Buying Penny Stocks on June 13th? Here’s What You Need to Know
If you’re looking to buy penny stocks on June 13th, there is a lot that investors need to know. For starters, we have to consider exactly what is going on in the stock market and how to take advantage. This means knowing what news is occurring and how it will affect the penny stocks on your list. With this in mind, let’s take a look at what you missed about trading penny stocks on June 10th.
Stock Market Recap, June 10th, 2022
On June 10th, we saw major bearish sentiment across the board with penny stocks and blue chips. This includes the Dow Jones falling by over 880 points during trading. The main reason for this comes as inflation hit a 40-year high.
On Friday, we received CPI data showing that inflation had risen in May by 8.6% YoY. This is the highest level since 1981, which is the main reason for the market downturn. With this considered, here’s what you need to know about trading penny stocks today.
What to Know About Trading Penny Stocks Today
As stated earlier, the largest impacting factor on the stock market right now is inflation data. This means that we are likely to continue seeing this impact penny stocks and blue chips in the coming days.
One thing to keep in mind is that the bearish sentiment last week, could leave room for some value with certain penny stocks. But, we have to also understand that risk is at a very high level right now. So, keeping this in mind, let’s take a look at three penny stocks to watch during trading today.
3 Penny Stocks to Watch Today
- Exela Technologies Inc. (NASDAQ: XELA)
- Digital Brands Group Inc. (NASDAQ: DBGI)
- Akebia Therapeutics Inc. (NASDAQ: AKBA)
Exela Technologies Inc. (NASDAQ: XELA)
Exela Technologies is a penny stock that we have discussed numerous times in the past few weeks. And after a sizable after-hours gain on Friday, XELA stock is once again in the public eye. Despite a one month drop of over 49%, some investors are watching the company due to it being highly volatile.
And with the announcement of dividends for its outstanding 6% Series B Cumulative Perpetual Convertible Preferred stock, the company could continue to see this heightened interest. Now, its major losses in the last few weeks are concerning. But, with its large moves, it could be worth adding to your penny stocks watchlist.
Digital Brands Group Inc. (NASDAQ: DBGI)
Another penny stock that we have covered multiple times recently is Digital Brands Group Inc. in the past five days, shares of DBGI stock have shot up by over 11%, which is no small feat. And, this comes after a YTD drop of over 90%. Now, clearly there is a bearish case for DBGI given its long term trajectory.
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However, with penny stocks, many investors look for companies that make sizable intraday moves, in order to make money on the space in between. In its latest Q1 2022 results, the company posted a 740% increase in revenue YoY. In addition, its profit margin increased by 94%, which is quite substantial. So, considering all of that, do you think DBGI stock is worth adding to your list of penny stocks to buy?
Akebia Therapeutics Inc. (NASDAQ: AKBA)
With a 7.4% gain during after hours on Friday, June 9th, Akebia Therapeutics is a penny stock that is quite popular right now. And while shares have dropped by over 84% in the past six month period, most of this occurred back in March.
That means that its loss was driven by news, and that some investors could see potential upside in the company. Recently, we’ve also seen a sizable amount of bullish sentiment with biotech penny stocks. And because of that, Akebia remains a popular choice for some. But, with its heightened volatility, it could be worth an add to your penny stocks watchlist right now.
Which Penny Stocks Are You Watching Right Now?
Finding the best penny stocks to buy is all about understanding where to look. This means knowing what is going on in the stock market and how to take advantage of that. The best way to do that is by having a penny stocks trading strategy.
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And, having a trading strategy all comes down to knowing who you are as an investor. Considering all of this, which penny stocks are you watching right now?