Best Penny Stocks to Buy Now? 3 to watch this week
News and research before you hear about it on CNBC and others. Claim your one week free trial for StreetInsider Premium here.
3 Penny Stocks to Add to Your Watchlist Right Now
With a mostly bullish trading day for penny stocks and blue chips right now, investors are excited about the near future. Recently, we have seen a much higher rate of upside movement in the stock market.
This is due to a reversal in the recent bear market as investors look to take advantage of the bull market. One thing to keep in mind is that regardless of the direction of the market, volatility is at a very high rate. This means that investors should remain vigilant no matter penny stocks they buy.
So if you can do the proper research and understand exactly what’s going on in the stock market, it can be a lot easier to avoid losing money. And, always make sure you have a well-thought-out and consistent trading strategy at hand. Given that, here are three penny stocks to add to your watchlist right now.
3 Hot Penny Stocks to Watch in Mid-June
- Transocean Ltd. (NYSE: R.I.G.)
- Janone inc. (NASDAQ: JANUARY)
- Accelerate Diagnostics Inc. (NASDAQ: AXDX)
Transocean Ltd. (NYSE: RIG)
One of the biggest gainers of the day on June 7 is RIG stock. By noon, shares of RIG managed to climb more than 12.9%. This is a sizable gain for the company and comes after a month-long and six-month rise of 35% and 55% respectively.
So why the sudden increase in the value of Transocean? Well, just a day ago the company announced a $181 million contract extension for its harsh environment semi-submersible. This is a major operation for the company and concerns its vessel Transocean Spitsbergen. The vessel will be contracted for offshore work in Norway, and is expected to start as early as October 2023.
In a certain context, Transocean is an offshore drilling service provider for oil and gas wells. At last report, the company has 37 mobile offshore drilling units. It consists of 27 ultra-deep floats and 10 harsh environment floats. So with all of this exciting news in mind, will RIG be on your list of penny stocks to look at?
Janone Inc. (NASDAQ: JAN)
With over 65% gains as of midday, JAN stock is a major gainer on June 7. This significant rise takes shares of Janone Inc. to over $4.23, representing its one-month gain of over 100%.
So why is JAN stock seeing so much bullish sentiment? Well, the big news for the company came today when it announced the issuance of a US patent for a method of improving nerve function using its compound JAN101. The company says it could be used in the treatment of peripheral arterial disease, or PAD.
“This patent further protects JanOne Inc.’s product for use in the treatment of PAD by expanding the use of JAN101 to treat nerve damage caused by microvascular disease. Microvascular disease is a major problem for patients with PAD: it causes restriction of blood flow in the affected limb, which in turn leads to nerve damage and severe pain. »
Janone Inc. Chief Scientific Officer, Dr. Tony Giordano
It’s a big deal for the company and something exciting for investors right now. And that helps explain exactly why JAN stocks are experiencing such bullish sentiment right now. With that considered, will it be on your penny stocks watch list or not?
Accelerate Diagnostics Inc. (NASDAQ: AXDX)
Adding to the list of significant gainers on June 7, we see AXDX shares with over 44% gains. And in the past five days, AXDX shares have jumped more than 65%. While we’ve seen roughly 79% losses in the past six months, this recent bullish reversal is an exciting sentiment for investors to take notice. So, for this reason, let’s take a look at why AXDX shares are rising right now. The most recent news from the company came on May 16 when it announced its first quarter 2022 financial results.
In the results, the company announced a 20% increase in net sales, due to a 29% increase in recurring revenue. Additionally, it posted $6 million lower R&D spending compared to $6.9 million in the same quarter a year earlier. That’s exciting, however, it doesn’t explain why AXDX shares are exploding right now. So, the most logical reasons could be due to several factors.
For one thing, it’s likely that AXDX stock is live on sites like Twitter and Reddit. And on the other hand, we have recently observed a large amount of bullish sentiment in the biotech industry. So, while these don’t easily identify why AXDX stock is rising right now, they can help investors understand it better. Given that, does it deserve a place on your list of penny stocks to buy?
What Penny Stocks are you looking at right now?
Finding the best penny stocks to buy in 2022 is a challenge. But, with so many different small caps to choose from, it can be a lot easier than previously imagined.
Investing in penny stocks or blue chips today is all about understanding what’s going on in the stock market. And while it may be complicated to do, research will always be your best friend. So with all of that in mind, what penny stocks are you looking at right now?