3 Penny Stocks to Add to Your Watchlist Right Now
Investing in penny stocks can be a high-risk venture, but it can also pay off handsomely. Despite the volatility of the stock market, trading penny stocks can be worth your while if you know what you’re doing.
Penny stocks are shares of smaller companies that trade for under $5 per share. They are often volatile and unpredictable, but they can offer investors huge returns if the company succeeds. The key to making money with penny stocks is to do your research and only invest in companies that you believe have a bright future or those that could move significantly in a short time frame. If you can find the right penny stocks, the possibilities with small-caps are endless.
When it comes to penny stocks, the key is to find quality companies with sound management, strong financials, and a solid business plan. You can start your research by reading news articles and financial reports about the company. You can also look for analyst ratings and price targets to get an idea of where the stock might be headed.
Once you’ve found a few penny stocks that you’re interested in, it’s important to monitor them closely. Keep track of the stock price and pay attention to any news or announcements that could impact the share price. If you see a stock moving up or down sharply, it’s important to act quickly. Remember, when it comes to penny stocks, timing is everything. With this in mind, let’s take a look at three penny stocks that could be worth watching today.
Marijuana Penny Stocks Exploded on October 6th
After President Biden announced that he would pardon non-violent, federal offenses of marijuana possession, cannabis stocks exploded. This makes sense as it shows a leniency from the federal government toward cannabis.
Now, while we don’t know when full federal legalization will come, we do know that right now, this is a major step in the right direction. As a result of this, we saw many marijuana stocks climbs significantly on October 6th. For that reason, let’s take a closer look at three penny stocks that pushed up during trading on Thursday.
3 Penny Stocks to Watch Right Now
Tilray Inc. (NASDAQ: TLRY)
With a staggering 30% in gains during trading and another 6.5% in after hours gains, TLRY was a major winner on Thursday. This comes alongside a 47% drop YTD, which makes its recent gain even more exciting for investors to consider.
So, is TLRY stock worth buying right now or not? Well, the short answer is that it fully depends on your trading strategy. In the past TLRY has been extremely volatile, alongside most other marijuana stocks. But, we do see that it is also highly reactive when marijuana-related news comes out. So, if you’re looking for a volatile penny stock to watch, TLRY could be worth keeping an eye on.
Green Giant Inc. (NASDAQ: GGE)
The largest gainer on October 6th was GGE stock which managed to explode by over 165%. This incredibly substantial gain comes as news came out regarding its entry into a material definitive agreement for a sale of common stock. The news states that the company has entered into this with an unnamed party, which should bring in around $5.2 million in proceeds via the offering.
As a result, the company could have access to a sizable amount of capital to continue its operations. Now, it’s tough to say that GGE stock is worth buying due to its extremely level of volatility in the past few weeks. But, with this major gain, it could be a worthwhile addition to your list of penny stocks to watch.
SNDL Inc. (NASDAQ: SNDL)
Another marijuana stock that exploded on October 6th was SNDL stock. By EOD, shares had shot up by over 23% with another 3.9% coming in after hours trading. YTD, shares of SNDL stock have plummeted by around 54%. And, this is not at all uncommon as most other marijuana stocks have done the same.
Regardless, many investors are excited over this recent news and believe that there could be some more potential on the horizon in terms of legislation. Whether or not this is the reality moving forward, SNDL could be worth adding to your penny stocks watchlist.
Can You Make Money With Penny Stocks?
Despite the high level of volatility in the stock market, trading penny stocks can still be worth it. This is because penny stocks can offer investors a high degree of liquidity and movement, which allows them to quickly buy and sell their shares with a profit.
Additionally, penny stocks tend to be much less expensive than other types of stocks, which makes them more affordable for investors. Finally, penny stocks can provide investors with the opportunity to make a large profit if they are able to find and invest in a good company. With this in mind, do you think making money with penny stocks is possible in 2022 or not?