Buying Penny Stocks on May 25th? Here’s What You Need to Know
If you’re looking to buy penny stocks on May 25th, there is a lot that you need to know. For starters, we know that penny stocks have been extremely volatile in the past few months.
And, it is likely that we will continue to see this volatility in the stock market for the foreseeable future. So, if we keep that in mind, we can then work to figure out a penny stocks trading strategy that works for us. Considering this, let’s take a look at what you may have missed on May 24th, 2022.
Stock Market Recap, May 24th, 2022
On Tuesday, May 24th, stocks traded lower with Snapchat Inc. (NYSE: SNAP) leading the charge. As a result of this, we saw the NASDAQ Composite drop by around 2.3%. This brings it to its lowest point since November of 2020. We also saw the S&P 500 follow suit, albeit, losing by slightly less.
As we can see, there is a lot on the table right now that is causing these sizable losses. With increasing inflation, rising interest rates, supply chain problems and more, we expect to continue seeing volatility in the near future. For that reason, here’s what you need to know about trading penny stocks today.
What to Know About Trading Penny Stocks Today
After Tuesday’s losses, we did see stock futures climb after market close. This includes a rise with the NASDAQ of 0.7% with the S&P 500 rising by around 0.5%. Although the issues surrounding Snapchat are concerning, investors have been more bullish in the last few trading days than in the past few weeks.
So, take this with a grain of salt, and understand that there could be some bargain penny stocks and blue chips out there. Considering this, here are three penny stocks to add to your watchlist today.
3 Penny Stocks to Watch Today
- Imperial Petroleum Inc. (NASDAQ: IMPP)
- Vroom Inc. (NASDAQ: VRM)
- Quantum Computing Inc. (NASDAQ: QUBT)
Imperial Petroleum Inc. (NASDAQ: IMPP)
Despite a 9% gain during trading on May 24th, shares of IMPP stock shot up by over 3.9% in after-hours. This comes after a staggering six months drop of over 94%, which is concerning. So, is there any value with IMPP stock right now?
The most recent news from Imperial Petroleum came on May 19th. On the 19th, the company announced the closing of a $40 million underwritten public offering. This should help to offer a good amount of capital to the company, which is an interesting sentiment for investors. With that in mind, will IMPP be on your penny stocks watchlist.
Vroom Inc. (NASDAQ: VRM)
Another penny stock that is seeing heightened popularity during after-hours trading is VRM stock. The most recent news to come out of VRM came on May 19th when it announced that it would host a virtual analyst and investor event on May 26th.
[Read More] 3 Penny Stocks Worth Watching This Week
For some information, Vroom offers an application to buy and sell vehicles in a more intuitive way. This has become extremely popular as the demand for used cars has gone through the roof. Considering that, will it be on your list of penny stocks to watch?
Quantum Computing Inc. (NASDAQ: QUBT)
One of the largest recent gainers is QUBT stock, which shot up by over 25% on May 24th. And, during after hours, shares of QUBT stock pushed up by an additional 4.5%. On Tuesday, May 24th, the company announced an agreement to acquire QPhoton.
The goal with this is to offer full-stack quantum solutions. It states that it will offer its series of quantum photonics systems (QPS). This is a big deal for the company and is the reason that it is seeing increased popularity right now. And because of that, QUBT stock could be worth keeping an eye on during trading today.
Which Penny Stocks Are You Watching Today?
Finding the best penny stocks to buy right now is not easy. But, understanding what is going on in the stock market and how to take advantage of that is crucial.
Right now, we have a lot going on in the stock market that is leading to extremely high volatility. This has caused sizable losses for many investors, but not all. Considering this, which penny stocks are you watching right now?