Buying Penny Stocks on July 19th? Here’s What You Need to Know
With another week of trading penny stocks and blue chips getting off to an interesting start, there is a lot for investors to know. Right now, we have several factors at play including rising inflation and interest rates, and general uncertainty in the future of the market.
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This has caused a lot of bearish momentum in the past few weeks. If you’ve traded during that time, you’re likely aware of this. As always, understanding what is going on in the market is the most important factor for success. With this in mind, let’s take a look at what you may have missed with penny stocks on July 18th, 2022.
Stock Market Recap, July 18th, 2022
With earnings season on the rise, stocks are falling right now. This is the result of uncertainty about the future of the stock market as well as certain economic data that is less than stellar.
The most up to date news concerns the fact that there is a hiring slowdown right now and certain budget cuts. In the past few months, we’ve seen a large amount of bearish sentiment in the stock market. This is the result of this uncertainty and the negative news that is coming out. With this in mind, here’s what you need to know about buying penny stocks on July 19th.
What You Need to Know About Buying Penny Stocks on July 19th
After the market closed on July 18th, futures for the DOW, S&P 500, and the NASDAQ, remained mostly flat. As stated earlier, this is the result of the hiring slowdown and the impending recession that many investors believe we are nearing.
So, while we in now ay can predict what will happen in the stock market moving forward, we do know that volatility will likely continue into the coming weeks and months. As a result, make sure that you stay ahead of the competition and understand exactly what is going on in the stock market in order to make money with penny stocks. Considering this, here are three to watch during trading today.
3 Penny Stocks to Watch Today
- Exela Technologies Inc. (NASDAQ: XELA)
- Qudian Inc. (NYSE: QD)
- Canopy Growth Corp. (NASDAQ: CGC)
Exela Technologies Inc. (NASDAQ: XELA)
One of the largest gainers of the day during trading and into after hours is XELA stock. In those periods, shares of XELA managed to explode by over 34% and more than 7% respectively. These are substantial gains for the company that come after a six month drop of over 70%. So, why is XELA stock climbing right now?
Well, the majority of this is due to hype surrounding an acquisition proposal for $200 million that it received. While there are not a large number of details or any certainty as to when or if this will happen, it is exciting nonetheless. So, with all of that in mind, do you think XELA stock is worth adding to your list of penny stocks to buy or not?
Qudian Inc. (NYSE: QD)
Another major gainer on July 18th was QD stock. During trading and into after hours, shares of QD stock managed to push up by more than 40% and over 0.6% respectively. These gains bring it to around $1.66 per share, which is no small feat.
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While we do see large gains without news with penny stocks, today, the company announced an update regarding its meal kit business. It stated that it now has 15 facilities that are delivering to over 200 cities in China. This is a big deal for the company and especially so considering the rise in demand for meal kit services. Whether this makes QD stock a worthwhile addition to your penny stocks watchlist, is up to you.
Canopy Growth Corp. (NASDAQ: CGC)
With over 15% in gains and more than 1.9% during after hours, CGC is a penny stock that many investors have been watching. Recently, we have seen a rise in the value of several leading marijuana stocks. And, this comes with a possible vote from the Senate on decriminalizing marijuana.
In the past few years, marijuana stocks have not had the easiest time. Despite seeing demand increase sharply throughout the pandemic, laws and regulatory issues have continued to cause market upset with pot stocks. So, with this renewed bullishness, do you think CGC is worth buying or not?
Which Penny Stocks Are You Watching Right Now?
While finding penny stocks to buy can be a challenge, there are plenty of options out there. And, as a result of the sheer number of penny stocks that could have value, finding ones to buy all comes down to understanding who you are as an investor.
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While it is in no way easy, with the right research on hand, making money with penny stocks can be much easier than previously imagined. Considering this, which penny stocks are you watching right now?
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