3 Penny Stocks That Are Trending Right Now
With another week of tumultuous trading occurring right now for penny stocks and blue chips, those who invest continue to look for the best stocks to buy. While it is complicated given the sheer number of factors impacting the stock market right now, making money with penny stocks can be done confidently. In the past few trading days, we’ve seen the stock market drop substantially with small periods of bullish corrections.
And because of this, the overwhelming sentiment in the stock market right now is uncertainty. Investors are unsure of what the future will hold and are insecure about economic growth in the U.S. And as a result, we continue to see these massive intraday fluctuations. Despite that, there are still many penny stocks that are growing, especially as new trends continue to hit the market. So, with that in mind, let’s take a look at three penny stocks that are trending right now.
3 Trending Penny Stocks to Watch Next Month
Harmony Gold Mining Co. (NYSE: HMY)
During trading today, we saw solid bullish sentiment with HMY stock. By EOD, shares had shot up by over 3.4% to around $4.16 per share. This brings its five-day gain to over 11%, which is no small feat. Now, it’s tough to say why shares of HMY stock are climbing right now, however, we can look at what made it move in the past few days as a whole.
Recently, there has been a sizable amount of bullish interest with gold stocks. This includes other precious metals stocks as well, however, gold is showing heightened interest. One of the main and obvious reasons for this is the price of gold rising itself. Recently, we’ve seen one ounce of gold climb back toward its November highs, which is a good sign for investors.
And, as inflation continues to grow, more and more are turning toward precious metals stocks as a way to hedge bets against future economic uncertainty. This is something we tend to see regularly with the gold mining industry and it has happened cyclically many times throughout the pandemic. So, keep an eye on the gold industry at large as it can be indicative of what happens with companies like HMY and others. Considering that, is HMY stock worth buying right now or not?
Meten Holding Group Ltd. (NASDAQ: METX)
Another gainer of the day is METX stock, which managed to climb by over 2.7% by EOD on January 25th. While shares of METX stock are down by over 90% in the past year, we are seeing a small bullish turnaround with the company right now. The most recent news from Meten Holding came on January 11th when it announced the preliminary operation of its cryptocurrency mining business in Pennsylvania.
The company stated that it has procured around 147 mining machines which will have a competing power of 14P. This is a part of the strategic partnership it has with AGM Group Holdings Inc. If you’re not familiar with Meten and its cryptocurrency operations, you likely know of it as an education stock. However, a few months ago, China banned most of the for-profit tutoring industry resulting in widespread losses and business shutdowns.
To avoid completely shutting down, Meten has worked to find other business opportunities, such as in cryptocurrency. And now, Meten states that it plans to become a “Metaverse Technology Company” which is an interesting move that could benefit it in the long term. So, with all of that considered, will METX be on your penny stocks watchlist moving forward?
Ideanomics Inc. (NASDAQ: IDEX)
Ideanomics is a penny stock that we have covered numerous times in the past few months. And with a 2.4% gain today, IDEX stock is once again on the radar. While IDEX stock has shot down by around 75% in the past twelve months, there are several interesting prospects that the company has going for it right now. To understand that, we have to take a look at what the company does. Ideanomics operates in two categories; Ideanomics Capital and Ideanomics Mobility. On one hand, Ideanomics Capital is its division for investing in new Fintech solutions. This has become important as the Fintech industry has grown substantially in the last few years.
And on the other hand, Ideanomics Mobility is its division for investing in new mobility solutions. This mostly pertains to the procurement and adoption of electric vehicles and EV related needs. Only recently, the company announced its involvement in the electric battery start-up known as InoBat. While the exact amount invested is unknown, there is no doubting that this is an exciting prospect.
“InoBat prides itself on providing innovative solutions across the entire battery value chain thanks to our own ‘cradle-to-cradle’ approach. We are thrilled to join hands with Ideanomics, a like-minded company with vehicles across a wide range of industries.”
The CEO of InoBat, Marian Bocek
While the results of this are yet to be seen, investors should try to stay up to date with the next steps. With all of that in mind, does IDEX deserve a spot on your list of penny stocks to buy?
Which Trending Penny Stocks Are You Watching Right Now?
When it comes to finding trending penny stocks, there are plenty of ways to do just that. But, because there are so many penny stocks to choose from, investors need to be picky, and careful about the stocks they land on.
This means knowing every detail about the company you’re interested in, how to take advantage of any future announcements, and so on. In 2022, investing in penny stocks is not for the faint of heart. But rather, investors should consider all the events that are going on in the world and how they may impact the stocks on their watchlists.
Because penny stocks are both speculative and volatile, any announcement no matter how big or small, can have a material effect on how penny stocks trade. So, keep a close eye on the market and always know what the next step is. With that in mind, which trending penny stocks are you watching right now?
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