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May 2, 2022, 3:16 p.m. EDT

3 Under $3 Penny Stocks to Watch in May 2022

May 02, 2022 (Penny Stocks via COMTEX) -- Are These Under $3 Penny Stocks on Your Watchlist Right Now?

If you're looking for penny stocks to buy, there are hundreds to choose from. Because of that, it all comes down to understanding what is going on in the stock market and where to look. After a dismal month of trading in April, May has not gotten off to the start that investors had hoped for. Despite this, there are still plenty of penny stocks that are climbing right now.

[Read More] Penny Stocks To Buy According To Analysts & Price Targets Up To 900%

Before we go any further, it's crucial to consider that penny stocks are extremely volatile. This is the nature of the under $5 price tag. And, this means that you can see a large move in either direction after making an investment. So, always remember to use stop-loss orders and risk management tools when trading penny stocks . With that being said, let's take a look at three under $3 penny stocks that are making moves today.

3 Penny Stocks Under $3 to Watch This Month

  1. SOS Ltd. ( NYSE: SOS )

  2. Vinco Ventures Inc. ( NASDAQ: BBIG )

  3. Exela Technologies Inc. ( NASDAQ: XELA )

(NYS:SOS)

One of the largest gainers of the day so far is SOS stock. At midday, shares of SOS stock had shot up by a staggering 46%, to more than $0.62 per share. This brings its five day gain to over 50%, which is no small feat. While we do see many penny stocks climb with little to no news, SOS Ltd. made an exciting announcement during premarket trading on May 2nd.

[Read More] Best Penny Stocks to Buy Today? 3 to Watch as the Market Drops Again

During early morning, the company posted its 2021 full year financial results. In the results, the company posted some astounding numbers including a 612% revenue jump to over $357.8 million. Additionally, it announced that its gross profit improved by a staggering $21.1 million. And, the company began transitioning its mining operations to the U.S., which is definitely an exciting move.

These numbers are very exciting, and show that SOS is working very hard to continue growing. With its high triple-digit gain in revenue, there is no doubting that SOS could have a lot to offer investors. With that in mind, will it be on your penny stocks watchlist or not?

(NAS:BBIG)

Another penny stock that managed to push up during trading today is BBIG stock. By midday, shares of BBIG had climbed by over 4.8% to more than $2.60 per share. This is a sizable jump and one that adds to its 13.5% five day gain. To understand why shares of BBIG stock are climbing, we have to take a look at its most recent announcement. On April 18th, the company announced its financial results for Q4 2021 and the full year.

During the year, the company managed to engage in several major business propositions. This includes the acquisition of AdRizer, as well as continued momentum for its other moves. At the end of 2021, the company held more than $187 million in cash on hand. This is a large amount that should allow the company to continue building its future. With all of this considered, do you think BBIG stock is worth adding to your list of penny stocks to buy or not?

(NAS:XELA)

With over 1.7% in gains during trading today, Exela Technologies is another penny stock that investors are watching. At under $0.50 per share, Exela has continued to make progress and large industry moves. Before we get into why Exela is moving, it's worth taking a look at what the company does. Exela is a BPA or business process automation company.

It offers a variety of these solutions to over 4,000 customers worldwide. The most recent announcement from the company came on April 28th. On the 28th, it announced that it has signed into a multi-year licensing deal with Finanz Informatik. This is an IT service provider for Savings Banks Finance Group, which manages over $3.5 trillion in assets.

While it will likely take some time before we see the fruits of this deal, there's no doubting how important it will be for the company moving forward. Considering this, do you think XELA stock is a buy in May or not?

Are Penny Stocks Worth Buying This Month?

With so much going on in the stock market, finding the best penny stocks to buy can be challenging. But, because there are so many factors to take advantage of, making money with penny stocks is completely possible.

[Read More] 3 Hot Trending Penny Stocks to Watch in May 2022

Now, in 2022, we have to consider everything that is going on in the stock market at once. Because penny stocks are so speculative, this is a crucial step for profiting with small caps. So, with all of that in mind, do you think penny stocks are worth buying this month or not?

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COMTEX_406595048/2643/2022-05-02T15:15:32

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