Buying Penny Stocks on May 23rd? Here’s What You Need to Know
After a rough week of trading for penny stocks and blue chips, there is a lot that investors need to keep track of right now. As we all know, penny stocks are extremely speculative. This means that staying up to date with the news and latest events is crucial. And right now, there is a lot to keep track of. For that reason, let’s take a look at what you may have missed on May 20th, 2022.
Stock Market Recap, May 20th, 2022
On May 20th, the market took another hit, with penny stocks and blue chips falling. Although this was less substantial than the previous weeks losses, it was still enough to take us on to the edge of bear market territory. A bear market is defined as being down by over 20% from the most recent high.
And with the S&P 500 close to that, many investors are worried right now. Specifically, the index is around 18.7% lower than its January 3rd high, which illustrates just how tumultuous trading is right now. With this in mind, let’s take a look at what you need to know about trading penny stocks today.
What to Know About Trading Penny Stocks Today
As stated earlier, there is quite a lot of volatility in the stock market right now. This means that investors have to be more on their toes than in many months prior. And while some believe that the recent bear market could lead to some significant value in certain stocks, others believe that it may continue.
Regardless, trading penny stocks is all about having a strategy. And, with these large fluctuations, having a trading strategy that works for you is crucial. Considering this, here are three penny stocks that are climbing in after-hours trading.
3 Penny Stocks to Watch Today
- Tonix Pharmaceuticals Holding Corp. (NASDAQ: TNXP)
- Ibio Inc. (NYSE: IBIO)
- Digital Brands Group Inc. (NASDAQ: DBGI)
Tonix Pharmaceuticals Holding Corp. (NASDAQ: TNXP)
Tonix Pharmaceuticals is a biotech penny stock that has been seeing some substantial gains. In the day or so, shares of TNXP stock have jumped by more than 14% with an after hours gain of over 11%. This is substantial, and shows positivity surrounding its recent stock split, as well as the bullishness in the biotech industry as of late.
In the past month period, shares of TNXP stock have fallen by over 50%, which makes this bullish gain even more impressive. And while TNXP is likely to remain highly volatile moving forward, it could be worth keeping on your list of penny stocks to watch. With that in mind, will you be watching it during trading today?
Ibio Inc. (NYSE: IBIO)
Another biotech penny stock that has been moving up recently is IBIO stock. During trading on Friday, May 20th, shares of IBIO stock shot up by over 20%. This was followed by a swift after-hours gain of more than 1.8%, which is no small feat. So, why are shares of IBIO stock climbing right now? In the past five days, we’ve seen more than 9.8% in gains with IBIO stock, which follows a one month drop of over 12%.
The most recent news from the company came on May 12th when it announced its Q3 2022 financial results as well as a corporate update. Within this, the company stated that it brought in revenue of $1.9 million, which is an increase of 154% over the same quarter of the previous year. With this exciting news in mind, do you think IBIO is worth adding to your penny stocks watchlist or not?
Digital Brands Group Inc. (NASDAQ: DBGI)
Digital Brands Group is a penny stock that we have covered multiple times in the past few month. While shares have seen some sizable declines, it did post an after-hours gain on Friday of more than 9.5%. And in the past month, shares of DBGI stock have fallen by over 75%, making this after hours move an interesting one.
The biggest news from the company came on May 16th when it announced its financial results for Q1 2022. In the results, it announced net revenue of $3.4 million, which is an over 740% increase from what it brought in YoY. In addition, its gross profit margin pushed up by 94% YoY to 42.9%. These numbers are quite substantial, and are definitely worth looking into further. Considering this, is DBGI stock worth buying right now or not?
Which Penny Stocks Are You Buying Today?
Finding penny stocks to buy in 2022 is challenging. But, with the right trading strategy on hand, it can be much easier than previously imagined. If we consider just how much is going on in the stock market, we can begin to find strategies that work for us.
And right now, with so much volatility going around, it is all about understanding how to take advantage of current events. So, with that in mind, which penny stocks are you buying today?