Buying Penny Stocks on May 17th? Here’s What You Need to Know
After another interesting day of trading penny stocks and blue chips, there is a lot for investors to know. Right now, we have several factors impacting the stock market that are creating heightened volatility.
[Read More] 3 Penny Stocks That Climbed Today, Here’s Why
And as a result of this, it is difficult and next to impossible to predict what type of price movement we may witness in the coming weeks to months. So, to have the best chance of making money with penny stocks investors need to look at exactly what is going on in the stock market and how to take advantage. Considering this, let’s take a look at what you may have missed about trading on May 16th.
Stock Market Recap, May 16th, 2022
On May 16th, the NASDAQ ended another day in the red, down by around 1.2%. And with inflation continuing to rise, China’s economic data showing poor performance, and more, there is a lot that should be keeping you on your toes. Despite this, we did see the price of U.S. crude oil climb
What to Know About Trading Penny Stocks Today
Right now, most investors are cautious about the future as stated earlier. This means that expectations should be lowered, and fear should be somewhat higher.
Recently, Goldman Sachs stated that its price target for the S&P 500 is now $4,300 for the end of the year as opposed to $4,700. So, with this, we see that while there is optimism about the future, it is small. Considering that, let’s take a look at three penny stocks to add to your watchlist today.
3 Penny Stocks to Watch Today
- Imperial Petroleum Inc. (NASDAQ: IMPP)
- Purple Innovation Inc. (NASDAQ: PRPL)
- Digital Brands Group Inc. (NASDAQ: DBGI)
Imperial Petroleum Inc. (NASDAQ: IMPP)
On May 16th, IMPP stock managed to climb by over 14% with a 3.2% gain in after-hours trading. The biggest recent news for the energy penny stock came as it announced the pricing of its $40 million underwritten public offering.
It stated that it will offer 72,7272,272 units at a price of $0.55 per unit. And, it will use this to fund capital expenditures which include vessel acquisitions, and more. With the energy industry also seeing some gains at large on May 16th, will IMPP make your penny stocks watchlist?
Purple Innovation Inc. (NASDAQ: PRPL)
Another big gainer on May 16th was PRPL stock, which shot in during trading and in after-hours by over 10.6% and 3.6% respectively. If that seems like a lot, in the past five days, shares of PRPL stock have climbed by over 39%, which is no small feat.
A few days ago, the company announced its Q1 financials, which showed a loss. Despite this, it was able to top revenue estimates. Considering this, does PRPL deserve a spot on your list of penny stocks to buy?
Digital Brands Group Inc. (NASDAQ: DBGI)
Digital Brands Group is one of the larger after-hours gainers, pushing up by over 7% following a 5.5% intraday gain. In the past five days, shares of DBGI stock have climbed by over 20%, which shows that there is some sizable bullish interest in the company. The biggest news for it on May 16th came as the company reported its Q1 2022 financial results.
In the results, the company announced $3.4 million in revenue vs. $0.4 million in the year prior. This represents a 740% gain YoY, alongside a 94% increase in its profit margin. As you can see, DBGI is seeing a lot of positive momentum right now as a result of its balance sheet release. So, following this exciting update, do you think DBGI is a worthwhile addition to your buy list today?
Which Penny Stocks Are Worth Buying?
Finding the best penny stocks to buy is all about understanding where to look. While it can be difficult to do so, making a watchlist is the best way to increase your chances of profiting with penny stocks.
And in 2022, those who have the most information on hand, are at a marked advantage over other traders. So make sure to know exactly what is going on in the stock market and how to take advantage. With that in mind, which penny stocks are you watching right now?