Buying Penny Stocks on July 21st? Here’s What You Need to Know
With another bullish day of trading penny stocks and blue chips in the books, investors are excited about the future. Although trading penny stocks has not been easy in the past few months, bullish days are always encouraging.
And, as we continue to move into the future, it is always best practice to understand exactly what is going on in the stock market. So, with that in mind, let’s take a look at what you may have missed on July 20th, 2022.
Stock Market Recap, July 20th, 2022
On July 20th, 2022, we saw many tech penny stocks and blue chips climb. This adds to a two-day rally with all of the major indexes posting gains. At Market close on July 20th, the NASDAQ, S&P 500, and DOW, were up by 1.6%, 0.6%, and 0.2% respectively.
While this may not seem like much, after the major bearish sentiment that we’ve seen in the past few months, this is without a doubt, an encouraging move. So, while we don’t expect it to continue in the long term, it is a positive note for short-term traders. With this considered, here’s what you need to know about buying penny stocks on July 21st.
What You Need to Know about Buying Penny Stocks On July 21st
As we’ve continued to say in the past few months, there are no certainties to the stock market right now. However, we can predict with confidence that volatility will continue to climb in the coming weeks and months.
While we are seeing bullish sentiment over the course of the last few trading days, it is always prudent to maintain a strong trading strategy. With this in mind, let’s take a look at three penny stocks that could be worth adding to your watchlist today.
3 Penny Stocks to Watch Today
- Exela Technologies Inc. (NASDAQ: XELA)
- Toughbuilt Industries Inc. (NASDAQ: TBLT)
- COMSovereign Holding Corp. (NASDAQ: COMS)
Exela Technologies Inc. (NASDAQ: XELA)
One of the larger gainers on July 20th and a penny stock that we have covered numerous times recently is XELA stock. During trading and into after hours, XELA stock exploded by over 14% and more than 6% respectively. These sizable gains add to a five day uptick of over 50%. So, why are shares of XELA stock exploding right now?
Well, the most recent news from the company stated that it has received a non-binding proposal from a company to acquire a $200 million revenue business unit of Exela. While there is no certainty with this, it is an exciting prospect, and is the main cause that XELA stock has been climbing. With this in mind, will it be on your penny stocks watchlist or not?
Toughbuilt Industries Inc. (NASDAQ: TBLT)
Another penny stock that saw major gains on July 20th was TBLT stock. At EOD and during after hours, we saw TBLT stock climb by a staggering 36% and more than 4.5% respectively. And if that isn’t enough, in the past five day and one month period, TBLT has skyrocketed by over 90% and more than 190%.
During that time, we have covered it extensively, and there are a few reasons. The main two are its recent $6 million public offering and the report of $3.52 million in Q2 2022 sales through Amazon. Both of these have helped to bring in a new sense of investor confidence into the company. So, whether this makes TBLT worth adding to your list of penny stocks to buy, is up to you.
COMSovereign Holding Corp. (NASDAQ: COMS)
With over 9% in gains by EOD on July 20th, COMS is another penny stock that investors are keeping an eye on right now. Despite a one month drop of over 11%, its recent bullish moves are encouraging. The most recent news from COMS stock came a few weeks ago when it announced a 5G order from the National Institutes of Standards and Technology.
This was a big deal when it announced and continues to be a sizable update for investors. While COMS is highly volatile, it is also showing potential with heightened investor interest. As a result, it could be a worthwhile addition to your watchlist this coming week.
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. With so many penny stocks out there, it can be a daunting task to pick just a handful for your watchlist.
But, because there is a lot of movement in the stock market right now, there is also a lot to take advantage of. So, with all of that in mind, which penny stocks are you watching right now?