Why These Penny Stocks Popped Today, 3 to Watch (2024)

3 Penny Stocks That Pushed Up During Today’s Session

Finding penny stocks that gained during intraday trading sessions can be a great way to stay ahead. And with so many penny stocks to choose from, the choices are almost unlimited. As we continue to move further into November, there are a couple of factors that investors should understand.

Only a day ago, the Federal Reserve stated that it would begin tapering off its asset purchasing later in the month. In addition, Fed Chair Jerome Powell stated that he expects inflation to continue into next year. With Covid more or less in control right now, the Federal Reserve believes that it does not need to continue to prop up the economy as it has in the past year and a half. So, how exactly will this affect penny stocks?

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Well, we can look at this information to try and find penny stocks that could benefit. This includes those that are reopening penny stocks, biotech penny stocks, retail penny stocks, and others that have a role in economic recovery.

Of course, we also have to consider that there is a lot that is up in the air right now. And this general feeling of uncertainty means that investors are cautious in their approach. But, we are also seeing a sizable amount of bullish sentiment in the stock market right now. Because of this, it’s best to consider your penny stocks watchlist carefully and continue to think about the future. With that in mind, let’s take a look at three penny stocks to watch right now.

3 Penny Stocks to Watch Right Now

1. TDH Holdings Inc. (NASDAQ: PETZ)
2. Concert Pharmaceuticals Inc. (NASDAQ: CNCE)
3. IT Tech Packaging Inc. (NYSE: ITP)

TDH Holdings Inc. (NASDAQ: PETZ)

One of the bigger gainers of the day so far is PETZ stock, which shot up by over 24% at midday. While at one point in the trading day, shares of PETZ stock hit over $4, it quickly corrected back to around $2.97 per share as of 12 PM EST. In the past five days, shares have climbed by over 75%, and in the past month by over 100%.

While many big gains occur without news, the company made a big announcement yesterday during after-hours. The company stated that it entered into an agreement to close a registered direct placement worth $9.9 million in common shares and warrants. The deal is worth roughly 30 million shares and will sell for roughly $1.47 per share.

If you’re not familiar, TDH Holdings is a provider and distributor of pet food products in China. It operates under multiple brands, which are sold across China, Europe, and other areas in Asia. It’s worth noting that the company has taken advantage of the massive pet adoption that has occurred in the past year. As a result, shares have increased substantially during that time. Considering this and its major gain today, do you think that PETZ stock is worth buying or not?

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Concert Pharmaceuticals Inc. (NASDAQ: CNCE)

Another big gainer of the day is Concert Pharmaceuticals, which shot up by over 28% during midday trading. In the past five days, CNCE stock has shot up by over 33%. Similar to TDH Holdings, Concert Pharmaceuticals announced an agreement with BVF Partners L.P. and RA Capital Management to raise around $65 million in gross proceeds.

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Additionally, the company could receive $103 million if all warrants are exercised. The deal of expected to offer funding to the company through the fourth quarter of 2022, which gives it a sizable cash runway. Additionally, Concert recently stated that it will be publishing its third quarter 2021 results on November 9th with a conference call at 8:30 AM EST.

If you’re not familiar, Concert Pharmaceuticals is a clinical-stage biopharmaceutical company working on the development of small-molecule drugs. It utilizes its DCE Platform to create better and more effaceable drugs. These drugs are utilized in everything from dermatological conditions to autoimmune disorders and more. With its sizable gain today in mind and the recent fundraising measures, will CNCE stock earn a spot on your list of penny stocks to watch?

IT Tech Packaging Inc. (NYSE: ITP)

With an over 17% gain at midday, ITP stock is another solid gainer that investors are watching right now. Keeping in theme with the other stocks on this list, IT Tech Packaging made a sizable announcement that is most likely behind its gain today. During premarket, it posted its unaudited preliminary financial results for the third quarter of this year. But before we get into them, let’s take a look at what the company does.

As its name may suggest, IT Tech Packaging is a manufacturer and distributor of paper products and face masks in China. It offers everything from packaging to printing paper and tissue-paper-based products. The company is strategically located near Beijing and Tianjin, which both represent some of the largest paper consumers in China. In its financial results, the company reported a 35% increase in its total revenue over the previous year’s same period, to $45 million. This is a very positive sign and shows that the company is growing despite a potential lower demand for Covid related products.

In addition to this announcement, the company will be holding its annual meeting on November 12th. This will include votes on several important measures including two new directors, an appointment of a new accounting firm, and its 2021 equity plan. So, if you’re interested in ITP stock, it could be worth paying attention to this meeting. Considering the above information, will ITP be on your penny stocks watchlist in the rest of November?

Which Big Gaining Penny Stocks Are You Watching Right Now?

While investing in penny stocks after they’ve climbed may not be the best option for profitability, finding stocks before they pop can be. Now, this is clearly easier said than done, but with the right research and a dedicated trading strategy, it can be much easier than previously imagined.

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Considering that there is so much momentum in the stock market, it can be challenging to keep up with everything at once. But, if investors focus on the information that pertains to their holdings and watchlists, making money with penny stocks can be completely doable. Considering this, which big gaining penny stocks are you watching right now?