Buying Penny Stocks on June 9th? Here’s What You Need to Know
After another interesting day of trading penny stocks and blue chips, there is a lot for investors to know. While trading penny stocks can be complicated, there are plenty of ways to make money with small caps in 2022.
The best method is to have a firm understanding of what is going on in the stock market. This will allow you to take advantage of both small and large movements across the board. So, with this in mind, let’s take a look at what you may have missed on June 8th.
Stock Market Recap, June 8th, 2022
At the end of the day on June 8th, S&P 500 and Dow Futures were mostly flat. This comes after the market took a small loss during the day with the S&P 500 falling by around 1%. Right now, there is a lot of mixed sentiment in the market. Although it has been mostly bullish over the last few trading days, we are still in very volatile waters.
[Read More] Check These 3 Penny Stocks Out in Mid-June 2022
This means that investors need to have a trading strategy and stick by it. And, with some bargains to be had after the past few months, it’s likely that we will continue to see movement across the board. Considering this, here’s what you need to know about trading penny stocks today.
What to Know About Trading Penny Stocks Today
The latest news out of Wall Street comes as the FOMC meeting will happen this coming week. Many believe that during this meeting, the Fed will raise interest rates by around 50 basis points.
This comes after the Fed upped rates in May by a half percentage point, which was the largest increase since 2000. This has also been major cause for concern and the main reason that we have seen such mixed sentiment in the stock market. So, keep all of that in mind when we look at the beginning of another trading day.
3 Penny Stocks to Watch Today
- Gaotu Techedu Inc. (NYSE: GOTU)
- Allena Pharmaceuticals Inc. (NASDAQ: ALNA)
- Kiora Pharmaceuticals Inc. (NASDAQ: KPRX)
Gaotu Techedu Inc. (NYSE: GOTU)
During trading and after hours, shares of GOTU stock managed to shoot up by over 15% and more than 3% respectively. This major gain gives it a five day uptick of almost 50%. With this explosive climb, we see that GOTU has continued to rise in popularity during that time. And, this comes days after it announced its unaudited financial results.
In the results, the company posted a 60% drop in net revenue over the previous year alongside a 73% drop in gross billings. Despite this, many believe that the company could be on the way up after months of bearish sentiment. With this in mind, will it be on your list of penny stocks to watch?
Allena Pharmaceuticals Inc. (NASDAQ: ALNA)
Another penny stock that saw some sizable climbs during trading on June 8th was ALNA stock. On Wednesday, shares of ALNA managed to push up by over 5.5%, which is no small feat. And in the past month, shares of ALNA have climbed by over 18%, signaling high bullish sentiment for the biotech penny stock.
The most recent news from the company came on May 4th when it announced a $2.8 million registered direct offering. However since then, not much information has come out of Allena Pharma. So, considering its bullish move today, does ALNA deserve a spot on your penny stocks watchlist or not?
Kiora Pharmaceuticals Inc. (NASDAQ: KPRX)
With a staggering 31% in gains during trading and another 8% in gains during after hours, KPRX should definitely be on your radar. Now, it is tough to say why shares of KPRX are seeing these major climbs as the company has not released any news recently. But, as stated earlier, this could be the result of positivity in the biotech sector as a whole right now.
The most recent news from Kiora came on May 31st when it announced that its received a notification of non-compliance from the NASDAQ. While this is concerning, the company has since worked to get its Quarterly report out as soon as possible. Keeping this in mind, will KPRX be on your buy list or not?
Which Penny Stocks Are You Watching Right Now?
Finding the best penny stocks to buy in 2022 is all about staying ahead. This means looking at the news and figuring out how to use it to your advantage.
While it can be complicated given the sheer number of factors at play in the stock market, it will be much easier once you have a game plan. So, always understand what is impacting penny stocks and blue chips, and make sure you can add that to your trading strategy.