3 Popular Trending Penny Stocks to Watch Right Now
There’s no doubt that penny stocks are volatile right now. The Dow Jones Industrial Average has continued to swing wildly over the past few months, and there’s no telling where it will go next. So, is it worth buying penny stocks right now, even though there’s so much uncertainty?
Well, that depends on your investment goals and timeframe. If you’re investing for the long term (say, 10 years or more), then volatility shouldn’t be too much of a concern. Over time, the stock market has always trended upward, so you’re likely to come out ahead if you stick with it for the long haul.
And, if you’re investing in the short term, volatility can be a benefit depending on your trading strategy. At the end of the day, understanding what your trading strategy is and how to use that as a guide will be the best determinant of whether or not penny stocks are worth buying right now. With this in mind, let’s take a look at what happened in the stock market on October 5th.
What Happened With Penny Stocks on October 5th
On September 5th, both penny stocks and blue chips ended the day slightly lower. This comes after two days of very large gains for the broad indexes. Earlier in the week, the rally that we witnessed was the largest two day gain for the S&P 500 since 2020.
As a result, there is some renewed confidence in the short term future of the stock market. However, because of the recent volatility, it is crucial to stay fully up to date with what is happening in the stock market. Considering that, let’s take a look at three trending penny stocks to add to your watchlist.
3 Trending Penny Stocks For Your Watchlist
- Pineapple Energy Inc. (NASDAQ: PEGY)
- Crown Electrokinetics Corp. (NASDAQ: CRKN)
- Color Star Technology Co. Ltd. (NASDAQ: CSCW)
Pineapple Energy Inc. (NASDAQ: PEGY)
PEGY is a penny stock that we have covered a few times including on October 4th. And on October 5th, shares of PEGY stock managed to shoot up by over 93% with an 18% after hours gain. This brings it to a five day gain of over 150%, which is no small feat. Now, it’s tough to say why PEGY stock is gaining other than it being the latest subject of the meme stock movement.
If you’re not familiar, these are penny stocks that rise and fall due to speculation online with little to no news behind it. And because there is no news behind the recent gain, it’s clear that this is the reason. With that in mind, do you think PEGY is a worthwhile addition to your penny stocks watchlist or not?
Crown Electrokinetics Corp. (NASDAQ: CRKN)
Another major gainer on October 5th was CRKN stock. By EOD, shares of CRKN stock had shot up by over 72% with an additional 8% or so in after hours respectively. These major gains are the result of its popularity online. Because of this, we see that volatility with CRKN stock is likely to remain very high.
In addition to this, it is a low float penny stock with some analyst news behind it. The most recent news from the company came last month when it added comments on a recent purchase order. Since then however, the company has not made any major announcements. With all of this news considered, does CRKN belong on your list of penny stocks to watch or not?
Color Star Technology Co. Ltd. (NASDAQ: CSCW)
After a 13% gain during trading and another 4% or so in after hours gains with CSCW stock, many investors are paying attention. Yet again, CSCW is another popular penny stock that is trending due to discussions about it online.
It’s also worth noting that we covered CSCW a few days ago, and in the past five day period, it has climbed by more than 34%. While it is highly volatile, CSCW has a history of making large upward and downward moves. So, if you’re looking for large price action, CSCW could be worth keeping an eye on.
Which Penny Stocks Are You Watching Today?
Even though there is a lot of volatility in the stock market right now, that doesn’t mean that penny stocks aren’t worth buying. In fact, there are still plenty of opportunities for investors to make money in the stock market.
Of course, it’s always important to do your own research before investing in any stock. But if you’re careful and smart about it, there’s no reason why you can’t make money even in a volatile market. With this in mind, it’s also crucial to know your own trading strategy and what your threshold for risk is. These will help to guide your decisions and help you weather any market turbulence.
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