Buying Penny Stocks on June 27th? Here’s What You Need to Know
With another week of buying penny stocks here, there is a lot that investors need to know. In June, we have seen many large price fluctuations that make it difficult to keep up with the trajectory of the stock market.
And although it has been easy to lose money with penny stocks in the past few weeks, there are plenty of opportunities for investors to make money right now. With some intense bearish trading recently, several industries are filled with stocks at very low levels. So, with that in mind, let’s take a look at what you missed in the stock market on June 24th.
Stock Market Recap, June 24th, 2022
On June 24th, the Dow managed to end the day up by over 800 points. This made it the second best week of 2022 so far. And although many investors feel that we are in a bear market, we are seeing some bullish days of trading amidst this.
As always, we should never take one day of trading as a symbol for the overall market condition. But rather, we should consider everything that is in play in order to benefit. Considering this, here’s what you need to know about trading penny stocks today.
What to Know About Trading Penny Stocks Today
Right now, we continue to see high amounts of volatility in the stock market. Although last week did end highly bullish, investors are still wary about the future. For this reason, the only certainty is that we will continue to see high volatility moving forward. But, with the recent bear momentum in the past few months, there are plenty of penny stocks that are trading at low levels. So, considering that let’s take a look at three that could be worth watching right now.
3 Penny Stocks to Watch Right Now
- Evofem Biosciences Inc. (NASDAQ: EVFM)
- RealReal Inc. (NASDAQ: REAL)
- Cooper-Standard Holdings Inc. (NYSE: CPS)
Evofem Biosciences Inc. (NASDAQ: EVFM)
One of the larger recent gainers is EVFM stock. On June 24th, shares of EVFM stock managed to shoot up by over 16% during trading and another 10% in after hours. These sizable gains reflect major bullish sentiment behind Evofem. And for that reason, it’s worth looking into why shares of EVFM stock are climbing right now. It’s worth noting that in the past five days, EVFM stock has shot up by over 28%.
The main reason for this comes as the Supreme Court struck down Roe V. Wade. While at first, it is difficult to see why this would affect Evofem, the company is a major producer of non-hormonal pregnancy-preventing gel. As a result, it has a large relation to this ruling. Considering that, will it be on your list of penny stocks to buy this week?
RealReal Inc. (NASDAQ: REAL)
On June 24th during trading and after hours, shares of REAL stock shot up by over 15% and more than 5% respectively. And if that doesn’t seem like a lot, in the past five days, shares of REAL stock have exploded by more than 50%. Despite falling significantly since its IPO, the company has been growing rapidly in size.
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And, at its very cheap price, some analysts have stated that it could soon become an acquisition target. Although this is purely speculation right now, it seems as though this could be a reason behind its recent uptick. Whether this makes it worth adding to your penny stocks watchlist or not, is up to you.
Cooper-Standard Holdings Inc. (NYSE: CPS)
While at $.95 as of after-hours trading on June 24th, CPS is no longer a penny stock, it was just a day prior. In the past five days, shares have shot up by more than 30% with an added 14% in gains during after hours on June 24th.
And although no major news has come from the company recently, it did lose around 8% of its value in the past month period. This brought it to around $3.70 as of mid-June, which is well below its January 2022 price of over $20 per share. So at this low price, is CPS a value penny stock, or is it simply benefitting from speculation?
Which Penny Stocks Are You Watching Right Now?
If you’re looking for the best penny stocks to buy in 2022, there is a lot for investors to consider. Right now, we have an extreme amount of volatility at play.
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And although it may seem difficult to take advantage of this volatility, with a trading strategy and firm understanding of what’s going on in the news, it can be much easier. So, the best advice is to always consider how world events will impact the penny stocks on your watchlist. With this in mind, which penny stocks are you watching right now?