Buying Penny Stocks on June 2nd, Here’s What You Need to Know
After another less-than-stellar day of trading penny stocks and blue chips, there is a lot for investors to know. Although buying and selling penny stocks is not easy, it can be much easier than previously imagined with the right tools. This involves knowing what is going on in the stock market and having a penny stocks trading strategy. With this in mind, let’s take a look at what happened on June 1st, 2022.
Stock Market Recap, June 1st, 2022
On June 1st, U.S. stocks managed to push down slightly. At EOD, shares of major indexes such as the S&P 500 and NASDAQ fell by 0.7% each with the Dow lost 0.5% respectively.
While some penny stocks did see major climbs, it was another relatively flat day of trading in the stock market. In addition, we also saw positivity from the April jobs report, showing a decline in job openings. With this considered, let’s take a look at what you need to know about trading penny stocks today.
What to Know About Trading Penny Stocks Today
Right now, we continue to see a large amount of volatility in the stock market. And, with inflation rising and interest rates continuing to climb, it’s clear that fluctuations will continue into the near future.
While it is hard to predict what type of movement and where the movement will be, we do know that some industries may be more prominent than others. This includes biotech penny stocks and tech penny stocks among others.
3 Penny Stocks to Watch Today
Missfresh Ltd. (NASDAQ: MF)
One of the largest gainers on June 1st during trading and into after hours is MF stock. In those periods, shares of MF stock managed to shoot up by over 50% and 19% respectively. This added over $0.08 in value to shares of MF stock.
So, why the major gain for the company? Well, it is tough to say, however, it did recently lose around 40% in value. For that reason, this gain could be a bet on the potential future of the company at its current low value. With that in mind, will it be on your list of penny stocks to watch or not?
View Inc. (NASDAQ: VIEW)
Another penny stock that managed to push up on June 1st is VIEW stock. During trading and into after hours, VIEW stock exploded by over 34%, which is no small feat. And, in the past five days, shares of VIEW have shot up by a very respectable, 70%.
[Read More] Why These 3 Penny Stocks Climbed Today
The biggest news for VIEW stock came on May 31st when it announced its full year results. In the results, the company posted records revenue of $74 million, which is a 125% increase YoY. In addition, its GAAP cost of revenue came in at $195 million, which is a 61% increase YoY. So, with all of that considered, will VIEW be on your penny stocks watchlist today?
Geovax Labs Inc. (NASDAQ: GOVX)
During trading on June 1st, we saw shares of GOVX stock shoot up by 10%. This is a company that we have covered multiple times in the past few weeks. And, in the last month, shares of GOVX stock have shot up by over 150%.
This major gain reflects the company’s role in producing vaccines to prevent common viruses. And the bulk of its gains have come from its relation to the recent monkeypox outbreak and the popularity surrounding it. So, while GOVX stock is highly volatile, the company does look like it could be worth keeping an eye on.
Which Penny Stocks Are You Watching Right Now?
If you’re looking for penny stocks buy penny stocks, there are hundreds of options to choose from. When it comes to penny stocks, there are a few things you need to know before you start trading. For one, penny stocks are notoriously volatile, so you need to be prepared for the ups and downs of the market.
And two, make sure to know exactly what is going on in the stock market. This will allow you to stay ahead of the game and profit from large market movements. With this in mind, which penny stocks are you watching right now?