Buying Penny Stocks on June 22nd? Here’s What You Need to Know
As another day of trading penny stocks and blue chips comes, there is a lot for traders to understand. Right now, issues such as inflation and climbing interest rates have caused a major amount of momentum in the stock market.
And because of this, many traders are extremely cautious about where they are putting their money right now. For this reason, it is crucial to understand exactly what is going on in the stock market. This is the only way that you will have a chance of profiting with small caps. Considering this, here is what you may have missed on June 21st.
Stock Market Recap, June 21st, 2022
On June 21st, the stock market climbed following one of the worst trading weeks in several years. At EOD, the Dow jumped by around 600 points with the S&P up by over 2.5%. These gains are not a symbol of a bullish return to the stock market.
However, they are more likely the result of a short-term bullish correction. With prices for many penny stocks and blue chips at low levels, many investors are scooping up penny stocks at low prices. So, keep this in mind moving forward.
What to Know About Trading Penny Stocks Today
As stated earlier, it is unlikely that we are all of a sudden in a bull market once again. And, on June 21st, the highly bullish trading is further indicative of the massive volatility that we are witnessing with penny stocks and blue chips.
So, to avoid getting caught up and losing money, consider that we are likely to continue seeing more movement in the stock market in both directions. With this in mind, here are three penny stocks to add to your watchlist right now.
3 Penny Stocks to Watch Right Now
- Green Giant Inc. (NASDAQ: GGE)
- Paratek Pharmaceuticals Inc. (NASDAQ: PRTK)
- US Well Services Inc. (NASDAQ: USWS)
Green Giant Inc. (NASDAQ: GGE)
With a 15% gain during trading on June 21st, GGE stock managed to explode by over 11% during after-hours. Now, it is tough to say why as GGE stock has not released any news in the past few days. For some context, Green Giant is a developer of real estate properties in China.
It offers construction and sale for residential and commercial real estate domestically. Recently, the price of real estate has increased tremendously and this could be one of the reasons that GGE is climbing. But, considering this major increase, GGE could be worth adding to your list of penny stocks to watch.
Paratek Pharmaceuticals Inc. (NASDAQ: PRTK)
During trading and after hours on June 21st, shares of PRTK stock shot up by over 5% and almost 9% respectively. And despite a six-month drop of more than 55%, the company announced big news during trading on June 21st. It stated that it received FDA fast-track designation for its nontuberculous mycobacterial disease drug.
This is a major deal for the company and concerns its drug, NUZYRA. While it is tough to say what the long-term implications of this will be, we do know that for now, this is a big update for investors to consider. So, whether this makes PRTK a worthwhile addition to your penny stocks watchlist is up to you.
US Well Services Inc. (NASDAQ: USWS)
One of the largest after-hours gainers of the day on June 21st was USWS. During trading and into after-hours, USWS stock shot up by over 5.5% and more than 36% respectively. The big news comes as ProFrac Holding Corp. (NASDAQ: PHFC) announced that it has agreed to acquire USWS in a stock-for-stock transaction.
The new business would become a leader in the fracking market. And, it would also work on building ProFrac’s long-term ESG strategy. With this news, we see just why shares of USWS stock are climbing right now. But, does it deserve a spot on your buy list or not?
Which Penny Stocks Are You Watching in 2022?
Finding penny stocks to buy in 2022 is not easy. But, with the right research on hand and a commitment to understanding what is going on in the stock market, buying and selling penny stocks can be much easier than previously imagined.
In June 2022, factors such as increasing interest rates and rising inflation have both contributed to the extreme volatility that we’ve seen recently. And as a result, we have also entered into a bear market. So, with all of this in mind, which penny stocks are you watching in 2022.