Buying Penny Stocks on June 16th? Here’s What You Need to Know
If you’re thinking about buying penny stocks on June 15th, there is a lot to consider. Right now, we have several factors that are impacting the stock market. And for that reason, investors need to stay on their toes and understand everything that is going on. This will give you the best chance of making money with penny stocks. With this in mind, let’s take a look at what you may have missed in the stock market on June 15th, 2022.
Stock Market Recap, June 15th, 2022
On June 15th, both penny stocks and blue chips had a bullish trading day. On Wednesday, the S&P 500 jumped by around 1.5% with the NASDAQ Composite climbing by over 2.5% respectively. The main issues right now come as the Fed announced an interest rate of 75 basis points in June.
This comes after a 50 basis point hike in May, which caused a major bearish downturn in the market when it was announced. With this in mind, here’s what you need to know about trading penny stocks today.
What to Know About Trading Penny Stocks Today
Right now, we are seeing a high amount of volatility with penny stocks. And while there are no ways to predict what will happen in the stock market, we do know that fluctuations are likely to continue into the near future. So, always make sure to understand exactly what is going on in the stock market and how you can use this to your advantage. Considering this, here are three penny stocks to add to your watchlist right now.
3 Penny Stocks to Watch Right Now
- Mullen Automotive Inc. (NASDAQ: MULN)
- Color Star Technology Co. Ltd. (NASDAQ: CSCW)
- Bitnile Holdings Inc. (NYSE: NILE)
Mullen Automotive Inc. (NASDAQ: MULN)
On June 15th, shares of MULN stock managed to shoot up by over 8.4% and 4.3% during trading and into after hours respectively. On May 31st, the company announced that it’s battery testing facility is conducting new research on its battery tech.
And, it stated that it may be able to deliver more than 600 miles of battery on a single charge. While it is tough to say if MULN stock will continue to make gains, it’s clear that there is bullish interest in it. With this in mind, will MULN be on your penny stocks watchlist today or not?
Color Star Technology Co. Ltd. (NASDAQ: CSCW)
Another major gainer on June 15th was CSCW stock. At EOD, CSCW stock gained during market hours and after hours by over 15% and more than 6.5% respectively. In the past six months, shares of CSCW have shot down by over 70%.
So, today’s gain is exciting and very welcomed for investors. The most recent news from the company came on June 14th when it announced that it opened a shopping mall with a new method of entertainment shopping. This is a big deal for the company and shows that CSCW is making big moves right now. With this considered, does CSCW stock belong on your list of penny stocks to buy?
Bitnile Holdings Inc. (NYSE: NILE)
With 16% in gains at EOD, shares of NILE stock managed to see major bullish gains. The biggest recent news from the company came on June 14th when it announced an at-the-market offering of 13% series D cumulative redeemable perpetual preferred stock.
While this is not a major deal for the company, it is exciting enough for investors to consider. And, with this money, the company should be able to engage in several business building ventures. This includes investments, working capital, and possible acquisitions. Whether this makes NILE stock worth buying or not is up to you.
Which Penny Stocks Are You Watching Right Now?
If you’re looking for the best penny stocks to buy right now, there are hundreds of options to choose from. But, it all comes down to knowing where to look and what you’re looking for.
[Read More] Why These 3 Penny Stocks Exploded Today
At the end of the day, investing is a very individual task and involves knowing what your investing style is. This is crucial and will help you to make a portfolio that fits your risk tolerance. Considering this, which penny stocks are you watching right now?