4 Penny Stocks Up Big With The Stock Market Down Today; Time To Buy? Are these hot penny stocks on your watch list today?

Thanks to continued fear and uncertainty, the stock market is down again today. Whether you're looking for penny stocks to buy or higher-priced names, it's clear there's blood in the streets. Is it time to buy this dip, or should you expect more selling pressure? With the upcoming January Fed meeting starting on Tuesday and tech earnings beginning to heat up, there's sure to be plenty of volatility in the stock market.

Is there any hope with broader indexes in correction or bear market territory? If you look at a few penny stocks today, you'll see a much different picture. It's no secret that small-cap stocks have been on ice recently. Just look at the Russell 2000 Small-Cap ETF (NYSE: IWM), and you'll see what I mean.

Following its recent November high at $244.46, the IWM dropped 21% in a technical bear market territory. But that doesn't mean all penny stocks are bad news. Today, we look at 3 of these cheap names ripping higher as the stock market drops lower.

Penny Stocks To Watch

1. Splash Beverage Group Inc. (NYSE: SBEV)
2. G Medical Innovations Holdings Ltd. (NASDAQ: GMVD)
3. Aridis Pharmaceutical Inc. (NASDAQ: ARDS)
4. Hillstream BioPharma (NASDAQ: HILS)

Hot Penny Stocks To Watch 1. Splash Beverage Group Inc. (NYSE: SBEV)

Splash Beverage has been on our list of penny stocks to watch for weeks. An initial push came after the company logged a deal with Walmart in Florida. Splash inked a deal and was authorized for its TapouT brand beverage in 47 stores in the state. This deal was closely followed by another win with California grocery operator Ralph's, authorizing the company for its Pulpoloco Sangria line in 187 stores.

In total, SBEV stock has surged more than 270% since January 10. The rise has also been accompanied by plenty of additional speculation in the market as attention focused on lower float stocks.

When it comes to "low float," the idea is that lower supply and higher demand can create a unique situation in the stock market. In certain circumstances, a significant breakout can occur, and for SBEV stock, that may have been a factor this month. Whether or not that trend continues could depend heavily on daily trading volumes moving forward.

2. G Medical Innovations Holdings Ltd. (NASDAQ: GMVD)

Another one of the hot penny stocks this month is G Medical. Shares of GMVD stock made a similar move as SBEV. The penny stock jumped from around $1.70 to highs of over $5 this week.

One of the contributing factors to the added interest for GMVD was the stock's short interest. As we discussed earlier in the month, while it didn't have a massive short, a lower float added to the potential volatility of the penny stock. Ultimately, we saw just how that has played out, with shares surging over 200% in less than one month.

It also hasn't hurt that G Medical continues reaching new milestones either. The latest development is virus-related as the company reported a partnership to manufacture several million PCR collection test kits. The company also explained that the kits would be available for retailers by the end of this month. An initial order is for 4 million units at a wholesale price of $3.25 or roughly $7 million in gross profit.

"With new cases abound, and the world grappling with PCR test shortages, there is a tremendous opportunity to provide safety and relief to the world economy with a significant financial benefit to our shareholders," said Dr. Yacov Geva, President, and CEO of G Medical Innovations.

As case numbers rise amid added market uncertainty, virus stocks have come into the spotlight. GMVD stock kicked off the week higher even as the stock market was down today.

3. Aridis Pharmaceutical Inc. (NASDAQ: ARDS)

This weekend we discussed Aridis Pharmaceuticals on a list of penny stocks to watch this week. The company is also one of the virus names gaining interest from retail traders. Its pipeline candidate, AR-701, already showed broad "potent neutralization" against all variants that've been tested.

Additionally, speculation arose late last week following a tweet that has since been deleted. In the social post, the mistaken message discussed a group call. As of publishing, no additional responses or posts have been made related to the deleted Tweet.

Read: Trading Penny Stocks? Top Stock Market News For January 24th, 2022

It's exciting to see such bullishness in the stock market today. But if ARDS is on your list of penny stocks right now, make sure you've got a complete grasp on the "moving parts," so to speak. A prospectus filed recently showed plans to raise "up to" $25 million. That filing came out on January 19th. In instances of capital raising efforts, potential dilution risk can be present. Whether or not that is the case with ARDS stock is yet to be seen but something to keep in mind as it is the most recent "event" filed.

4. Hillstream BioPharma (NASDAQ: HILS)

Last week we introduced Hillstream BioPharma as one of the penny stocks to watch with the stock market down (See: The Stock Market is Down Today: Here's Why & 3 Penny Stocks To Watch). In it, we discussed the trend following the company's latest IPO. With shares steadily rebounding, retail traders seem to have begun focusing on the penny stock heading into the end of January.

Its HSB-1216 and HSB-888 are gaining particular attention for their planned advancement this year. HSB-1216 is expected to begin a clinical study this year, expanding on early proof-of-concept clinical data in solid tumors. It was found to be effective in a clinical pilot in Germany for cancers including triple-negative breast cancer and epithelial carcinomas.

In addition to the clinical pipeline, insider buying has also garnered some attention. Director Leonard Mazur has prompted some optimism recently after buying more than 120,000 shares at average prices ranging from $3.20 to $4 this month. With the stock market down today, HILS stock continues climbing.

Penny Stocks To Buy When The Stock Market Is Down

With the stock market down again today, many are looking at 2022 as a year for stock picking rather than long-term holding. No matter your strategy or outlook, never forget to have a plan in place before going into any trade. With so much volatility in the stock market right now, setting proper entry and exit targets and having a strategy for a trade that doesn't work in your favor is essential.

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