3 Penny Stocks to Add to Your Watchlist Right Now
Finding penny stocks that are worth buying in 2022 is not easy. And with so much going on in the stock market, investors need to make sure that they are staying as up-to-date as possible. This means considering what news and events are going on, and how they can be used as a benefit to your trading strategy.
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In June 2022, the largest impacting factors remain climbing interest rates and rising inflation. As a result of that, we have seen incredibly bearish price action in the past few weeks. With that, we have also seen some bullish trading days that investors can use to their benefit. But keep in mind that using volatility to your advantage involves a consistent and well thought out trading strategy.
Right now, many investors also believe that we could be nearing a recession. Because of that, some have chosen to invest more conservatively. On the other hand, some investors have taken advantage of prices being at very low levels, scooping up value where it can be found. So, with all of this in mind, let’s take a look at three penny stocks to watch in July 2022.
3 Penny Stocks to Watch in July 2022
- Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT)
- Ginkgo Bioworks Holdings Inc. (NYSE: DNA)
- MSP Recovery Inc. (NASDAQ: MSPR)
Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT)
In the past few weeks, we’ve covered BHAT stock numerous times. This includes on June 22nd, the night before shares of BHAT stock exploded by over 270%. So, with this massive gain on June 23rd, is BHAT stock worth buying or not? To understand this, we have to take a closer look at the reason behind this uptick. The main reason today comes as the company announced it would not proceed with its previously announced underwritten public offering.
This means that investors are less at risk of seeing share dilution, and that the company could be overall in a better financial position. For some context, Blue Hat is a provider and developer of augmented reality games and toys. Based in China, the company has received mass attention recently due to its large price swings. With this however, comes a sizable amount of volatility for investors to consider. So, whether BHAT stock is worth adding to your list of penny stocks to buy or not, is up to you.
Ginkgo Bioworks Holdings Inc. (NYSE: DNA)
Another decent gainer on June 23rd is DNA stock. At EOD, shares of DNA had shot up by a very respectable 15%. And, in the past five days, we’ve seen DNA stock climb by over 17%, which is no small feat. After a six month drop of more than 70%, these recent bullish moves are a welcomed advancement for investors to consider.
To understand why shares of DNA stock are climbing right now, we can look at its recent updates. On June 21st, the company stated that it and Cronos Group Inc. (NASDAQ: CRON), have achieved a third target productivity milestone. This concerns the partnership between the two to develop eight cultured cannabinoids using Ginkgo’s platform for design and development.
“Continuing to hit these productivity milestones in partnership with Ginkgo fuels our innovation pipeline focused on creating borderless products utilizing rare cannabinoids that amplify and differentiate the consumer experience. We are excited about the possibilities that THCV is expected to give us and look forward to getting more products with rare cannabinoids into market.”The CEO of Cronos Group, Mike Gorenstein
This is great news for the pair and continues to be one of the main reasons that DNA stock is climbing right now. With this in mind, does DNA belong on your penny stocks watchlist right now?
MSP Recovery Inc. (NASDAQ: MSPR)
With over 30% in gains at EOD on June 23rd, MSPR is another popular penny stock that investors are watching right now. In the past five day period, MSPR stock has seen an explosive trajectory, shooting up by more than 109%.
This major gain is the result of some news that came out a week or two ago. On June 13th, the company announced that it has billed more than $1.5 billion to payers. And, it will begin deploying its biometric products to various medical felicities. In a business update, the company states that it has paid value of owned claims of more than $368 billion, which is quite substantial.
“We continue to grow our new business at rates beyond what we expected. As we continue to deploy our unique technologies, we are also seeing significant growth in other areas in addition to owned claims. We are confident that we have unique knowledge in healthcare data, how it is ingested and how both federal and state laws apply to this market.”The CEO of MSP Recovery, John H. Ruiz
While shares of MSPR stock are seeing high volatility right now, it could be worth keeping a close eye on it moving forward.
Which Penny Stocks Are You Watching Right Now?
Finding the best penny stocks to buy right now can be challenging. But, with so much going on in the stock market, it can be challenging.
So, the best course of action when trading penny stocks is always to understand exactly what is going on in terms of news and events, and how to take advantage. Because penny stocks are so speculative, they tend to react very quickly to speculative movement. Considering all of this, which penny stocks are you watching right now?