Buying Penny Stocks on May 11th? Here’s What You Need to Know
With another day of trading penny stocks and blue chips done, there is a lot for investors to consider. As we enter more selling off in the stock market, most traders are fearful right now about what the future could hold.
And as a result, we continue to see heightened volatility across the board and high rates is market instability. Because of that, now is a great time to solidify your trading strategy and fully understand how the market is moving. With that in mind, let’s take a look at what happened in the stock market on May 10th, 2022.
Stock Market Recap, May 10th, 2022
On Tuesday evening, stock futures opened lower after another day of topsy turvy trading. Right now, we have heightened inflation, rising interest rates, and consistent geopolitical tension. And because of that, most investors believe that volatility will continue to be a mainstay in the stock market.
While some are working right now to buy the dip, it is crucial to keep a close eye on what the stock market is doing and what it could do in the future. So, considering this, let’s take a look at what you should know about trading penny stocks right now.
What to Know About Trading Penny Stocks Right Now
On Wednesday morning, investors are waiting for the Labor Dept. April Consumer Price Index report. This will show how prices rose or fell during April and what that says about the U.S. economy.
Consensus shows that there could be an 8% rise in inflation, which would be slightly less than in March, however, nothing is guaranteed. So, this is likely the next time that we will see major news from the Fed. With this considered, here are three penny stocks that moved in after-hours trading on May 10th.
3 Penny Stocks to Watch Today
- Akebia Therapeutics Inc. (NASDAQ: AKBA)
- Matterport Inc. (NASDAQ: MTTR)
- Nektar Therapeutics (NASDAQ: NKTR)
Akebia Therapeutics Inc. (NASDAQ: AKBA)
During trading on May 10th, shares of AKBA stock exploded by over 23%. This major bullish gain is a slight turnaround from its six month drop of over 85%. The main reason behind Akebia’s recent moves is its quarterly report which came out only a day ago. The company announced a quarterly loss of $0.35 per share, which is more than consensus.
In addition, the company announced revenue of $61 million for the period. Revenue did beat consensus, which seems to be one of the main reasons that AKBA stock is climbing right now. So, with this exciting news in mind, will AKBA be on your penny stocks watchlist or not?
Matterport Inc. (NASDAQ: MTTR)
During trading and after hours trading on May 10th, shares of MTTR stock pushed up by over 2% and more than 3.5% respectively. After a one month drop of over 39%, this move is a welcomed advance for the company.
Similar to some stocks we’ve seen recently, Matterport announced its Q1 2022 revenue recently, with better than expected results. In the results, it announced 70% in total subscriber growth alongside subscription revenue growth YoY of 24%. These numbers are very solid for the company and show why shares are climbing right now. So, whether this makes it worth buying or not is up to you.
Nektar Therapeutics (NASDAQ: NKTR)
With an EOD gain of more than 4%, NKTR stock is another penny stock that investors are watching right now. After some major bearish momentum in the past few weeks, this gain is a good sign for investors looking at Nektar Therapeutics. In its most recent Q1 2022 report, the company posted a loss of $0.49 per share.
This comes alongside its quarterly revenue increase of 5% YoY to more than $24.8 million. While this did beat consensus, the company still has a long way to go following its major decrease in value over the past year or so. With that in mind, do you think NKTR will be on your list of penny stocks to buy?
Which Penny Stocks Are You Watching Today?
Finding the best penny stocks to buy is all about understanding where to look. While investing in penny stocks is not easy, it can be profitable if done correctly. With so much going on in the stock market in 2022, investors need to be careful in their understanding of how to take advantage. With that in mind, which penny stocks are you watching today?