Buying Penny Stocks on June 1st? Here’s What You Need to Know
With another week of trading penny stocks and blue chips getting off to a green start, investors are excited about the future. Although it is difficult to say if this bullish sentiment can continue, we do know that it is a welcomed advancement after weeks of bearish patterns. So, with this renewed positivity, let’s take a look at what you may have missed with penny stocks on May 31st.
Stock Market Recap, May 31st, 2022
On May 31st, S&P 500 and Dow Futures ended the day up by around 0.46% and 0.59% respectively. These sizable advancements show that we may have reached beyond what some call ‘peak bearishness’.
Now, there is plenty of volatility in the stock market right now, and it doesn’t look like that is going anywhere anytime soon. But, these bullish trading days are without a doubt, a positive sign following some extremely bearish moments in past few months. Considering this, let’s take a look at what you need to know about trading penny stocks today.
What to Know About Trading Penny Stocks Today
After reaching major lows in the past few trading weeks, this renewed bullish momentum is a pattern that investors are hoping can continue. Specifically, we’ve seen positivity with biotech stocks recently, while energy stocks have taken a hit. So, keep that sentiment in mind when considering where the stock market may go in the coming weeks. With all of that considered, here are three penny stocks to add to your watchlist today.
3 Penny Stocks to Watch Today
- Mullen Automotive Inc. (NASDAQ: MULN)
- Paysign Inc. (NASDAQ: PAYS)
- Angion Biomedica Corp. (NASDAQ: ANGN)
Mullen Automotive Inc. (NASDAQ: MULN)
One of the largest gainers on May 31st and into after hours is MULN stock. During trading and after the market closed, shares of MULN stock shot up by over 44% and more than 3.5% respectively. These sizable gains come as the company reported that its battery testing exceeded expectations.
In Mullen’s most recent solid-state polymer battery testing, the company announced that it performed beyond what it had expected with over 600 miles of range on a full charge. This is major news for the company and investors and shows why shares are climbing right now. With that in mind, will it be on your penny stocks watchlist today?
Paysign Inc. (NASDAQ: PAYS)
Another large gainer is PAYS stock, which shot up by over 10% during trading on May 31st before climbing another 2.6% in after hours. These gains are exciting for the company and come after a one month drop of over 18%. So, why is PAYS stock climbing right now?
Well, it is tough to say as the company has not reported any updates recently. But, as a provider of financial services including payment processing, PAYS has become more popular recently than in previous months. So, with this considered, does PAYS belong on your list of penny stocks to buy or not?
Angion Biomedica Corp. (NASDAQ: ANGN)
During after hours on May 31st, shares of ANGN stock exploded by over 9.6%. And, this gain comes after shares of ANGN stock rose by over 17% during trading. The biggest news for the company came as HC Wainwright adjusted its price target from $28 to $32.
And at $1.75 as of market close on May 31st, we see that this is a major uptick. So, while it is tough to justify a 20x gain, it is clear that there is plenty of bullish sentiment for ANGN stock right now. Whether this makes ANGN stock worth buying or not is up to you.
Which Penny Stocks Are You Watching Today?
Finding the best penny stocks to buy is all about understanding where to look. While it can be complicated given the sheer amount of penny stocks out there, it can be much easier with a few things in mind. The first is to have a penny stocks trading strategy.
This means knowing what your risk tolerance is and how to use that to your advantage. The second aspect to keep in mind is what is going on in the stock market. While this may seem simple, it is an often overlooked part of investing. So, with all of that in mind, which penny stocks are you watching today?