Buying Penny Stocks Today? Here’s What You Need to Know
With a new month of trading penny stocks here, there is a lot for investors to understand. In the past few weeks, the main mover of the stock market has been the invasion of Ukraine by Russia. And, this continues to affect both penny stocks and blue chips in a big way.
While a new month can offer a clean slate for renewed market sentiment, it will carry with it the volatility of the previous month. With that in mind, let’s take a look at what you need to know about trading penny stocks today.
What to Know About Trading Penny Stocks Today
During premarket, U.S. stock futures dropped, indicating another highly volatile day of trading. Right now, we’re witnessing more attacks on Ukraine, and the effects of the major sanctions on Russia take place. In early morning trading, contracts for the Dow Jones dropped by over 200 points with the Nasdaq Composite dropping by around 1%. Historically speaking, the NASDAQ has had its worst January and February in 12 years.
The major sanction that investors are discussing and one that they feared heavily was the blockade of Russia from SWIFT. SWIFT is a payment network that essentially allows banks to communicate with one another, facilitating transactions. Removing some of Russian banks from this network has dealt a crippling blow to the Russian economy with the ruble dropping more than 30%.
While the majority of pain will be felt by the Russian government and its people, the U.S. and the rest of the world will also feel some blowback. So, with all of this in mind, let’s take a look at three penny stocks gaining during premarket right now.
3 Penny Stocks Gaining During Premarket Right Now
Mullen Automotive Inc. (NASDAQ: MULN)
One of the bigger gainers today and of the past week or so is MULN stock. During trading today, shares of MULN shot up by over 7.6% before the market opened. And, this brings its five day gain to over 160%. This is a significant uptick and one that shows just how bullish investors are on Mullen Automotive. In the past six months, shares of MULN stock have shot down by over 80%.
Aside from its bearish trend in the past year, the company released some exciting news only a few days ago. It stated that it has made progress on the development of a solid-state battery. This battery should allow it to power electric vehicles up to 600 miles with a 50% recharge speed in 18 minutes. This is big news and could be a game changer if all goes according to plan. Considering that, will MULN be on your penny stocks watchlist?
CTI BioPharma Corp. (NASDAQ: CTIC)
CTI BioPharma is one of the largest premarket gainers today, pushing up by over 50%. While many large gains like this occur without news, CTI BioPharma made an exciting advancement during premarket. It stated that the FDA has approved its bone marrow cancer drug known as Vonjo or pacritinib.
“We are fully funded for commercial launch, following our debt and royalty transactions with DRI, and we look forward to providing VONJO to patients within 10 days.”
The CEO of CTIC, Adam R. Craig
In addition to this, the company stated that 29% of those taking its drug twice a day, saw a reduction in spleen volume while 3% of those taking the best available therapy, saw the same result. This is a big deal and shows just how much potential this compound could have. Whether this makes CTIC stock worth adding to your list of penny stocks to watch is up to you.
Farmmi Inc. (NASDAQ: FAMI)
FAMI is a penny stock that we have covered countless times over the past few months. And today, shares of the Chinese agricultural wholesaler, shot up by over 9% in premarket.
The main reason for this gain comes as the company announced that it secured an order for dried sliced Shiitake mushrooms in New York. This should help to expand its reach in the U.S.
“This is another nice win for our sales team, as we leverage our brand and supply chain to capture additional growth opportunities in key markets worldwide. The U.S. represents an important market, where consumers have been willing to incorporate fungi into their diets and lifestyles.”
The CEO of Farmmi, Ms. Yefang Zhang
Considering this exciting news, is FAMI stock worth buying or not?
Which Penny Stocks Are You Watching Today?
With so much going on in the stock market right now, there is a lot to keep track of. However, because there is such a wide variety of events occurring, there are a lot of movements for penny stocks investors to take advantage of. Considering all of that, which penny stocks are you watching today?