Buying Penny Stocks on July 1st? Here’s What You Need to Know
If you’re buying penny stocks on July 1st, there is a lot to know. With a new month, investors need to have a full understanding of what is going on in the stock market. This means knowing what news is occurring and how it may impact the penny stocks on your watchlist.
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As a result of the sheer number of events occurring at once, the stock market is showing an incredible level of volatility. So, with this in mind, let’s take a look at what you may have missed with penny stocks and blue chips on June 30th, 2022.
Stock Market Recap, June 30th, 2022
After another bearish day of trading, many investors believe that we are officially in a recession. After July ended with the S&P 500 down, stocks had the worst half of the year in 52 years. This comes as the S&P 500 dropped by 20% YTD, which is quite substantial.
What to Know About Trading Penny Stocks on July 1st
With so much volatility in the stock market, there is a lot for investors to know right now. And while we can’t predict at all what will happen in the coming weeks and months, we do know that prices are likely to continue fluctuating in that time. Because of that, now is a crucial moment to make sure that your penny stocks watchlist aligns with what is going on in the stock market. With this in mind, here is what you need to know about trading penny stocks on July 1st.
3 Penny Stocks to Watch Today
- Akerna Corp. (NASDAQ: KERN)
- Vinco Ventures Inc. (NASDAQ: BBIG)
- Imperial Petroleum Inc. (NASDAQ: IMPP)
Akerna Corp. (NASDAQ: KERN)
Despite falling by over 50% during trading on June 30th, shares of KERN stock managed to shoot up by over 5% in after hours. And in the past five days, KERN stock has fallen by over 65%. So, with these major losses, could KERN be a candidate for a bounce or not?
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The most recent news from the company came today when it announced a $10 million public offering. This caused the market plunge and could continue to do so. With this in mind, does KERN stock deserve a spot on your penny stocks watchlist or not?
Vinco Ventures Inc. (NASDAQ: BBIG)
On June 30th, shares of BBIG stock managed to shoot up by over 3% and 2.9% in trading and after hours respectively. In the past month, BBIG has fallen by over 35%, which is a major bearish movement. Recently, the company announced that it has sent a date of June 29th, 2022 as its distribution date for the dividend of shares of Cryptyde Inc.
This was a major deal when the news came out and continues to be a major deal for the company. As a result, investors are showing sporadic bullish interest in BBIG stock right now. Considering that, will BBIG be on your list of penny stocks to buy or not?
Imperial Petroleum Inc. (NASDAQ: IMPP)
After IMPP stock fell by over 10.5% during trading on June 30th, we did see a 3% gain in after hours trading. And in the past six months, IMPP stock has climbed by over 80%. If you’re not familiar, Imperial Petroleum is a ship-owning company that provides transportation for crude oil.
With the price of oil and gas continuing to rise, it’s clear that investors are showing interest in companies like Imperial Petroleum. The most recent news from the company came on June 24th, when it announced that it received written notice from the NASDAQ stating that it did not meet the $1 listing requirement. Now, it has a 180 days to meet the $1 level. While this is not ideal, IMPP could be worth keeping an eye on moving forward.
Which Penny Stocks Are You Watching Right Now?
Finding the best penny stocks to buy in 2022 is not easy. However, it can be profitable if done correctly. As a result of the sheer amount of movement in the stock market, it can be easy to lose money with penny stocks.
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But, if we know exactly what is going on and how to take advantage, it can be much easier to figure out how to profit. Considering all of this, which penny stocks are you watching right now?
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