Buying Penny Stocks on May 18th? Here’s What You Need to Know
With penny stocks seeing the first positive day of trading in quite some time, there is a lot for investors to know right now. In May, we have seen mostly bearish sentiment, following the trend of 2022 thus far.
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And while this is disheartening for most investors, there are plenty of ways to use it as an advantage. By having a trading strategy, investors can have a much easier time attempting to profit with small caps. Considering this, let’s take a look at what you may have missed on May 17th.
Stock Market Recap, May 17th, 2022
On May 17th, stocks rose with the Dow Jones Industrial Average ending up by over 431 points. In addition, the S&P 500 gained around 2% with the NASDAQ Composite performing similarly. While the major indexes are all down YTD, trading on May 17th does signal that there is hope for a bullish future.
Across the market, we saw gains with tech stocks, biotech stocks and more. Additionally, we saw travel stocks climb as well. In terms of economics, we also saw retail numbers come in right around expectations, with consumer spending rising 0.9% in April. With this in mind, let’s take a look at what you need to know about trading on May 18th.
What to Know About Trading Penny Stocks Today
After the market closed on Tuesday, we saw U.S. stock futures push up with Fed Chair Jerome Powell adding to the positivity. Powell announced that the central bank is working to do all it can to bring down the high inflation we are being.
In addition, the economic data announced above is a big positive for investors, showing that consumer spending and manufacturing could continue to rise. So, keep an eye out for positivity across retail sectors and manufacturing during trading today. Considering this, let’s take a look at three penny stocks that you may want to keep an eye on right now.
3 Penny Stocks to Watch Today
- National CineMedia Inc. (NASDAQ: NCMI)
- Avino Silver & Gold Mines Ltd. (NYSE: ASM)
- Borqs Technologies Inc. (NASDAQ: BRQS)
National CineMedia Inc. (NASDAQ: NCMI)
One of the largest after-hours gainers on May 17th is NCMI stock, which shot up by over 30%. This major gain comes as AMC Entertainment announced that it holds a 6.8% stake in the company.
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The 13G Filing that came out today showed a passive stake in NCMI by AMC, which is a big positive for investors. While this doesn’t mean NCMI stock is worth buying by any means, it is adding to the hype around the company. So, with that considered will NCMI be on your list of penny stocks to watch or not?
Avino Silver & Gold Mines Ltd. (NYSE: ASM)
Another penny stock that investors are keeping an eye on right now is ASM stock. During trading and after hours, shares of ASM stock managed to shoot up by over 4.7% and 1.4% respectively.
The big reason for this comes as analyst firm, HC Wainwright reaffirmed its buy rating on ASM stock. And, it reiterated its $1.25 price target on the company. When analyst ratings come out, it is always an exciting prospect for investors to consider. And while this is not a be all end all announcement, it should be kept in mind. With this information to boot, will ASM be on your penny stocks watchlist today?
Borqs Technologies Inc. (NASDAQ: BRQS)
During trading and after hours, we saw BRQS climb by more than 10.9% and 7.9% respectively. These major gains come after a six month drop of over 67%, which is quite a lot. While it is tough to say why BRQS stock is pushing up right now, we do know that the company posted positive results in its most recent filing.
In the report, the company announced 10.5% improvement on its 2021 revenue over the previous year. In addition, it did announce a net loss of $56.6 million, which could help to explain the drop. But, with this speculative gain during trading on May 17th, is BRQS worth buying or not?
Which Penny Stocks Are You Buying Today?
Finding the best penny stocks to buy is all about understanding where to look. Because every investor is different, traders need to have a consistent trading strategy that aligns with their individual goals.
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This means looking at the news and current events to decide what may occur in the coming weeks to months. With this in mind, which penny stocks are you buying today?
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