Buying Penny Stocks Today? What to Know as the Fed Changes Rates
With big news coming from the Fed yesterday, how will penny stocks be affected? Well, with any major news update, those who invest in penny stocks need to understand exactly what will go on in the stock market. Because penny stocks are so speculative, large events will always shift the trajectory of the market.
And while this isn’t a bad thing by any means, it can be used as an advantage for those with a proper trading strategy. And, we’re already seeing gains today with penny stocks like IMAC Holdings Inc. (NASDAQ: IMAC) and Mullen Automotive Inc. (NASDAQ: MULN). Considering this, let’s take a look at what you need to know about trading penny stocks today.
What You Need to Know About Trading Penny Stocks Today
Ahead of market open, we’re seeing a sell-off following yesterdays minutes readout from the Fed. On Wednesday, the Federal Reserve stated that it would become more aggressive in its attempt to curb inflation. This includes the ultimate goal of lowing the $9 trillion balance sheet. While the Fed did increase interest rates by 50 basis points in March, there is still a long way to go. Considering this, let’s take a look at three penny stocks that are climbing during morning trading.
3 Penny Stocks That Are Gaining During Morning Trading
- Momentus Inc. (NASDAQ: MNTS)
- HTG Molecular Diagnostics Inc. (NASDAQ: HTGM)
- Medavail Holdings Inc. (NASDAQ: MDVL)
Momentus Inc. (NASDAQ: MNTS)
One of the bigger gainers during premarket trading today was MNTS stock. By early morning, shares had shot up by over 36%. It’s worth noting that in the past month, we’ve seen shares of MNTS stock climb by more than 39%, which is no small feat. The big news from the company came today as it announced it had launched a service agreement with SpaceX.
This concerns its Vigoride orbital transfer vehicle, which has been a major focus for investors in the past. And, with this big announcement, it’s clear that MNTS stock could have a lot to offer moving forward. Whether it deserves a spot on your penny stocks watchlist however, is up to you.
HTG Molecular Diagnostics Inc. (NASDAQ: HTGM)
HTG Molecular Diagnostics Inc. is another penny stock that is climbing during premarket trading. On Thursday morning, share of HTGM stock shot up by around 30%, signaling a turnaround from its six month drop of over 75%.
The most recent announcement from the company came yesterday at EOD when it posted a new sample preparation harmonization that could enable miRNA and mRNA profiling without needing an extra sample. Using one sample, the company could process over 20,000 gene mRNA and 2,000+ miRNA transcriptome panels. This is big news for the company and investors alike and could make HTGM stock worth adding to your list of penny stocks to watch.
Medavail Holdings Inc. (NASDAQ: MDVL)
By early morning, shares of MDVL stock had shot up by more than 27% to over $1.09 per share. In the past size months, MDVL stock has dropped by over 68%, so today’s move is a welcomed advance. The most recent news from the company came at the beginning of this week when it announced the closing of a private placement.
It stated that it has completed the sale of around 37.6 million shares at a price of $1.06 per share. This should bring in roughly $40 million before agent commissions. With this money, Medavail plans to move forward with funding its strategic initiatives as well as for general corporate purposes. Whether this makes MDVL stock worth buying or not is up to you.
Are Penny Stocks Worth Buying Right Now?
Finding the best penny stocks to buy right now can be tricky. With so much news occurring in the stock market simultaneously, it is not easy to make money with penny stocks without the right information on hand.
For that reason, investors need to understand exactly what is going on in the market and how to take advantage. Considering this, do you think that penny stocks are worth buying or not?