Buying Penny Stocks on July 28th? Here’s What You Need to Know
If you’re looking to find penny stocks to buy right now, there are hundreds of choices. And although there is a lot of volatility in the stock market in 2022, investors can rejoice in the fact that there is plenty of money to be made.
As a result of this, it all comes down to knowing what is going on in the stock market and how to profit from the different events. Considering all of this, let’s take a look at what happened in the stock market on July 27th.
Stock Market Recap, July 27th, 2022
On July 27th, we saw penny stocks and blue chips climb substantially by EOD. This comes as the Federal Reserve announced it would combat inflation aggressively, and, stating that the country is not in a recession. The Fed stated that it would increase interest rates by 0.75 percentage points, which was expected. And, it also stated that it could begin tapering its increases in the coming weeks and months.
In the past six months or so, the stock market has been dominated by the macroeconomic trend of whether inflation will continue to rise or if it can fall. And, with this relatively positive news, it’s clear that investors are somewhat excited about the future. Considering that, here’s what you need to know about buying penny stocks on July 28th.
What You Need to Know About Buying Penny Stocks on July 28th
While it is impossible to say if the stock market can continue this bullish trend, there are a few things that we know. For one, we know that many penny stocks and blue chips are at bare bones values right now.
As a result of this, investors are working to find cheap penny stocks to buy. Second, we know that inflation is likely to continue climbing into the near future. And as a result of this, it is likely that we will continue to see high levels of volatility in the stock market moving forward. Keeping all of this in mind, here are three penny stocks to add to your watchlist right now.
3 Penny Stocks to Watch Right Now
Cryptyde Inc. (NASDAQ: TYDE)
One of the largest gainers of the day on July 27th is TYDE stock. During trading and after hours, shares of TYDE stock managed to shoot up by over 40% and more than 16% respectively. And, in the past month, TYDE stock managed to drop by over 79%, which makes this recent uptick even more exciting.
So, why exactly is Cryptyde climbing right now? Well, although there is no news from the company, we do know that cryptocurrency and NFTs have seen an uptick in value recently. While it is hard to say that TYDE will not be volatile, it is clear that there is bullish interest in the company. With this in mind, will it be on your penny stocks watchlist?
Vinco Ventures Inc. (NASDAQ: BBIG)
Another penny stock that is seeing bullish sentiment right now is BBIG stock. On July 27th, BBIG stock climbed by over 4% and more than 3% in after hours respectively. With a 23% drop in the past five days and over 40% in losses in the past month, it may be best to view BBIG stock with a slight amount of cautious optimism.
The most recent news from Vinco Ventures came on July 26th, when it stated that it has postponed its stockholder meeting until August 23rd, 2022. In addition to this, BBIG has a role in Cryptyde, which is likely a major reason that it is climbing right now. Considering that, do you think that BBIG stock is worth adding to your list of penny stocks to buy?
Uranium Energy Corp. (NYSE: UEC)
On July 27th, UEC stock shot up by over 10.5%. This is a sizable gain for the company and one that adds to its six month gain of over 55%. To understand why it is climbing right now, we have to take a closer look at the most recent announcement from UEC.
On July 27th, the company stated that it achieved a key milestone at its Burke Hollow ISR Project. This includes the installation of 106 monitor wells in the first production area. The news is exciting for investors and shows that the company is making progress as a provider of clean energy. As an interesting energy penny stock, is UEC worth buying right now?
Which Penny Stocks Are You Watching Right Now?
As stated earlier, it is impossible to predict what will happen in the stock market in the coming days, weeks, or months. But, what we do know is that the high volatility that we are witnessing right now, is likely to continue into the near future.
As a result, it is crucial to understand exactly what is causing movement among penny stocks. And right now, this seems to be news, which is dominated by macroeconomic trends. With all of this considered, which penny stocks are you watching right now?