What to Know About Buying Penny Stocks Today
After a topsy-turvy day of trading penny stocks and blue chips, investors are ready to end the week on a strong note. While penny stocks have not seen positive performance this week with the exception of May 4th, the hopes are that we can see bullish sentiment moving into the rest of the month. Now, to understand whether or not this is a possibility, we have to look at what is going on in the stock market. With that in mind, let’s take a look at what you missed on March 5th.
Stock Market Recap March 5th
On March 5th, stocks saw a major sell off yet again as the Fed increased rates by a half point only a short period earlier. Much of this underperformance was led by tech stocks and in line with this, the NASDAQ had its worst day since June of 2020.
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This culminated with an almost 5% drop, which is incredibly substantial. In addition, the Dow dropped by over 1,000 points, ending the day on a very poor note. So, as we move into another day of trading, let’s take a look at some penny stocks that could be worth watching after poor performance a day earlier.
3 Penny Stocks to Watch on March 6th, 2022
- Camber Energy Inc. (NYSE: CEI)
- Cyngn Inc. (NASDAQ: CYN)
- Bitnile Holdings Inc. (NYSE: NILE)
Camber Energy Inc. (NYSE: CEI)
Camber Energy is a popular penny stock that we have discussed numerous times in the past few months. And with a big gain at market open on May 5th and a subsequent drop, it is on many investors watchlists right now.
In the past six months, shares of CEI stock have fallen by around 36%. In that time, we have also seen some major upticks with the energy stock. It is important to consider that Camber Energy is a trending penny stock and one that has been at the center of discussion for the last year or two. So, with that in mind, will CEI be on your penny stocks watchlist today?
Cyngn Inc. (NASDAQ: CYN)
With an over 17% gain on May 5th, CYN is another popular penny stock that investors are watching right now. While it is not always likely to see a stock with major gains, climb again the day after, it is worth looking at the company for its large uptick. And what’s more is that in the past month period, shares of CYN stock have exploded by more than 140%.
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So, with gains like these, it’s no wonder that investors are paying attention to the autonomous vehicle tech company. And, while it is tough to say that CYN stock will continue on this bullish trajectory, there’s no doubting that it could be worth adding to your list of penny stocks to watch.
Bitnile Holdings Inc. (NYSE: NILE)
Another penny stock that we have covered numerous times is NILE stock. With a sizable almost 9% drop on May 5th, NILE stock is seeing a large amount of volatility right now. In the past month, we have witnessed shares of NILE stock fall by around 45%. Despite this, during the last month, there have also been periods of major bullish sentiment.
While these positive moves are flanked by negative ones, it is exciting to know that there is some gaining potential with NILE stock. The latest news from the company came when it announced an investment into Alzamend following the completion of a Phase 1 trial of AL001 for the treatment of Alzheimer’s. This news occurred last week, and is still being digested by investors. With all of that considered, does NILE deserve a spot on your watchlist this month or not?
Which Penny Stocks Are You Watching Today?
As we enter another day of trading penny stocks and blue chips, there is a lot for investors to consider. Much of the market momentum we have witnessed in the past few months has been bearish in response to less-than-stellar economic data.
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And with interest rates rising, there’s no doubting that volatility may remain high into the future. With this in mind, which penny stocks are on your watchlist today?
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