms. Zhilin Li
Recently, we have seen a sizable amount of bullish sentiment with biotech penny stocks. And although it is difficult to say why this is the case for CPHI stock, there’s no doubting that this is exciting. But, keep in mind that CPHI stock is highly volatile and extremely speculative. So, if these are characteristics you’re interested in, CPHI could be worth keeping an eye on.
Which Penny Stocks Are You Watching Right Now?
Finding penny stocks to buy in 2022 can be challenging. But, with so many different small caps to choose from, it can be easier than previously imagined.
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Now, because there are so many penny stocks out there, investors need to be picky, and understand two things; your risk tolerance, and your investing goals. These two will help you to make a penny stocks watchlist that is geared toward your individual investing style. So, considering all of this, which penny stocks are you watching right now?
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