Buying Penny Stocks on May 10th? Here’s What You Need to Know
After another topsy turvy day of trading penny stocks and blue chips, there is a lot for investors to know. In the past few weeks, trading has been extremely difficult as a result of high inflation, rising interest rates, and general uncertainty in the stock market at large. Because of that, it all comes down to having a penny stocks trading strategy. With this in mind, let’s take a look at what you may have missed on May 9th, 2022.
Stock Market Recap, May 9th, 2022
On May 9th, we saw a start to another week of highly volatile trading. During trading on Monday, tech penny stocks and blue chips had a rough day as investors continued to trade with fear and uncertainty. And, with the NASDAQ ending the day down by more than 4%, many traders are worried about the future.
So, while it is likely that this volatility will continue into the near future, there are many ways that traders can use it as an advantage. For that reason, let’s take a closer look at what you need to know about trading penny stocks this week.
What to Know About Trading Penny Stocks This Week
As stated before, trading penny stocks right now is all about understanding where to look. Most investors know that the main factors impacting the stock market include rate hikes, rising inflation, geopolitical tensions, and worries surrounding a potential recession on the horizon.
And because of this perfect storm, investors are understandably scared about the next few weeks and months. Now, what goes down must at some point come up. And this is what many investors are waiting for. But right now, there could also be some value in these major declines. With that in mind, let’s take a look at three penny stocks that could be worth watching today.
3 Penny Stocks to Watch Right Now
- Stealth BioTherapeutics Corp. (NASDAQ: MITO)
- Frequency Therapeutics Inc. (NASDAQ: FREQ)
- Integrated Media Technology Ltd. (NASDAQ: IMTE)
Stealth BioTherapeutics Corp. (NASDAQ: MITO)
One of the bigger gainers of the day on May 9th was MITO stock. With a 24% gain, many investors are watching the penny stock right now. While it is highly volatile at around $0.23 per share, it has begun to see some bullish movement following a six month drop of over 75%.
[Read More] Are These 3 Penny Stocks Worth Buying This Week?
Now, there is no news recently that is sparking the gain with MITO stock, however, we have seen bullish interest with biotech penny stocks recently. So, whether this makes MITO stock worth adding to your list of penny stocks to buy, is up to you.
Frequency Therapeutics Inc. (NASDAQ: FREQ)
During market hours and after hours, shares of FREQ stock increased by around 2.4% and 2.3% respectively. These are sizable gains, and again, reflect the bullishness on the biotech industry right now.
In its recently reported Q1 2022 financial results, the company posted cash on hand of over $124 million. And, it announced positive milestones for several of its ongoing studies. So, with this exciting news in mind, do you think FREQ is a worthwhile add to your penny stocks watchlist or not?
Integrated Media Technology Ltd. (NASDAQ: IMTE)
One of the larger gainers on May 9th and a big after hours gainer is IMTE stock. During trading on May 9th, shares of IMTE stock managed to push up by over 4.6%. This is a big gain and was followed by an after hours uptick of more than 6%.
While it is tough to say why shares of IMTE stock are climbing, especially as tech stocks continue to fall, it could be due to its recent losses. Often, we see penny stocks and blue chips climb substantially following a major drop. So, while it is hard to find a reason for its bullish momentum, it’s clear that IMTE stock is worth keeping an eye on.
Are Penny Stocks Worth Buying?
Finding penny stocks that are worth buying is challenging to say the least. And, because there is so much going on in the stock market right now, investors need to be fully aware of how to take advantage.
If we consider that inflation, rising interest rates, and unsettling emotions about the future are all plaguing the stock market, we can begin to find ways to take advantage. So, with all of that in mind, do you think penny stocks are worth buying or not?