3 Penny Stocks to Add to Your Watchlist Right Now
A lot of people are asking whether penny stocks are worth investing in right now. The answer to this question is not a simple one, as there are pros and cons to consider. On the one hand, penny stocks can offer a high degree of risk and volatility. This can make them appealing to investors who are looking for quick profits. However, it also means that there is the potential for large losses.
On the other hand, penny stocks can also be a great way to get exposure to small companies with high growth potential. For example, many penny stocks are involved in cutting-edge industries such as biotechnology and other niches. This means that they could potentially offer investors significant upside if their products or services take off.
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So, are penny stocks worth investing in right now? It depends on your individual goals and risk tolerance. If you’re willing to take on a higher degree of risk, then penny stocks could be a good option for you. However, if you’re looking for more stability, then you may want to consider other investments. With this in mind, let’s take a look at what happened in the stock market on October 10th, 2022.
What Happened in the Stock Market on October 10th
On October 10th, both penny stocks and blue chips ended the day lower. This comes as the NASDAQ Composite dropped to its lowest number in two years with tech stocks falling the most. During trading, the NASDAQ, S&P and Dow dropped by 1%, 0.75%, and 0.3% respectively. While not as major of a loss as we’ve seen recently, it is still a less than encouraging sign for investors to consider.
With so much volatility in the stock market right now, it can be a difficult time to find penny stocks to buy. However, even on days where the market drops, we still find winners amongst small caps. With this in mind, let’s take a look at three penny stocks to watch right now.
3 Penny Stocks to Watch Right Now
- Applied DNA Sciences Inc. (NASDAQ: APDN)
- Exela Technologies Inc. (NASDAQ: XELA)
- Sobr Safe Inc. (NASDAQ: SOBR)
Applied DNA Sciences Inc. (NASDAQ: APDN)
APDN is a penny stock that we have covered on numerous occasions. And on October 10th, shares of APDN stock shot up by a staggering 70% to over $2.12 per share. In the past five day period, APDN stock has climbed by over 89%, which shows an even greater amount of interest in the company.
The most recent update from the company came on October 10th when it announced a contract with LinearDNA, which is valued in the mid-six figure range. With this, investors are excited about the potential future of the company. Considering that, does APDN deserve a spot on your penny stocks watchlist?
Exela Technologies Inc. (NASDAQ: XELA)
Another sizable gainer on October 10th was XELA stock. By EOD, XELA had shot up by over 14% to more than $0.43. and with an over 94% drop in the past six months, any gain is a welcomed one for XELA investors. Looking at this, is there a reason for XELA’s gain on Monday?
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The main news comes as the company announced that its European business would go public via a merger with CF Acquisition Corp. VIII. The transaction values this part of its business at roughly $220 million, and it is expected to close in the first half of 2023. While it is tough to say what the long term trajectory of XELA stock is, there’s no doubting that this is an exciting deal.
Sobr Safe Inc. (NASDAQ: SOBR)
One of the largest gainers of the day was SOBR stock. At EOD, shares of SOBR stock had shot up by over 13%, which is no small feat. And in the past month period, we’ve seen SOBR stock shoot up by over 180%.
As a result of this, it’s clear that there is a lot of interest in Sobr Safe right now. The latest news from the company came during trading on October 10th when it announced an expansion into the NY market via a new distributor. With this, it should be able to sell a substantially greater amount of product. Whether this makes SOBR stock worth adding to your list of penny stocks to watch or not is up to you.
Which Penny Stocks Are You Watching Today?
There’s no simple answer to whether penny stocks are worth investing in right now. While there are definitely some risks involved, there are also potential rewards. Ultimately, it’s up to each individual investor to weigh the pros and cons and make a decision based on their own goals and risk tolerance.
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If you’re thinking about investing in penny stocks, be sure to do your research and understand the risks before you get started. And always remember: invest wisely and never more than you can afford to lose. With the right information on hand, penny stocks could be a worthwhile investment for you. Considering that, which penny stocks are you watching right now?
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