3 Top Penny Stocks to Add to Your End of May Watchlist
With a positive day of trading on the books for penny stocks and blue chips, there is a lot of excitement around. Although it is likely that we will continue to see volatility in the stock market, positive days are encouraging. The big news on May 23rd comes as earnings from JPMorgan Chase were very positive.
In addition, sentiment from President Biden stated that the U.S. could begin dropping some tariffs on China. All of this is highly positive and shows that there is positivity despite stocks flirting with a bear market only one trading day prior. So, when it comes to buying and selling penny stocks, we know that volatility is something that will always be present. And because of that, it is up to traders to stay on their toes and understand exactly what is going on and how to take advantage.
While today is positive, factors such as inflation and rising interest rates continue to underscore any upward momentum. And amidst this high level of volatility, there is plenty of opportunity to make money with penny stocks. So, with that in mind, let’s take a look at three that are climbing during trading today.
3 Top Penny Stocks to Watch as May Ends
- Geovax Labs Inc. (NASDAQ: GOVX)
- Foresight Autonomous Holdings (NASDAQ: FRSX)
- Safe Bulkers Inc. (NYSE: SB)
Geovax Labs (NASDAQ: GOVX)
One of the largest gainers of the day and of the past few trading days is GOVX stock. During trading, shares of GOVX stock shot up by a staggering 80% to more than $2.62 per share. And if that doesn’t seem like enough, in the past five days, shares of GOVX stock have climbed by more than 315%.
So, why the explosive gain for Geovax and is is sustainable or not? Well, the biggest news for the company comes as cases of Monkeypox continue to rise. While Monkeypox is no where near as infectious as Covid, investors are betting on the speculative hype surrounding companies that work on preventing the virus. Geovax reportedly produces an rMVA vector vaccine which is based on an attenuated smallpox virus.
This means that it could be a big deal in the fight against Monkeypox, which is closely related to smallpox. In addition to this, Maxim Group set a $6 price target on the company, only fueling this hype further. So, while GOVX stock is quite volatile, the company does look like it has a lot to offer investors. With this in mind, will it be on your list of penny stocks to watch or not?
Foresight Autonomous Holdings (NASDAQ: FRSX)
With over 20% in gains on May 23rd, another penny stock that is in focus right now is FRSX. Foresight Autonomous is a tech penny stock that we have covered multiple times in the past. And with this gain today, FRSX stock is once again in focus.
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While there is no specific reason that FRSX stock is moving, we can look at its most recent announcements to try and understand what is going on with the company. In March, Foresight announced its Q4 2021 financial results. And, in the results, the company posted that it held more than $45 million in cash on hand. In addition to this, the company announced that it brought in a net loss of $15 million.
“Foresight concluded 2021 with a series of successes that we believe validate our product development roadmap and demonstrate the widespread appeal and the large potential addressable market for our stereoscopic vision systems…Over the course of 2021, Foresight made important strides in communicating the value and superiority of our technology for the growing autonomous and semi-autonomous vehicle industries.”
The CEO of Foresight, Haim Siboni
With this big news in mind, it’s clear that there is a lot going for FRSX stock. Whether this makes FRSX stock worth adding to your penny stocks watchlist or not is up to you.
Safe Bulkers Inc. (NYSE: SB)
With over 7.3% in gains at EOD, shares of SB stock are seeing a solid bullish trajectory. In the past five days and one month periods, we’ve seen SB stock climb by over 9.9% and more than 15%. On top of this, SB stock has climbed by over 29% in the past six months. This type of stable bullish momentum is not something that we see with a large number of penny stocks, making it that much more interesting.
So, why the major bullish sentiment for SB stock? The most recent news was the announcement of its upcoming earnings release on May 25th. This is the next time that we will understand where Safe Bulkers is at financially. As a provider of drybulk shipping, many investors are confident in the future of Safe Bulkers.
In addition to this, the company provides shipping for some of the largest drybulk routes in the world. Because of that, some investors believe that it could be recession proof. Considering that, does SB deserve to be on your buy list or not?
Which Penny Stocks Are You Watching Right Now?
Finding the best penny stocks to buy is all about understanding what to look for and what is going on in the stock market. Because there are so many penny stocks to choose from right now, investors also need to have a well-thought-out and consistent trading strategy.
Because of that, investing in penny stocks can be both profitable and completely doable. Considering all of this, which penny stocks are you watching right now?