Buying Penny Stocks on August 1st? Here’s What You Need to Know
Right now, investing in penny stocks is all about understanding what is going on in the stock market. That means that investors need to have a thorough understanding of both the news, and their own investing style.
While we have no certainties about what will happen in the near future, we do know that penny stocks and blue chips are likely to remain highly volatile. As a result of this, many investors are trading with a large amount of cautious optimism. So, keeping that in mind, let’s take a look at what you may have missed in the stock market on July 29th.
Stock Market Recap, July 29th, 2022
On July 29th, we saw the stock market climb substantially during trading. This adds to a third consecutive session of gains, which is highly encouraging. At EOW, the Dow ended higher by around 3% with the S&P 500 and NASDAQ climbing by over 4.3% and 4.7% respectively. After weeks of bearish trading patterns the recent bullishness that we are witnessing is a great sign for investors.
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Recently, the Fed announced a 0.75% rate hike in the coming weeks. This is a major move to begin to curb inflation at a higher rate. And, with several large tech companies such as Apple and Amazon reporting positive results, there is a lot of encouraging news to go around. Considering that, here’s what you need to know about trading on August 1st.
What You Need to Know About Buying Penny Stocks on August 1st
As stated earlier, right now, the main movement in the stock market all is related to the U.S. economy. In the past few months, inflation has continued to rise with other economic factors also contributing to negativity.
But, with this recent bullish sentiment, many investors are choosing to trade with cautious optimism right now. So, as we continue to move into the rest of the year and a new month, there is a lot for investors to understand right now. With this in mind, here are three penny stocks to watch right now.
3 Penny Stocks to Watch Right Now
- Eos Energy Enterprises Inc. (NASDAQ: EOSE)
- Genius Sports Ltd. (NYSE: GENI)
- Cybin Inc. (NYSE: CYBN)
Eos Energy Enterprises Inc. (NASDAQ: EOSE)
One of the largest gainers on Friday, was EOSE stock. At EOD, shares of EOSE had shot up by over 17%, which is quite substantial. That large gain is the main reason that EOSE stock is so popular right now. The main reason for this comes as the company announced its second quarter fiscal results release which will occur on August 2nd.
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With penny stocks, we see that financial news is often a major catalyst for movement. And, this is the case with EOSE stock. So, if you’re interested in the company, August 2nd is an important date to keep in mind. With that considered, do you think that EOSE is worth adding to your list of penny stocks to buy or not?
Genius Sports Ltd. (NYSE: GENI)
Another big gainer on Friday, July 29th was GENI stock. At EOD, GENI had shot by over 3.5% and more than 3.8% in after hours respectively. These gains come after a six month drop of over 60% which makes it even more exciting. Similarly to EOSE, GENI stated a few days ago that it would be releasing its second quarter financial results on August 16th. With this, investors are clearly excited about what the company could announce.
Aside from this, it is tough to say whether GENI stock is worth buying or not. It’s most recent news came as it stated it wishes to engage sports fans. While it is impossible to say why GENI stock is gaining specifically right now, it could be worth considering for your penny stocks watchlist.
Cybin Inc. (NYSE: CYBN)
With over 4.5% in gains, CYBN is another penny stock that investors are watching right now. In the past six months, CYBN stock has fallen by over 45%. As a result of that, it is tough to say if CYBN stock is a worthwhile penny stock to buy or not.
The most recent news from the company came a few days ago when it stated that it would be presenting at the Canaccord Genuity 42nd Annual Growth Conference. Aside from this however, it has been mostly quiet for the company. Considering all of that, is CYBN a buy or not this week?
Which Penny Stocks Are You Watching Right Now?
If you’re looking for penny stocks that are worth buying, it can be difficult. But, with the recent bullish momentum that we’ve witnessed, it all comes down to understanding where to look.
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As a result of the major movement going on in the stock market right now, investors need to stay on their toes now more than ever. So, keep this in mind and always understand exactly what your trading strategy is. With this information considered, which penny stocks are you watching right now?