3 Hot Penny Stocks to Add to Your Watchlist Right Now
There are a lot of penny stocks out there, and finding the right ones for your watchlist can be tough. However, with a little research you can find some top quality penny stocks that are worth keeping an eye on. To start with, you’ll want to look at the company’s financials. Make sure they are in good shape and that they have a solid history.
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You’ll also want to look at the company’s management team. Do they have a good track record? Are they committed to growing the business? Finally, you’ll want to look at the company’s trading patterns to see if it aligns with your strategy. When you find a company that meets all of these criteria, you’ll know you’ve found a penny stock worth watching. With this in mind, let’s take a look at what happened in the stock market on September 20th.
What Happened in the Stock Market on September 20th
On Tuesday, September 20th, penny stocks and blue chips fell during trading. At EOD, the Dow Jones, S&P 500, and NASDAQ dropped by around 1%, 1.1%, and 0.9% respectively. The main reason for this comes as the Federal Open Markets Committee began a two-day policy meeting on Tuesday.
In this, investors expect the 0.75 % point hike to occur following comments from Fed. Chair Jerome Powell. While inflation is still high, the goal is to continue working on reducing it through the interest rate hike as well as other means. And because of this, investors are trading with a high amount of caution right now. With all of that in mind, let’s take a look at three penny stocks to add to your watchlist today.
3 Penny Stocks to Watch Right Now
- Virax Biolabs Group Ltd. (NASDAQ: VRAX)
- Mobile Global Esports Inc. (NASDAQ: MGAM)
- Sobr Safe Inc. (NASDAQ: SOBR)
Virax Biolabs Group Ltd. (NASDAQ: VRAX)
One of the larger gainers of the day on September 20th was VRAX stock. By EOD, shares of VRAX stock had shot up by more than 40%. This is a major gain for the company and one that comes after a six month drop of over 80%. As a result, this sizable uptick is a welcomed advancements for investors to consider. The big news from the company on September 20th came as it announced a monkeypox virus antigen rapid test kit.
“I am very proud of our organization’s ability to quickly bring this rapid antigen test kit to market to help combat the monkeypox outbreak. We are working diligently to distribute the kits as well as the previously announced Monkeypox and Varicella Zoster Viruses Real Time PCR Detection Kits into the hands of healthcare practitioners as quickly as possible.”
The CEO of Virax, James Foster
With this in mind, will VRAX be on your penny stocks watchlist or not?
Mobile Global Esports Inc. (NASDAQ: MGAM)
With over 25% in gains on September 20th, MGAM is another penny stock that investors are watching right now. To understand whether or not MGAM stock is worth buying, we have to take a closer look at any recent announcements from the company.
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The only recent news from Mobile Global Esports came a few weeks ago when it announced its participation in the H.C. Wainwright 24th Annual Global Investment Conference. This took place on September 13th. In addition to this, the company is in general, a decent sized player in the Esports world. With this in mind, does MGAM deserve a spot on your list of penny stocks to buy?
Sobr Safe Inc. (NASDAQ: SOBR)
The largest gainer by far on September 20th was SOBR stock. At EOD, shares of SOBR had shot up by a staggering 230% to more than $3.05 per share. This comes as the National Transportation Safety Board recommended that NHTSA may require alcohol-detection systems.
Because Sobr Safe is involved in the creation of these products, it’s clear that it could become a key player in this industry. While all of this is speculation, we often see news like this cause major movement with both penny stocks and blue chips. So, does this make SOBR worth adding to your buy list or not?
Which Penny Stocks Are You Watching Right Now?
Penny stocks are one of the more volatile investments out there. But they can also offer huge potential rewards. If you’re willing to take on the risk, then finding penny stocks for your watchlist right now could be a great way to make some big profits.
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Just remember to do your research before buying any penny stock. And always be aware of the risks. But if you’re willing to take on the risk, then finding penny stocks for your watchlist right now could be a great way to make some big profits. In addition, understanding what is going on in the stock market and what your trading strategy is, will also help you be successful when it comes to trading penny stocks. With this in mind, which penny stocks are you watching right now?
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