Check These 3 Penny Stocks With The Market Going Down
Right now, we are witnessing another major drop with penny stocks and blue chip stocks. And while many investors are already used to this, it’s still a shock. To understand how to make money with penny stocks or find the best penny stocks to buy, we need to know exactly what is going on in the stock market.
Today, we witnessed the substantial drop in US stocks following the release of May’s inflation data. In the data, consumer prices rose 8.6% year-over-year, which is the biggest gain since 1981. This big rally caused the S&P 500, Dow and NASDAQ to drop more than 2% respectively.
[Read More] 3 Gold Penny Stocks to Watch as Inflation Soars [Again]
Now, we knew this data would come out today and we knew it may not be the best. But there is no way to predict exactly what will happen to penny stocks. So despite this bad news, we are still seeing some gains with select small caps. This includes energy penny stocks and some biotech penny stocks. While this is not widespread, it might be worth investigating these companies. With that in mind, let’s take a look at three penny stocks to watch right now.
3 penny stocks to watch right now
- Imperial Petroleum Inc. (NASDAQ: IMPP)
- Paltalk Inc. (NASDAQ: PALT)
- Cyren Ltd. (NASDAQ: CYRN)
Imperial Petroleum Inc. (NASDAQ: IMPP)
One of the biggest gainers today, despite the overall market trajectory, is IMPP stock. In EOD, IMPP shares had soared by more than $4 to more than $0.85 per share. Over the last few weeks, we have covered Imperial Petroleum on numerous occasions. And, in the last five days alone, we’ve seen over 54% gains with IMPP stock. So why the biggest bullish sentiment for Imperial Petroleum?
[Read More] CPI data is available and this is what it shows inflation
Well, the most recent news from the company came today when it announced the publication date of its financial and operating results for the first quarter of 2022. It specified that these results will be available on June 14. In some context, Imperial Petroleum is a shipowner that offers transportation services for petroleum products. It has eight tankers at the moment, with a total capacity of around 682,000 dwt. So with the recent optimism in the energy industry, it’s no wonder IMPP is turning heads right now. With this in mind, will you be on your penny stock watch list?
Paltalk Inc. (NASDAQ: PALT)
With over 16% in gains, PALT is another penny stock rising right now. And despite a six-month drop of more than 30%, recent news might make it worth keeping an eye on. Yesterday, the company announced the acquisition of Visicom’s ManyCam assets. ManyCam is a streaming software and camera that enables live streaming on a variety of different platforms.
“I have been impressed with ManyCam software for many years. We believe that ManyCam is not only a great fit for our existing video chat communities, but also a great addition to other video conferencing apps like Zoom or Google Meet.
ManyCam gives users the ability to have multiple camera streams, backgrounds, and effects, while also allowing them to share presentations, spreadsheets, documents, and much more.”
Paltalk CEO Jason Katz
This is great news for the company and is likely the reason behind its recent price movements. And while PALT stock shows great volatility, its bullish sentiment is an interesting aspect to consider. With that in mind, do you think PALT deserves a spot on your list of penny stocks to buy?
Cyren Ltd. (NASDAQ: CYRN)
With a strong upward trajectory, it might be worth keeping an eye on CYRN stock at this point. Today, shares of Cyren Ltd. managed to rise more than 9% on the EOD. This sizeable rally reflects a 30% increase in the last five days and more than 50% gains in the last month. So why is there so much bullish movement for Cyren right now? The company’s most recent news came on June 7 when it announced the divestment of its Secure Email Gateway Business to Content Services group for 10 million euros.
“This transaction is fully in line with our strategy to focus our efforts and resources on products and market opportunities that we believe offer the best growth opportunities for Cyren.
Proceeds from this transaction will strengthen our balance sheet, allow us to fund additional growth-related investments and enhance our product line and business overall.
We believe Content Services Group is a good strategic fit for this business, will be a good home for our team members associated with the business, and is committed to continuing to support products and customers.”
Cyren CEO Brett Jackson
With this funding, the company should be able to move forward with some of its other ventures. Considering that, will CYRN be on your shopping list or not?
Are penny stocks with the purchase?
In the past few weeks, we have seen tremendous volatility with both penny stocks and blue chip stocks. And although it is difficult and almost impossible to say what the future will hold, we know that fluctuations are still on the table.
[Read More] Popular Penny Stocks To Buy In Mid June 2022? 3 to see
To take advantage of this, investors must have a firm understanding of your trading strategy. This means knowing what is going on in the stock market and whether or not there are ways to take advantage of it. So with all of this in mind, do you think penny stocks are worth buying right now?