Buying Penny Stocks on July 11th? Here’s What You Need to Know
After an interesting week of trading, there is a lot that investors need to know right now. When it comes to investing in penny stocks, making money is all about understanding exactly what is going on in the stock market. And as a result, we see that news and events continue to have a major impact on how penny stocks trade.
Right now, there is a lot of movement in the stock market. This can be both a good and bad thing depending on your strategy. So, with all of this in mind, let’s take a look at what you missed with penny stocks on July 8th.
Stock Market Recap, July 8th, 2022
On June 8th, we saw penny stocks and blue chips end the day mostly flat. This comes after the latest jobs report from the Federal Government that showed better-than-expected employment. Although this did not have as positive of an impact as it should’ve, it is exciting nonetheless.
And, with other geopolitical troubles such as the assassination of Japan’s former Prime Minister, and the resignation of Boris Johnson, we have a lot of market tension to consider. So, while it is hard to say anything with certainty right now, we do know that volatility will be a constant moving forward. Considering this, here’s what you need to know about buying penny stocks on June 11th.
What You Need to Know About Buying Penny Stocks on July 11th
As stated earlier, the only constant in the stock market right now is that penny stocks and blue chips will continue to see heightened volatility. Because of that, investors need to have a thorough and consistent understanding of how to take advantage.
While it is impossible to predict the future, the factors that are ongoing such as rising inflation and climbing interest rates, will likely continue to have a material effect on how penny stocks trade. Considering this, here are three penny stocks to watch today.
3 Penny Stocks to Watch Today
Canoo Inc. (NASDAQ: GOEV)
After gaining over 6% during trading on July 10th, shares of GOEV managed to shoot up by more than 5.4% during after hours. This major gain means that GOEV is popular among investors right now. And for that reason, it is worth looking into it further. The main reason for the uptick with Canoo comes as other EV stocks were climbing at the end of last week.
And, this comes as Rivian (NASDAQ: RIVN) stated that it managed more than 4,400 vehicles in the second quarter. Additionally, it announced that it will still be on track to produce 25,000 by the end of the year. This shows that there is sizable demand for EV’s, which is good news for GOEV stock. With this in mind, will it be on your penny stocks watchlist?
Phunware Inc. (NASDAQ: PHUN)
One of the larger gainers on Friday was PHUN stock. At EOD on Friday and into after hours, PHUN stock had shot up by over 6% and more than 24% in after hours respectively. In the past five days, PHUN stock has pushed up by more than 12%, which is no small feat. The most recent update from the company came on June 21st.
[Read More] Penny Stocks, Market Trends in July 2022
On June 21st, it announced the release of its PhunWallet version 1.3 app update. While this may not seem like a big deal, it is a big announcement from the company. Considering that, does PHUN deserve a spot on your list of penny stocks to buy or not?
MyMD Pharmaceuticals Inc. (NASDAQ: MYMD)
On Friday, MYMD stock managed to explode by over 40% during intraday trading. And, with 3% more in after-hours respectively, MYMD is a popular penny stock to watch right now. In the past five days, MYMD has climbed by over 95%.
The biggest recent news from MyMD came on June 21st, when it announced the advancement of its Phase 2 multi-center clinical trial of MYMD-1. This is a therapy used in delaying aging and extending healthy lifespan. This is a big deal for the company and investors alike. And as a result, MYMD managed to shoot up dramatically in value. With this in mind, does MYMD belong on your buy list this coming week or not?
Which Penny Stocks Are You Watching Right Now?
With another week of trading penny stocks and blue chips here, now is the time to solidify your trading strategy. Although buying and selling penny stocks is not easy, it can be profitable with the right trading strategy on hand.
As a result of the high level of volatility in the stock market over the past few months, investors are cautiously optimistic about the future. And, this cautious optimism has been the cause for concern among some. So, with all of this in mind, which penny stocks are on your watchlist for this new trading week?