Check These 3 Penny Stocks With the Market Falling
Right now, we’re witnessing another major drop with penny stocks and blue chips. And although many investors are used to this by now, it is still a shock. To understand how to make money with penny stocks or find the best penny stocks to buy, we have to know exactly what is going on in the stock market.
Today, we witnessed U.S. stocks sink substantially following the release of May inflation data. In the data, consumer prices climbed by 8.6% YoY, which is the largest gain since 1981. This major uptick caused the S&P 500, Dow, and NASDAQ to fall by over 2% each respectively.
Now, we knew that this data would come out today, and we knew that it may not be the best. But, there is no way to predict exactly what will happen to penny stocks. So, despite this bad news, we are still seeing some gains with select small caps. This includes energy penny stocks and some biotech penny stocks. While this is not across the board, these companies could be worth looking into. With that in mind, let’s take a look at three penny stocks to watch right now.
3 Penny Stocks to Watch Right Now
Imperial Petroleum Inc. (NASDAQ: IMPP)
One of the larger gainers today despite the overall market trajectory is IMPP stock. At EOD, shares of IMPP had shot up by over 4$ to more than $0.85 per share. In the past few weeks, we’ve covered Imperial Petroleum numerous times. And, in the past five days alone, we’ve seen over 54% in gains with IMPP stock. So, why the major bullish sentiment for Imperial Petroleum?
[Read More] CPI Data Is Out & Here’s What Inflation Shows
Well, the most recent news from the company came today when it announced the date for the release of its Q1 2022 financial and operating results. It stated that these results will be available on June 14th. For some context, Imperial Petroleum is a ship-owner that offers petroleum product transport services. It has eight tanker vessels right now, with a total capacity of around 682,000 dwt. So, with the recent bullishness on the energy industry, it’s no wonder that IMPP is seeing attention right now. Considering this, will it be on your penny stocks watchlist?
Paltalk Inc. (NASDAQ: PALT)
With over 16% in gains, PALT is another penny stock that is climbing right now. And despite a six month drop of over 30%, it’s recent news could make it worth keeping an eye on. Yesterday, the company announced the acquisition of Visicom’s ManyCam assets. ManyCam is a streaming software and camera that allows for live streaming on a variety of different platforms.
“I have been impressed with the ManyCam software for many years. We believe that ManyCam is not only a perfect fit for our existing video chat communities, but also a great addition to other video conferencing applications like Zoom or Google Meet.
ManyCam gives users the ability to have multiple camera feeds, backgrounds and effects while also enabling users to share presentations, spreadsheets, documents and much more.”The CEO of Paltalk, Jason Katz
This is great news for the company and is likely the reason behind its recent price moves. And while PALT stock is showing a high amount of volatility, it’s bullish sentiment is an interesting aspect to consider. With that in mind, do you think PALT deserves a spot on your list of penny stocks to buy?
Cyren Ltd. (NASDAQ: CYRN)
With a solid upward trajectory, CYRN stock could be worth keeping an eye on right now. Today, shares of Cyren Ltd. managed to climb by over 9% at EOD. This sizable uptick reflects a 30% climb in the past five days and more than 50% in gains in the last month. So why is there so much bullish movement for Cyren right now? The most recent news from the company came on June 7th when it announced the divestment of its Secure Email Gateway Business to Content Services Group for 10 million euros.
“This transaction is fully aligned with our strategy to focus our efforts and resources on products and market opportunities that we believe offer the best growth opportunities for Cyren.
The proceeds from this transaction will strengthen our balance sheet, allow us to fund additional growth-related investments and streamline our product line and overall business.
We believe that Content Services Group is a good strategic fit for this business, will be a good home for our team members associated with the business, and is committed to continuing to support the products and customers.”The CEO of Cyren, Brett Jackson
With this funding, the company should be able to move forward on some of its other endeavors. Considering that, will CYRN be on your buy list or not?
Are Penny Stocks With Buying?
In the past few weeks, we have seen tremendous volatility with both penny stocks and blue chips. And while it is difficult and nearly impossible to say what the future will hold, we do know that fluctuations are still on the table.
To take advantage of this, investors need to have a firm understanding of their trading strategy. This means knowing what is going on in the stock market and whether or not there are ways to take advantage. So, with all of this in mind, do you think penny stocks are worth buying right now?