Buying Penny Stocks on June 7th? Here’s What You Need to Know
If you’re looking for penny stocks to buy today, there are quite a lot to choose from. But, it all depends on what your investing style is and how to take advantage of that. This involves doing research and considering what is going on in the stock market. With this in mind, let’s take a look at what you may have missed on June 6th, 2022.
Stock Market Recap, June 6th, 2022
On June 6th, the S&P 500 and Dow Jones Industrial Average both climbed by around 0.3% and 300 points respectively. Right now, the major causes of movement in the stock market are rising inflation, climbing interest rates, and recent jobs numbers.
This includes the posting of the May jobs report which showed 390,000 jobs were added last month. That number is exciting for those looking for jobs, however, it signals to the Fed that interest rate rises could be warranted. With this considered, here’s what you need to know about trading penny stocks today.
What to Know About Trading Penny Stocks Today
With so much going on in the stock market right now, those who invest in penny stocks are used to high volatility. But, knowing how to take advantage of this is crucial.
Right now, we expect there to be more volatility in the stock market. Recently, we have seen some big gains with tech penny stocks and biotech penny stocks. Considering this, here are three penny stocks to watch today.
3 Penny Stocks to Watch Today
Delcath Systems Inc. (NASDAQ: DCTH)
One of the larger after hours gainers of the trading day on June 6th is DCTH stock. During trading and into after hours, shares of DCTH pushed up by around 2.2% and 6.4% respectively.
The big news from the company came as Delcath announced initial results from its CHOPIN Phase 1B Trial. In the results, the company announced positive data with 85% in best overall response. With all of this in mind, will DCTH be on your penny stocks watchlist?
Sharplink Gaming Ltd. (NASDAQ: SBET)
A major gainer of the day on June 6th was SBET stock. Shares of SBET stock managed to shoot up by over 18%, which comes after a six month decline of over 60%. While it’s tough to say why SBET stock is climbing right now, we can look at its most recent announcements.
On May 25th, the company announced that it teamed up with Quintar to begin integrating C4 sports betting technology. This is a big deal for the company and comes as tech as an industry continues to heat up. While it is tough to say if SBET stock is worth buying or not, it’s clear that it could be worth looking into. Considering that, does it deserve a spot on your list of penny stocks to watch.
Blend Labs Inc. (NYSE: BLND)
On June 6th, shares of BLND stock managed to climb by over 1.9% and more than 4.5% in after hours trading. While there is no recent news to cause this gain, it did make an announcement on June 1st. On June 1st, the company stated that it would be participating in the 42nd Annual William Blair Growth Stock Conference on June 8th, 2022.
This is the next time that investors will get a good look at what the company is doing. In addition to this, the company recently announced consolidated revenue of $71.5 million. This shows growth despite a U.S. mortgage market in decline. So, while it is hard to say if BLND stock is worth buying or not, it is clear that it could be worth keeping an eye on.
Which Penny Stocks Are You Watching Right Now?
If you’re looking for penny stocks to buy, there are a lot of things to consider. When it comes to investing in penny stocks, it’s important to find a reputable source of information.
Because penny stocks are under $5, they tend to be very volatile. That means that they can go up or down very quickly. For that reason, it’s important to do your research before investing in penny stocks. With this in mind, which penny stocks are you watching right now?