What to Know About Buying Penny Stocks on May 3rd, 2022
After an interesting start to May for penny stocks and blue chips, there is a lot for investors to know right now. While morning gainers like Forte Biosciences Inc. (NASDAQ: FBRX) and SoundHound AI Inc. (NASDAQ: SOUN) are bringing in attention, the overall story is not as positive. Recently, the stock market has been in a major decline. This is the result of rising inflation and interest rates in the U.S. With that in mind, let’s take a look at what you need to know about trading penny stocks today.
Here’s What You Need to Know About Trading Penny Stocks Today
During morning trading on May 3rd, stock futures were mostly flat. This comes as investors await new announcements from the Federal Reserve as well as more quarterly earnings reports. Recently, we have seen tech stocks under fire with the rest of the market also falling.
And while nobody expects this volatility to slow down anytime soon, there are plenty of ways for investors to take advantage. With that in mind, let’s take a look at three penny stocks that are climbing during morning trading today.
3 Penny Stocks Climbing in Morning Trading
- Graphite Bio Inc. (NASDAQ: GRPH)
- Sonoma Pharmaceuticals Inc. (NASDAQ: SNOA)
- Harbor Custom Development Inc. (NASDAQ: HCDI)
Graphite Bio Inc. (NASDAQ: GRPH)
During premarket trading, shares of GRPH stock managed to climb by around 1.5%. And this gain comes after a one-month drop of around 20%. With high volume, many investors are paying attention to GRPH stock right now. The most recent news from the company came on May 2nd when it announced that it would be participating in the ASGCT 25th Annual meeting.
This includes a presentation regarding its Beta-thalassemia program. This is an exciting update for the company and is the next time that investors will get a glimpse into what it is doing. So, with this conference on the horizon, will GRPH be on your list of penny stocks to buy?
Sonoma Pharmaceuticals Inc. (NASDAQ: SNOA)
One of the largest premarket gainers today is SNOA stock. During morning trading, shares of SNOA managed to shoot up by a staggering 51% to over $4.04 per share. The big news for the company comes as it announced it and its partner MicroSafe Group DMCC have received EPA approval for its hospital-grade disinfectant known as Nanocyn.
The company produces this disinfectant which could be used in everything from hospitals to schools and transit systems. With this new approval, there is no doubting that SNOA stock could be worth adding to your penny stocks watchlist.
Harbor Custom Development Inc. (NASDAQ: HCDI)
Another big morning gainer is HCDI stock, which climbed by over 17% to more than $3.77. And, in the past five days, shares of HCDI stock have shot up by more than 25%, which is no small feat. This brings its one-month gain to over 48%, which is a very linear trajectory for it.
The biggest news from Harbor Custom Development today came as it announced a new plan to build more than 640 apartments in the Puget Sound region of the U.S. It states that the suburban housing market is exploding, and therefore, it wants to take advantage. In the past few months, we have continued to see rent prices increase nationwide. And as a result, HCDI stock could be a definite penny stock to watch.
Which Penny Stocks Are You Watching Right Now?
Finding the best penny stocks to buy is all about understanding where to look. Because there is such a wide breadth of options in the stock market, investors need to have a thorough understanding of what is going on with penny stocks and how to trade them.
This is the best way to have a higher chance of profiting with small caps. With all of that considered, which penny stocks are you watching right now?
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