Apr 12, 2022 (Penny Stocks via COMTEX) -- Inflation data came out today in a much-awaited report. It showed what most had expected: new 40-year highs. The Consumer Price Index (CPI) hit 8.5, but markets have taken this as a bullish sign. Whether it's penny stocks or higher-priced stocks, the devil is in the details.
Based on several of the specifics within the report, traders are speculating that this is peak inflation. Whether or not that is the case is yet to be seen. However, it's worth noting the data, the market's reaction, and finding opportunities that could leverage this speculation even more. Today we look at a handful of penny stocks to watch after new inflation data was reported.
Penny Stocks To Buy [or avoid]
SOS Limited ( NYSE: SOS )
Astra Space Inc. ( NASDAQ: ASTR )
Oriental Culture Holding Ltd ( NASDAQ: OCG )
Imperial Petroleum Inc. ( NASDAQ: IMPP )
Best Penny Stocks To Buy
Even marginal trends can play a leading role in penny stocks. Today the S&P has ripped higher even in light of hot inflation data. But with hopes of this being "the top," traders are looking for new opportunities. Right now, believe it or not, several tech penny stocks are heating up in addition to the more traditional names in energy and metals.
We're talking cryptocurrency, NFT, space travel; all of the sexy stories you might think would underperform in an inflationary environment. Even meme coins like Dogecoin and Shiba Inu are heating up. Is this a new risk-on environment for lower-priced asset classes? If that's the case, it might not come as a surprise that some of these penny stocks are jumped on Tuesday.
Shares of SOS Limited moved higher during early trade thanks to a jump in cryptocurrency prices. The company specializes in blockchain and data technology. Of course, it also has a cryptocurrency business, including mining, and could expand into cryptocurrency security and insurance.
This week the company announced the launch of its North American operations. In particular, the initial step in the first Phase of the Wisconson Super Computing center is complete and has a 5MW capacity, hosting four mobile containers. According to SOS, this provided for operating up to 2,500 supercomputing servers. The final step of this phase will include an additional 20MW capacity and should be completed by June based on its April 12th update.
As one of the penny stocks under $1 , SOS stock is no stranger to volatility. With a surge in digital asset prices and news-fueled excitement, this could be one of the penny stocks to watch this week.
Sticking with the digital asset excitement, Oriental Culture Holding has joined this list of penny stocks . It was one of the companies initially speculated on by retail traders early on when NFT excitement first emerged.
Fast-forward to this year, and the company has firmly planted its flag in the NFT arena with numerous progress reports throughout the first few months of the year. Last month, for instance, Oriental launched its NFT services business. The goal was to offer a way to create and mint NFTs for cultural and artwork collections. This week the digital asset trend continued gaining traction following another big update.
Oriental Culture announced entry into the metaverse. When there's a risk-on environment, edge tech companies have gained momentum. Tuesday's news focuses on Oriental Culture, with several investors will take a stake in Beijing Jiu Yu Ling Jing Technology Co. and providing internet development resources to support it. Jiu Yu Ling offers services to global wine and alcohol companies and is in the process of creating a "Wine and Spirits" metaverse.
This new project will become a blockchain-based game, according to Oriental Culture. A virtual "Wine World" will be created for merchants and fans, offering access to education and sales in this virtual environment. The big question now is can this metaverse excitement continue fueling gains for OCG stock this month?