3 Penny Stocks to Watch As the Stock Market Takes a Bullish Turn
Penny stocks are often seen as a high-risk investment, and with good reason. Many penny stocks are issued by companies with a high degree of volatility and little to no news. However, there are also a number of penny stocks that are issued by well-established companies with a wide breadth of information.
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So, is buying penny stocks right now worth it? It depends on a number of factors, including your investment goals and risk tolerance. If you’re willing to take on a higher level of risk, then investing in penny stocks could potentially provide you with greater rewards. However, you should always conduct thorough research before investing in any stock, regardless of its price.
In 2022, we have seen an incredible amount of volatility across both blue chips and penny stocks. And while this can be a bad thing for some, for others, it is a welcomed outcome. So, if you’re thinking about investing in penny stocks, do your homework first and understand the risks involved. With that said, penny stocks could still be a viable investment option for those willing to take on a higher degree of risk. Considering this, let’s take a look at what happened in the stock market on October 4th.
What Happened in the Stock Market on October 4th, 2022
On October 4th, 2022, both penny stocks and blue chips had a positive day of trading. This comes as on October 3rd, we also saw some major bullish sentiment. On Tuesday, the S&P 500 managed to climb by 3.1% with other major indexes climbing in similar numbers.
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While it is hard to say why this is occurring, we know that there are a few signs of inflation beginning to slow down. Alongside this however, there are some signals that economic growth could be slowing down as well. Many investors hope that the worst has come, and that we can only go up from here, but only time will tell. Considering that, let’s take a look at three penny stocks that could be worth watching today.
3 Penny Stocks to Watch During Trading Today
- Connexa Sports Technologies Inc. (NASDAQ: CNXA)
- Pineapple Energy Inc. (NASDAQ: PEGY)
- Core Scientific Inc. (NASDAQ: CORZ)
Connexa Sports Technologies Inc. (NASDAQ: CNXA)
One of the larger gainers of the day during trading on October 4th was CNXA stock. By EOD, CNXA had shot up by more than 60% with another 9% in after hours gains. The biggest news for the company came on September 28th. On the 28th, it stated that it entered into a securities purchase agreement for the issuance and sale of 12.8 million shares of its common stock.
With this, the company will have $5 million in funds to continue growing its business. While it is hard to say what the long term future of this deal will be, we do know that this is all exciting. Whether this makes it worth adding to your list of penny stocks to buy or not is up to you.
Pineapple Energy Inc. (NASDAQ: PEGY)
With a staggering 79% in gains during trading and another 30% in after hours respectively, PEGY is a popular penny stock to watch right now. And, considering its 30% drop in the past month, it’s clear that there is some new bullish interest in the company.
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So, is there any news to back up this recent gain? Well, we have seen some bullish movement in the energy sector at large with oil prices climbing in the past few days. And, after naming Eric Ingvaldson as its new CFO, it seems that investors are hopeful about the future of the company. Considering this, will it be on your penny stocks watchlist today?
Core Scientific Inc. (NASDAQ: CORZ)
On Tuesday, October 4th, shares of CORZ stock shot up by over 28% during trading and after hours. With an 80% drop in the past six month period, it’s tough to make the claim that CORZ stock is a buy.
To understand why it’s moving, we have to take a look at the company and any recent news that may pertain to it. On October 4th, news came out that Barclays was bullish on Bitcoin and Core Scientific as a Bitcoin miner. And while BTC has been extremely volatile, the price has been climbing in the past few days. Whether this makes CORZ a buy however, is up to you.
Are Penny Stocks Worth Buying Right Now or Not?
If you’re thinking about buying penny stocks right now, you might be wondering if it’s worth it. Penny stocks can be a great way to make money, but they can also be very risky. So, is buying penny stocks right now worth it?
Well, that depends on you and your goals. If you’re willing to take on a little bit of risk, then penny stocks could be a good investment for you. However, if you’re not comfortable with taking on any risk, then you might want to steer clear of penny stocks.
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Only you can decide if buying penny stocks right now is worth it for you. Just be sure to do your research and understand the risks before you invest. Considering that, which penny stocks are on your watchlist today?