Buying Penny Stocks on August 3rd? Here’s What You Need to Know
If you’re looking at buying penny stocks on August 3rd, there is a lot to understand that could be a benefit. As a result of the sheer number of happenings in the stock market, there is plenty of action to take advantage of.
Right now, we have events such as inflation, rising interest rates, and corporate earnings that are all contributing to the ups and downs that we are witnessing with penny stocks. Because of this, knowing how to take advantage remains a crucial step for profitability. With this in mind, let’s take a look at what you may have missed in the stock market on August 2nd, 2022.
Stock Market Recap, August 2nd, 2022
On August 2nd, we witnessed a slight selloff with penny stocks and blue chips. This comes as Speaker of the House, Nancy Pelosi, visited Taiwan despite a stern warning from Beijing on the matter. And, this comes after a very bullish ending to trading in July.
The major issue with Pelosi visiting is that this is the first time in 25 years that a high-ranking politician has visited the island. As a result, investors are full of anxiety surrounding what the implications could be moving forward. And as we typically see, both penny stocks and blue chips are highly reactive. Considering this, let’s take a look at what you need to know about buying penny stocks today.
What You Need to Know About Buying Penny Stocks on August 3rd
Right now, the tension between the U.S. and China is palpable and it’s likely that it will continue into the coming days. So, keep that in mind as far as the penny stocks you’re watching and which companies you may want to watch in the near future.
In addition, we have continued to see a high rate of volatility across the board. Because of that, it is crucial to understand both what is going on in the stock market and how to make money with penny stocks. With this in mind, here are three penny stocks to watch right now.
3 Penny Stocks to Watch Right Now
- Applied DNA Sciences Inc. (NASDAQ: APDN)
- Aethlon Medical Inc. (NASDAQ: AEMD)
- Ecmoho Ltd. (NASDAQ: MOHO)
Applied DNA Sciences Inc. (NASDAQ: APDN)
One of the largest gainers on August 2nd and that we have seen in quite some time is APDN stock. At EOD, shares of APDN managed to shoot up by over 296% with an 81% after hours gain. The main news for the company comes as it announced an update regarding its Monkeypox vaccine.
And with cases continuing to climb right now, this is a major factor in many companies recent upticks. While it is a volatile gain, it is clear that APDN stock is very popular right now. Considering that, does it deserve a spot on your penny stocks watchlist or not?
Aethlon Medical Inc. (NASDAQ: AEMD)
Another major gainer on August 2nd is AEMD stock. At EOD and during after hours, we saw shares of AEMD stock climb by more than 44% and 20% respectively. In the past month To understand why shares are climbing, we have to take a closer look at any recent announcements from the company.
The biggest news for Aethlon comes as the company is working on an air purification system for Covid-19 and more recently, Monkeypox. Because of this, it has seen a major amount of attention in the past few weeks. With a new peer-reviewed journal article coming out, the company could continue to see heightened popularity. Whether this makes it worth adding to your list of penny stocks to buy or not is up to you.
Ecmoho Ltd. (NASDAQ: MOHO)
With over 40% in gains on August 2nd, MOHO sits at over $0.18. With no news to drive this gain, it’s clear that there is an outside event occurring. As a Chinese company, Ecmoho is at the mercy of any news relating to Chinese happenings. With the travel to China by Nancy Pelosi, there is a lot of movement with Chinese penny stocks.
Keep that in mind when understanding whether or not MOHO stock is worth buying. And, also understand that there could be a great deal of volatility moving forward with MOHO. With this in mind, is MOHO worth buying or not?
Which Penny Stocks Are You Watching Right Now?
While finding penny stocks to buy can be challenging, there are plenty of options out there for all types of investors. But, the first step in making money with penny stocks is always understanding what type of trader you are.
Once this is done, it will be much easier to profit based on your overall strategy. And right now, we have a large number of factors that are impacting penny stocks. Considering this, which penny stocks are on your watchlist right now?