Buying Penny Stocks on May 24th? Here’s What You Need to Know
After a positive day of trading penny stocks, investors are showing more excitement about the future. During trading on May 23rd, the Dow Jones added around 600 points. And as a result, many are hoping for continued bullish momentum moving forward. While it is tough to say whether or not this will be the trend with penny stocks, we do know that it is exciting right now. With that in mind, let’s take a look at what you missed on May 23rd, 2022.
Stock Market Recap, May 23rd, 2022
On May 23rd, the Dow Jones and the stock market as a whole saw some major improvements over previous trading patterns.
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The Dow pushed up by over 600 points indicating that there is some bullish momentum to follow the recent bearish trading patterns we’ve seen. To understand if we can continue on this, we have to take a look at after-hours momentum and what is going on in the stock market.
What to Know About Trading Penny Stocks Today
After the market closed on May 23rd, we saw stock futures falling. This comes as the market is struggling to maintain the major upticks it saw on May 23rd.
“This kind of environment where you’ve got the whipsaw and ups and downs that are so big is a trading environment where it can feel on any given day like you were wrong yesterday and that is ripe for mistakes.”
The Head of Investment Strategy at Sofi, Liz Young
And, with this sentiment, we see that there is a lot to be concerned about, and a lot to be benefit from right now. With that in mind, let’s take a look at three penny stocks to watch today.
3 Penny Stocks to Watch Today
- GoldMining Inc. (NYSE: GLDG)
- Latch Inc. (NASDAQ: LTCH)
- CynergisTek Inc. (NYSE: CTEK)
GoldMining Inc. (NYSE: GLDG)
On May 23rd, shares of GLDG stock shot up by over 25% with more than 3.7% in after-hours gains. This substantial uptick is a major reason behind the popularity of GLDG stock right now. The most recent news from the company came when it announced that it approved the appointment of PricewaterhouseCoopers LLP as its auditor for the year.
The company also made other announcements pertaining to a special company vote. Since this however, not much has come out that could explain this gain. Regardless, do you think GLDG stock is worth adding to your list of penny stocks to buy or not?
Latch Inc. (NASDAQ: LTCH)
At EOD on May 23rd, LTCH stock managed to push up by over 8% and more than 2.5% in after hours trading. A few days ago, the company announced the completion of its workforce reduction.
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The company stated that it should be able to save roughly $40 million in annual run rate. With over $335 million in cash on hand, the company is well capitalized to grow in the future. Whether this makes LTCH stock a worthwhile add to your penny stocks watchlist is up to you.
CynergisTek Inc. (NYSE: CTEK)
One of the largest after-hours gainers on May 23rd is CTEK stock. During after-hours trading, shares of CTEK stock exploded by more than 93%. The big news for the company came as it announced a definitive agreement to be acquired by Clearwater Compliance LLC for $17.7 million.
This is a major deal for the company and represents a 48% premium to its one-month volume-weighted average closing price to May 20th. Considering this major announcement, is CTEK worth buying today or not?
Which Penny Stocks Are You Watching Right Now?
If you’re looking for the best penny stocks to buy, you have to consider what is going on in the stock market. Because there is so much both at play and in flux right now, it is all about understanding how to benefit from current events.
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While it may not be easy, there are plenty of opportunities to take advantage of. With that in mind, which penny stocks are you watching right now?
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