Buying Penny Stocks on July 12th? Here’s What You Need to Know
If you’re thinking about buying penny stocks right now, there is a lot for investors to know. As a result of the high level of volatility in the stock market, investors are working to find penny stocks that are worth buying.
And, the main way to do so is by understanding exactly what is going on with penny stocks and how to take advantage. For that reason, investors need to know what events are at play and whether they will cause market momentum. With that in mind, let’s take a look at what you may have missed on July 11th, 2022.
Stock Market Recap, July 11th, 2022
On July 11th, we saw penny stocks and blue chips fall. This comes as we approach the latest earnings season. And with the NASDAQ and S&P 500 dropping by around 2.3% and 1.2% respectively, investors are still cautious about the direction of the stock market.
In addition, this is yet another day of trading that highlights just how volatile the stock market is right now. So, keeping this in mind, let’s take a look at what you need to know about trading penny stocks on July 12th.
What You Need to Know About Buying Penny Stocks on July 12th
As stated earlier, the most pressing factor in the stock market right now is rising inflation, climbing interest rates, and the upcoming earnings releases.
And, while this does not equal volatility off the bat, given the investing ecosystem we’ve seen as of late, it could mean more market fluctuations. Because of this, many investors have become cautiously optimistic about the future. So, keep this in mind when it comes to buying penny stocks on July 12th.
3 Penny Stocks to Watch Today
- Evofem Biosciences Inc. (NASDAQ: EVFM)
- RedHill Biopharma Ltd. (NASDAQ: RDHL)
- Alkaline Water Company Inc. (NASDAQ: WTER)
Evofem Biosciences Inc. (NASDAQ: EVFM)
After losing over 15% during trading on July 11th, shares of EVFM stock shot up by over 5% in after hours. And in the past five days and one month periods, shares of EVFM have exploded by over 15% and more than 240%.
During that time, we have covered it extensively. But, if you’re not familiar, Evofem is a producer of women-focused pharmaceuticals. This includes Phexxi, which is a contraceptive gel that the company produces. And as a result of the issues for Roe V. Wade, EVFM is heavily in focus. So, with all of this in mind, will EVFM be on your penny stocks watchlist or not?
RedHill Biopharma Ltd. (NASDAQ: RDHL)
Another gainer on July 11th during trading and into after hours was RDHL stock. During those periods, RDHL stock shot up by over 8% and more than 2.8% respectively. And in the past five day period, RDHL stock has climbed by over 23%, which is no small feat. The most recent news from the company came when it announced its Q1 2022 highlights.
In this, it posted positive cash from operations and improved profitability. Recently, we’ve also see a high amount of bullish interest in biotech penny stocks. So, whether this makes RDHL worth buying or not is up to you.
Alkaline Water Company Inc. (NASDAQ: WTER)
On July 11th, shares of WTER stock shot up by over 10% during trading and another 11.5% in after hours respectively. After a six month drop of over 55%, these recent gains are a welcomed advancement from investors. The most recent news from the company came as it announced several cost-saving measures.
This amounts to around $4.5 million – $5 million in annual expenses. And, it states that this is part of a larger plan to bring in increased profitability to the business. With topline sales as its main focus right now, WTER could be worth keeping a close eye on moving forward.
Are Penny Stocks Worth Buying Today?
With so much going on in the stock market, investors need to fully understand exactly how to take advantage. And, as a result of the sheer amount of momentum, it can be just as easy to lose money with penny stocks as it can to make money.
So, always make sure that you have a trading strategy on hand and that it can adapt to the shifting conditions in the market. With this in mind, do you think penny stocks are worth buying today or not?