Buying Penny Stocks on May 19th? Here’s What You Need to Know
If you’re thinking of buying penny stocks today, there is a lot to consider. With so much going on in the stock market, understanding exactly how to take advantage of these extraordinary factors is crucial.
If you’ve invested in penny stocks in the past few months, you’re likely used to the high levels of volatility that we’ve witnessed. And because of that, it’s worth taking a look at what you missed during trading on May 18th.
Stock Market Recap, May 18th, 2022
On May 18th, U.S. stocks saw another major drop in value. During the trading day, the S&P 500 dropped by over 4%, which is the worst trading day since of June of 2020. In addition, we witnessed the NASDAQ Composite drop by 4.7%,
“I think what investors realized was these seemingly safe haven stocks, the staples like Target, like Walmart, are not immune — that their costs are rising, they cannot pass their higher costs onto their consumers.”The Chief Investment Officer at Cresset Capital, Jack Ablin
Right now, the factors at play are causing major bearish momentum in the stock market, and we are likely to continue seeing high rates of volatility in the future.
What to Know About Trading Penny Stocks Today
Right now, there is a lot of volatility in the stock market that investors can take advantage of. But, there is also a lot that could be detrimental to one’s portfolio if investors are not careful.
So, with another trading day following disappointing quarterly results from major retailers, investor should be extremely cautious. However, given the major losses we’ve seen, there are also plenty of penny stocks that could be considered value. With that in mind, let’s take a look at three that are pushing up right now.
3 Penny Stocks to Watch Today
- Bitnile Holdings Inc. (NYSE: NILE)
- BioNano Genomics Inc. (NASDAQ: BNGO)
- Eos Energy Enterprises Inc. (NASDAQ: EOSE)
Bitnile Holdings Inc. (NYSE: NILE)
During after hours trading, shares of NILE stock managed to climb by around 2.8% following a slight drop during the day. And, in the past five-day period, shares of NILE stock have climbed by around 27%.
With large ties to the cryptocurrency industry, Bitnile has felt the effects of the major bearish sentiment with most major crypto’s. That has led to a more than 80% drop in the past six months. But, with this renewed bullish sentiment in its pricing, do you think NILE stock is worth adding to your list of penny stocks to buy or not?
BioNano Genomics Inc. (NASDAQ: BNGO)
During after-hours trading, shares of BNGO stock managed to climb by around 2.5%. This is a solid gain following its intraday loss. And, with a five-day gain of over 26%, it’s clear that BNGO stock is highly volatile right now.
Recently, we’ve seen major bullish sentiment with biotech penny stocks. And, the most recent announcement from BioNano Genomics came as it stated it would present at the H.C. Wainwright Global Investment Conference on May 24th. With this in mind, will BNGO stock be on your penny stocks watchlist today?
Eos Energy Enterprises Inc. (NASDAQ: EOSE)
During trading on May 18th, we saw shares of EOSE stock drop by around 25% followed by an after-hours spike. This price movement comes after a five-day climb of 2%, which is a decent bullish turnaround.
As an energy penny stock, EOSE has seen sizable positive momentum. In its Q1 2022 results, the company saw a 69% sequential increase in its energy block volume. In addition, it ended the quarter with $55 million. Considering these exciting announcements, do you think EOSE stock will be on your watchlist or not?
Which Penny Stocks Are You Watching Right Now?
With so much going on with penny stocks right now, investors need to understand exactly what is going on in the stock market.
Because penny stocks are so speculative, considering how to take advantage of current events remains the most crucial step to profiting with small caps. So, with all of this in mind, which penny stocks are you watching right now?