3 Penny Stocks to Watch As the Market Turns Around
Penny stocks are a risky investment, but they can also be a lucrative one. If you’re thinking about trading penny stocks, it’s important to understand the risks and rewards involved. On the plus side, penny stocks offer the potential for big gains in a short period of time. They’re also relatively easy to trade and don’t require a large investment.
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On the downside, penny stocks are highly volatile and prone to large movement. They also tend to be much more reactive than other types of stocks, which can make it difficult to understand when movement is going to occur. Ultimately, whether or not trading penny stocks is worth it depends on your individual goals and risk tolerance.
If you’re interested in penny stock trading, there are a few things you should keep in mind. First, understand that these stocks are very risky. If you’re not comfortable with that level of risk, you may want to consider another investment. So, with all of this in mind, let’s take a look at what happened in the stock market on September 28th.
What Happened With Penny Stocks on September 28th
On September 28th, we saw the first signs of a bullish turnaround in the stock market. During trading, the Dow climbed by 540 points with the S&P 500 climbing by around 2% respectively. This is a very good sign, especially considering the bearish movement we’ve seen in the past few weeks.
As we all know, right now is a very tough time to invest in penny stocks and blue chips. This is due to the major volatility that we’ve witnessed over the past year. And recently, we’ve seen a bear market as a result of heightened interest rates from the Fed and fears surrounding inflation. With this in mind, let’s take a look at three penny stocks to add to your watchlist right now.
3 Penny Stocks to Watch Right Now
- bioAffinity Technologies Inc. (NASDAQ: BIAF)
- Sobr Safe Inc. (NASDAQ: SOBR)
- Top Ships Inc. (NASDAQ: TOPS)
bioAffinity Technologies Inc. (NASDAQ: BIAF)
One of the larger gainers of the day on September 28th was BIAF stock. By EOD, we saw shares of BIAF shoot up by more than 35% to over $2.92 per share. This is a major gain for the company that comes alongside some equally exciting news. On September 28th, the company announced that it received an additional $7.7 million from the exercise of its warrants.
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With this, it now has around $15.6 million in total capital from its public offering. This is a great sign for the company and should help it to continue to succeed in the future. While it is hard to say what the long term future of this will be, it’s clear that this announcement could make BIAF worth adding to your penny stocks watchlist.
Sobr Safe Inc. (NASDAQ: SOBR)
During trading on September 28th, SOBR stock managed to shoot up by a staggering 80%. Despite falling by around 25% in after hours trading, this major gain is worth taking a closer look at. The most recent news from the company came when it announced the pricing of a $6 million private placement priced at-the-market.
With Aegis Capital Corp. acting as the exclusive placement agent, SOBR is a worthwhile penny stock to watch. If you’re not familiar, the company develops the SOBRsafe which is a touch-based verification and alcohol detection system. Considering that, does SOBR deserve a spot on your list of penny stocks to buy or not?
Top Ships Inc. (NASDAQ: TOPS)
While TOPS stocks gain of around 29% at EOD is not as much as the other stocks mentioned above, it is worth taking a closer look at given this sizable uptick. Int he past six month period, TOPS stock has fallen by around 85%, which makes this gain even more exciting. So, is there a reason behind it, or is it purely speculation?
The big news comes as the company announced a 412% increase in net income for the six month period ended on June 30th. This is a major deal and shows sizable growth for TOPS. With total; revenue comping in at $38.8 million, TOPS could be an interesting penny stock to watch moving forward.
Which Penny Stocks Are You Watching Right Now?
So, is trading penny stocks worth it? While there can be no definitive answer, it seems that, for the most part, the answer completely depends on you and your trading strategy. If you’re a risk-averse investor, then penny stocks probably aren’t for you.
However, if you’re comfortable with taking on a bit more risk and you have a solid trading strategy in place, then penny stocks could potentially be worth your while. Just remember to always do your research before investing in any stock – penny or otherwise.
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In conclusion, whether or not trading penny stocks is worth it is largely up to the individual investor. For some, the high risks associated with these types of investments may not be worth the potential rewards. However, others may find that the unique benefits of penny stocks make them well worth the risks. As with any investment decision, it’s important to do your research and understand all the risks and rewards