Buying Penny Stocks on June 29th? Here’s What You Need to Know
If you’re looking to buy penny stocks on June 29th, there are hundreds of options to choose from. But, because there are so many choices out there, investors need to be very sure of the penny stocks that they pick.
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Right now, we continue to see very high levels of volatility across the board. This has made investing in penny stocks not easy. For that reason, knowing exactly what is going on in the stock market and how to take advantage is crucial. So, with this in mind, let’s take a look at what you need to know about trading penny stocks right now.
Stock Market Recap, June 28th, 2022
On June 28th, penny stocks and blue chips saw another day of losses. During trading, the NASDAQ and Dow dropped by around 3% and 500 points respectively. These losses are due to a variety of reasons including a new report. This report showed that consumer confidence dropped to a 16-month low this month with rising concerns regarding inflation.
As a result, steep bearish trading ensued. This however, is something that we have seen quite regularly over the past few months. So, keeping this in mind, here’s what you need to know about trading penny stocks today.
What to Know About Trading Penny Stocks Today
Ahead of the market open on June 29th, we saw stock futures begin to climb. On Tuesday night, S&P 500 and Dow futures were up by around 0.04% and 0.06% respectively. While these are modest and mostly flat, they do signify that there is a slight bullish turnaround following the day. As a result of this, investors should work tirelessly to find the best penny stocks to buy. Considering that, here are three penny stocks to watch right now.
3 Penny Stocks to Watch Right Now
- Allena Pharmaceuticals Inc. (NASDAQ: ALNA)
- Meta Materials Inc. (NASDAQ: MMAT)
- Bird Global Inc. (NYSE: BRDS)
Allena Pharmaceuticals Inc. (NASDAQ: ALNA)
On Tuesday, ALNA stock saw a dismal 5% drop during trading. However, during after hours, shares of ALNA stock exploded by over 90%. This brought it to over $0.23 per share, which is a major increase from its $0.12 ending price.
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The main reason for this comes as the company announced it terminated its recent at-the-market sales agreement for its common shares with B. Riley Securities. This is a major deal and one that could help investors to avoid share dilution. Considering this, will ALNA be on your penny stocks watchlist or not?
Meta Materials Inc. (NASDAQ: MMAT)
While shares of MMAT stock managed to drop during trading on June 28th, it did see an almost 2% after hours gain. And, this comes after a one month drop of over 40%. The major news for Meta Materials came after hours as the company announced the closing of a $50 million registered direct offering.
This is an event that investors should consider as it should help Meta Materials to gain proper funding moving forward. Whether this makes MMAT stock worth adding to your list of penny stocks to buy or not, is up to you.
Bird Global Inc. (NYSE: BRDS)
Similar to the other stocks on this list, Bird Global saw a decline during trading on June 28th. However, during after hours, it managed to increase in value by over 4%. While this may seem modest, it is impressive considering that shares have fallen by over 35% in the past month.
The most recent news from the company came when it announced the notice from the NYSE stating that it was no longer in compliance with the minimum bid price rule. This means that it has a period of time in which it needs to climb above $1 in order to avoid the risk of being delisted. With this considered, does BRDS belong on your list of penny stocks to watch or not?
Which Penny Stocks Are You Watching Right Now?
If you’re looking for the best penny stocks to buy, there are hundreds of options to choose from. But, as prudent investors, we need to take a step back and look at the stock market as a whole.
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By understanding how the stock market works and what factors are impacting it, we can better evaluate which penny stocks are worth investing in. With so much volatility right now, investors need to be extra careful when picking penny stocks to buy. With all of this in mind, which penny stocks are you watching right now?
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