3 Good Penny Stocks to Watch Right Now
Penny stocks are an interesting investment option for those who are looking to make a quick profit. While they can be risky, they can also offer the potential for huge returns. For this reason, many investors keep a penny stocks watchlist for those that they are interested in.
If you’re looking for penny stocks to add to your watchlist right now, there are a few things to keep in mind. First, consider the company’s financial stability. This can be tricky with penny stocks since they are often less well-known companies when compared to blue chips. However, you can research the company’s financial statements to get an idea of its overall health.
You’ll also want to look at the company’s growth potential. This can be tricky to predict, but you can research the industry that the company operates in and look for any positive trends. Finally, don’t forget to pay attention to the stock’s price. Obviously, you’re looking for penny stocks that are currently undervalued. With all of this in mind, let’s take a look at what happened in the stock market on September 21st.
What Happened With Penny Stocks on September 21st?
On September 21st, penny stocks and blue chips took another hit as the Fed announced the latest rate hike. While this was expected, the 75 basis point hike is not a welcomed move for investors. As a result, the Dow, S&P, and NASDAQ fell by 520 points, 1.7%, and 1.79% respectively.
During trading however, we did see the Dow climb by more than 300 points before falling to its EOD low. As we see, there is an extreme amount of volatility in the stock market right now. Because of this, it is crucial to understand exactly what is happening with penny stocks and how to take advantage. Considering that, let’s take a look at three penny stocks that could be worth keeping an eye on right now.
3 Penny Stocks to Watch Right Now
Ecmoho Ltd. (NASDAQ: MOHO)
At EOD on September 21st, shares of MOHO stock had shot up by more than 50%. And, during after hours, MOHO stock managed to shoot up by another 25%. This brings it to over $0.22 as of after hours on Wednesday. So, why is Ecmoho stock climbing so much right now? Well, it is tough to say as no recent news has come out of the company.
However, we have seen it as a popular meme stock in the past. This means that it climbs and falls due to social media sentiment. While this does not make it an easy choice as far as whether it should be on your penny stocks watchlist, it could help in your decision. With that in mind, does MOHO belong on your buy list?
Evaxion Biotech (NASDAQ: EVAX)
With over 14% in gains on Wednesday, EVAX is another penny stock that investors are watching right now. In the past month, shares of EVAX have dropped by over 13%, which makes this recent gain a welcomed advancement for investors to consider.
The most recent news from the company came on Wednesday when it announced an important milestone regarding its EVX-01 personalized cancer therapy. This is a big update for the company and is an important factor for investors to consider right now. With that considered, does EVAX belong on your list of penny stocks to watch or not?
Cepton Inc. (NASDAQ: CPTN)
Another gainer on Wednesday September 21st was CPTM stock. At EOD, shares of CPTN stock had shot up by over 17%, with a 2% drop during after hours. While we do see gains like this without news, the company made an exciting announcement.
It stated that it has added Lidar Digital Twin to its NVIDIA Drive Sim. This will help it to build upon the development of autonomous driving technology. Recently, we’ve seen a lot of positivity surrounding autonomous driving related penny stocks. So, does this make CPTN stock worth watching or not?
Which Penny Stocks Are on Your Watchlist Today?
There are a few key things to look for when finding penny stocks for your watchlist. First, you want to find companies with strong financials. This means that they have a history of profitability and have a good chance of continuing to be profitable in the future. Second, you want to find companies with solid management teams. This means that the company is run by experienced and competent people who have a track record of success.
Finally, you want to find companies with good growth prospects. This means that the company is in a good position to grow in the future and is likely to continue to move. When you find penny stocks that meet all of these criteria, you can have a greater chance of making money with small caps. With this in mind, which penny stocks are you watching today?