3 Hot Penny Stocks to Add to Your July Watchlist
Finding penny stocks to buy right now can be challenging. But, with trading mostly flat today and bullish price action this week, there is a lot for investors to know. If you’re thinking about buying penny stocks, you have to consider that investing right now is heavily based on speculation.
This means that stocks will be affected by news and events. As a result, it is crucial to stay as up-to-date as possible on all that is happening in the stock market. The most pressing factors right now include rising inflation and the Fed response to combat it.
Today, we also saw the latest jobs report, with the economy adding 372,000 jobs in June. This outpaces expectations heavily, and pokes at the idea of a potential recession on the horizon. And although we saw the largest interest rate hike since 1994 take place last month, this news is still exciting. Considering all of this, let’s take a look at three penny stocks to watch in Early June.
3 Penny Stocks to Watch in Early July 2022
- Mullen Automotive Inc. (NASDAQ: MULN)
- Gingko Bioworks Holdings Inc. (NYSE: DNA)
- Aditxt Inc. (NASDAQ: ADTX)
Mullen Automotive Inc. (NASDAQ: MULN)
One of the larger gainers of the day on July 8th is MULN stock. At midday, shares of MULN stock had shot up by over 10.2%. This is a significant gain that comes after a one month uptick of over 20%.
So, why is MULN stock climbing right now and is there any news we can use to identify it? The latest news from the company came on July 5th when it announced that it eliminated $17.5 million in company debt. This is a big deal that brings it down from over $30 million in debt last year to around $11 million.
“We continue to make great progress on our overall company financial health. This recent elimination of debt makes us financially stronger now, allowing the Company to maintain its focus on its various EV initiatives.”The CEO of Mullen, David Michery
If you’re not familiar with Mullen, it is a California-based provider of clean and scalable energy solutions. This includes most prominently, a range of electric vehicles. In addition, it offers end-to-end solutions for those with electric vehicles. Considering all of this exciting news, do you think that MULN stock is worth adding to your list of penny stocks to buy or not?
Gingko Bioworks Holdings Inc. (NYSE: DNA)
Another gainer today is DNA stock, which shot up by around 0.6% at midday. If that doesn’t seem like a lot, in the past five days, shares of DNA stock have exploded by more than 35%. During that time, we have covered it on numerous occasions. The most recent news from the company came on June 21st when it announced a milestone achievement with Cronos Group. It stated that Cronos was able to successfully achieve productivity targets for THCV, which is a synthesized cannabinoid.
“Working with Cronos to develop innovations in cannabis is an opportunity for us to apply synthetic biology in a way that is helping bring the cannabis industry forward and make a real impact on its market and the customers it serves.
The progress we’ve made thus far in our collaboration is a true testament to both the potential of synthetic biology and the world-class teams at Cronos and Ginkgo.”The CEO of Gingko Bioworks, Jason Kelly
Aditxt Inc. (NASDAQ: ADTX)
One of the largest gainers of the day on July 8th is ADTX stock. At midday, ADTX stock had exploded by over 55% too more than $0.25 per share. And in the past five day period, ADTX stock has climbed by more than 74%. While we do see gains like this without news, the company came out with an exciting announcement during trading today. On July 8th, Aditxt stated that it successfully completed a preclinical toxicity study of its drug ADI-100 for psoriasis. This means that it is one step closer to human trials for the first time.
The announcement comes as Aditxt has been working for quite some time to achieve this milestone. And, it believes that this drug could have a major effect on skin-related autoimmune disorders. With incredibly promising findings, it’s clear that ADTX stock could be worth adding to your list today and into the next week or so.
Which Penny Stocks Are You Watching Right Now?
If you’re looking for the best penny stocks to buy, there are hundreds of options to choose from. Right now as mentioned earlier, we have a large amount of volatility across the board. This means that those investing in penny stocks need to keep a close eye on what is going on in the stock market and how to take advantage.
In addition, due to the sheer number of events that are impacting penny stocks and blue chips, we will likely continue to see large market fluctuations in the future. Considering all of this, which penny stocks are you watching right now?