Best Penny Stocks To Buy Right Now? 5 With Big News Today

in stockmarket •  2 years ago 

Best Penny Stocks For 2022

Penny stocks aren’t a safe haven investment by any means. But in 2022, some of the best stocks to trade are at $5 and under prices. In the stock market today, broader trends entail high volatility, and in such an environment, penny stocks are no stranger. Today we look at a handful of penny stocks with big news this week. Once you see what has been released and any potential upcoming catalysts, you can decide if they’re the best penny stocks to buy right now or if you should avoid them entirely.

5 Penny Stocks To Buy [or avoid]

Penny Stocks To Watch #1: The Metals Co Inc. (TMC)

best penny stocks to buy right now The Metals Company TMC stock chart
Metals and mining penny stocks have recently gained momentum in the stock market. A higher inflationary environment has given way to the “safe haven” trade. The Metals Co isn’t necessarily what you’d consider a “safe haven” however, recent interest in energy metals mining stocks has helped give TMC stock a boost. The company explores sources of battery metals, including seafloor polymetallic nodules.

TMC Stock News Today

Shares of TMC stock jumped early on Wednesday thanks to news that the company and Allseas collected the first batch of seafloor nodules from the Clarion Clipperton Zone in the Pacific. This was the first time such an event took place in the location since the 1970s, according to The Metals Company. The milestone is seen as a critical step in proving its concept and providing data for further advancement.

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TMC stock has steadily risen over the last few months. Now, it looks like a significant technical level, the 50-day moving average has acted as a level of support since early September.

2. FOXO Technologies Inc. (FOXO)

best penny stocks to buy right now FOXO Technologies FOXO stock chart
If you heard about FOXO Technologies this year, chances are it was when the penny stock was trading much higher. The company went public via a SPAC merger with Delwinds Insurance Acquisition with a $369 million enterprise value. But like most SPACs, following the transaction, share prices plummeted. In Foxo’s case, it dropped as low as $0.8762. That’s bad news for anyone watching the de-SPAC early, but it has been good news so far for traders this week.

In the stock market today, FOXO Technologies shares are in rally mode. The company provides artificial intelligence and genetics technology to life insurance underwriters. It also recently appointed a new Chief Distribution Officer for its FOXO LIFE subsidiary.

FOXO Stock News Today

One of the things prompting the recent bullishness in FOXO stock was a headline that it announced the first distribution partner and started rolling out its product in the California market. Its Life Insurance Designed to Keep You Alive™platform is introduced to agents as FOXO LIFE begins partnering with independent agencies across the US. Its first broker general agent is BGA Insurance, representing over 4,000 agents.

3. Gatos Silver Inc. (GATO)

![best penny stocks to buy right now Gatos Silver Inc. GATO stock chart])()
Like TMC, GATO stock has gained ground thanks to interest in mining stocks. The company is a mining and exploration company mainly focused on silver. It has a silver/zinc mineral district in Mexico, owning 70% interest in the Los Gatos Joint Venture.

GATO Stock News Today

The news from Gatos came out after Tuesday’s closing bell. So traders have reacted to it in the stock market today. Gatos announced production results for the third quarter, which blew away their expectations. They were record figures for quarterly production in Q3 2022. They included a 59% increase in silver production to 2.7 million ounces and a 32% jump in zinc production to 17.8 million pounds. The company’s lead production climbed by 13% during the quarter to 12.2 million pounds.

The move comes after Gatos released an update earlier this month on its Cerro Los Gatos Mineral Reserve and after BMO Capital boosted its price target on the penny stock. Technical trends also put the 50-day moving average in focus on the stock. This time, however, it has been a level of relative resistance as shares of GATO stock have tested but failed to hold above this level multiple times over the last few weeks.

4. E-Home Household Service Holdings (EJH)

best penny stocks to buy right now EHOME Household Services EJH stock chart
China-based household services provider E-Home Household services bounced back during Wednesday’s morning session. Shares of the penny stock reached fresh 52-week lows on Tuesday as markets sold off. Headlines from the company this week have helped breathe some new life back into the company as far as the stock market is concerned.

EJH Stock News Today

Today, E-Home announced multi-household cleaning services contracts for properties under the management of a long-term client in China. No further specifics were disclosed other than it was a five-contract deal.

Wenshan Xie, Chairman and CEO of E-Home, explained, “E-Home is pleased to add these projects to another milestone of cleaning and maintenance services that will contribute to both our 2022 and 2023 performance…All of these projects support the overall improvement and resiliency of our business, and also support our ambition to diversify into other business areas.”

It’s important to understand that EJH stock has remained in a strong downtrend over the last year if it is on your list of penny stocks to watch.

5. Clear Channel Outdoor (CCO)

best penny stocks to buy right now Clear Channel Outdoor CCO stock chart
The advertising company Clear Channel Outdoor has also seen share prices rise over the last month. Like GATO, CCO stock remains in this trend but below its 50-day moving average, which seems to have been a resistance point on the chart.

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While Clear Channel has released a few headlines over the last month, it isn’t corporate news that has prompted momentum in the stock market today. Let’s explain.

CCO Stock News Today

One of the catalysts helping lift spirits for CCO stock appears to have been recent filings from Ares Management, a 10% owner in the company. The firm and its related entities reported purchasing hundreds of thousands of shares of CCO stock via trades made earlier this month. This seems to have prompted some optimism in the penny stock as it continues its multi-week rally this week.

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