Buying Penny Stocks on June 10th? Here’s What You Need to Know
If you’re thinking about buying penny stocks right now, there is a lot to consider. For one, we are seeing an extremely volatile stock market that can be difficult to keep track of. Because of this, investors need to constantly stay on their toes to understand exactly what is going on and how to take advantage. For that reason, let’s take a look at what you may have missed on June 9th, 2022.
Stock Market Recap, June 9th, 2022
During trading on June 9th, penny stocks and blue chips fell substantially. This occurred most likely due to key inflation data that should come out today. And, with the S&P 500 and Dow Jones dropping by 2.4% and 1.9% respectively, there is a lot of cause for concern. This fall also comes alongside disappointing labor market data.
So, if we tally all of this up, we see that the stock market is in a treacherous place right now. Considering that, let’s take a look at what you need to know about trading penny stocks today.
What to Know About Trading Penny Stocks Today
As stated earlier, one of the most crucial aspects to consider during trading today is the inflation data. This inflation data will signify what the Fed will do as far as interest rates in the near future. And as we’ve all seen, interest rates have been the backbone of stock market movement in the past few months.
So, while we cannot predict the future, we do know that volatility is likely to remain a mainstay in the stock market. With that in mind, here are three penny stocks that could be worth keeping an eye on.
3 Penny Stocks to Watch Today
- TDH Holdings Inc. (NASDAQ: PETZ)
- Borqs Technologies Inc. (NASDAQ: BRQS)
- Digital Brands Group Inc. (NASDAQ: DBGI)
TDH Holdings Inc. (NASDAQ: PETZ)
During trading and into after hours, shares of PETZ stock managed to shoot up by over 28% and 11% respectively. These are major gains for the company and come after a one month uptick of over 30%.
In the past few weeks, we’ve seen sizable bullish sentiment with many companies based in China. This is due to a variety of reasons, but it’s clear that PETZ stock is benefitting right now. While the company has not released any major news recently, it did post its 2021 financial report, with over 30% in revenue growth. So, with all of this in mind, will PETZ be on your penny stocks watchlist?
Borqs Technologies Inc. (NASDAQ: BRQS)
Another big gainer on June 9th was BRQS stock. During trading and after hours, we witnessed BRQS stock climb by over 3% and more than 9.5% respectively. And, this comes after a six month drop of nearly 60%, which is quite substantial.
The most recent news from the company came yesterday when it announced that its solar energy subsidiary received market traction. This concerns its Hou Hou Energy subsidiary, which recently participated in the Hawaiian electric battery bonus program. Considering this exciting news and its big gain, does BRQS deserve a spot on your list of penny stocks to watch?
Digital Brands Group Inc. (NASDAQ: DBGI)
One of the largest gainers on June 9th was DBGI stock, which shot up by over 28% and another 2% during after hours. And, in the past six months, shares of DBGI stock have shed almost 90% in value, which is concerning. So, why the sudden uptick for DBGI?
Well, it is unclear as there is no company-specific news that is driving this price move. But, it’s likely the result of major speculation regarding the company and social media talk of it. And, in it’s recent Q1 2022 report, the company did post 740% in revenue growth YoY. So, with these exciting numbers in mind, is DBGI stock worth buying or not?
Which Penny Stocks Are You Watching Right Now?
As we continue to barrel through the month of June, there is a lot for investors to know. While trading penny stocks is not easy, it can be profitable if done correctly. And, the best course of action with small caps is to understand exactly what is going on in the stock market and use that to benefit.
[Read More] 3 Penny Stocks, Are They Worth Buying Right Now?
So, always keep a close eye on the news and company-specific events. This will allow you to stay one step ahead of the competition. Considering all of this, which penny stocks are you watching right now?