Buying Penny Stocks on August 2nd? Here’s What You Need to Know
If you’re looking for penny stocks to buy, there are hundreds of options to choose from. But, with so many stocks to choose from, how do you know which ones are worth investing in? There are a few things you should look for when considering penny stocks.
First, consider the company’s financial condition. Look at factors like revenue, expenses, and cash flow. It’s also important to look at the company’s history and see if there are any red flags. Another thing to look at is the stock’s trading volume. This is the number of shares that are traded each day. A high trading volume usually indicates that there is a lot of interest in the stock.
Stock Market Recap, August 1st, 2022
On August 1st, penny stocks and blue chips both trends downward. This comes after a few weeks of rather bullish trading as July came to an end. And while we are in no way out of the woods with the bearish sentiment, we are seeing a case for some bullish movement right now.
With penny stocks and blue chips both at very low levels, many investors have found plenty of cheap stocks to buy. So, while there is no guarantee of movement in any direction, there is plenty of value to be had right now. With that in mind, let’s take a look at what you need to know about buying penny stocks on August 2nd.
What You Need to Know About Buying Penny Stocks on August 2nd
As stated earlier, there is a lot of mixed sentiment in the stock market right now. So, take that into account and understand that there is no way to predict what will happen in the coming weeks and months.
However, we do know that there are plenty of penny stocks that are sitting at low values right now. With this considered, here are three penny stocks to watch right now.
3 Penny Stocks to Watch Right Now
- AMTD IDEA Group (NYSE: AMTD)
- Tonix Pharmaceuticals Holding Corp. (NASDAQ: TNXP)
- Mediaco Holding Inc. (NASDAQ: MDIA)
AMTD IDEA Group (NYSE: AMTD)
One of the largest gainers on August 1st was AMTD stock. And, it’s worth noting that we’ve covered AMTD on numerous occasions in the past few weeks. During trading and into after hours, AMTD stock managed to shoot up by more than 18% and over 165% respectively. These major gains add to its one month uptick of more than 85%.
After only beginning trading on the NYSE a few weeks ago, the Hong Kong based company is working hard to continue growing. Right now however, it is at the midst of a great deal of speculation. And as a result, investors need to understand whether they’re in it for the long or short term. Much of the speculation has to do with the epic breakout of HKD stock late last week and into this week. Here’s the quick story: AMTD Group was launched in 2003 by Hong Kong’s telco giant CK Hutchison, founded by billionaire Li Ka-shing. AMTD Digital (NYSE: HKD) was spun out in March.
AMTD Idea Group is also a subsidiary of AMTD Group Company Limited. According to AMTD Idea, it was expected to own 88.7% of the issued and outstanding shares and 99.4% of the total voting power in AMTD Digital following the IPO. Considering that, will it be on your penny stocks watchlist or not?
Tonix Pharmaceuticals Holding Corp. (NASDAQ: TNXP)
Tonix is another penny stock that we have covered on numerous occasions. And on August 1st, shares of TNXP stock managed to explode by over 10.5% and 3% during trading and after hours respectively. This is a big gain for the company and one that comes after a six month drop of over 74%.
So, is TNXP stock worth buying right now? To understand this, we have to take a closer look at the company. Recently, it received a patent for its migraine treatment, TNX-1900. In addition, vaccine stocks are seeing major movement right now as Monkeypox makes waves around the world. So, with all of this considered, do you think TNXP is worth adding to your list of penny stocks to buy?
Mediaco Holding Inc. (NASDAQ: MDIA)
At EOD, shares of MDIA stock had shot up by more than 62% with another 14% coming in during after hours. This staggering gain comes as news dropped of Standard General LP purchasing $29.8 million worth of shares only a few days ago. This is big news, and comes as the company already owns around 10% of MDIA.
As a result of this, many investors are bullish on the company due to this insider confidence. With shares down by over 60% in the year, it is tough to say that MDIA stock is worth buying. However, with this big gain in mind, it could be worth keeping an eye on.
Which Penny Stocks Are You Watching Today?
Whether penny stocks are worth it or not is a tough decision. Additionally, it is a decision that each investor needs to make individually. Some people believe that penny stocks are not worth investing in, while others believe that they offer opportunities to make quick and easy profits.
[Read More] What to Look For in a Penny Stock in 2022
There are a few things to consider when making the decision about whether or not to invest in penny stocks. First, it is important to understand what penny stocks are and how they work. Second, it is crucial to know your trading strategy and what your goals are for investing. Finally, you need to be comfortable with the risks associated with penny stocks. With this in mind, which penny stocks are you watching right now.