Buying Penny Stocks on June 6th? Here’s What You Need to Know
With so much going on in the stock market right now, there is a lot for penny stocks traders to understand. Although it can be difficult to make money with penny stocks given the sheer amount of volatility in the stock market, it is much easier with the right information on hand. That is why knowing what is going on with penny stocks and blue chips is crucial. So, with this in mind, let’s take a look at what you may have missed on June 3rd, 2022.
Stock Market Recap, June 3rd, 2022
On June 3rd, we saw penny stocks and blue chips fall substantially at EOD. This resulted in a fall of 2.5%, 1.6% and 350 points for the NASDAQ, the S&P 500, and the Dow Jones respectively. While this is not a positive, there is news behind this move.
The negative sentiment came from May jobs data showing stronger than expected numbers. And as a result, investors believe that rates could begin to rise in the coming months. With this in mind, let’s take a look what you need to know about trading penny stocks today.
What to Know About Trading Penny Stocks Today
Right now, there is a lot of volatility in the stock market. And, it’s likely that this volatility will persist into the future. Although it is tough to say whether we will begin to see mostly bullish or bearish sentiment creep in, it’s clear that large market fluctuations are here to stay. So, with all of this in mind, here are three penny stocks to add to your watchlist today.
3 Penny Stocks to Watch Today
Acorda Therapeutics Inc. (NASDAQ: ACOR)
On June 3rd, shares of ACOR stock managed to shoot up by over 4% during after hours trading. This comes after a one day drop of more than 10% during trading. And in the past five days, ACOR stock has fallen by over 28%, which is quite substantial. So, why the sudden rise in value during after hours on June 3rd?
Well, it is tough to say, however, the most logical answer could be that ACOR is at value levels. Often, when a penny stock falls for a period of time, investors will come in hoping to scoop up shares at low prices. So, whether this makes ACOR stock worth adding to your list of penny stocks to buy or not, is up to you.
Bit Origin Ltd. (NASDAQ: BTOG)
Another penny stock that fell substantially before climbing in after hours trading on June 3rd is BTOG stock. During trading on Friday, we witnessed BTOG stock fall by over 44%. This major loss was then followed by a 4.6% gain during after hours trading.
The most recent news from the company came on June 2nd when the company announced the signing of a LOI to purchase 850 Bitcoin Miners. Since then, shares of BTOG have fallen. Now, it is clear that Bit Origin has major ties to cryptocurrency, so keep that in mind when deciding whether it is worth buying or not.
Globalstar Inc. (NYSE: GSAT)
Globalstar is a penny stock that we have discussed numerous times in the past few months. And on Friday, we saw shares of GSAT stock climb by over 3.7% during trading and into after hours respectively. While there is no news that is driving this gain, we have seen some sizable bullish sentiment within the tech industry recently.
This could be the result of the bear market that hit tech a few weeks ago. But regardless, it’s clear that investors are working to scoop up shares of tech penny stocks at low prices. Considering this, does GSAT belong on your penny stocks watchlist today?
Which Penny Stocks Are You Watching Right Now?
Finding the best penny stocks to buy in 2022 can be challenging. But, with so many different penny stocks to choose from, it can be much easier than previously imagined. Now, buying and selling penny stocks is all about understanding where to look.
[Read More] 4 Hot Penny Stocks With News To Watch Right Now
So, always make sure to do your research and understand exactly what is going on in the stock market. This is a crucial step that is often overlooked by traders. Considering all of this, which penny stocks are you watching right now?