Buying Penny Stocks on August 4th? Here’s What You Need to Know
When it comes to finding penny stocks to buy, there are a few key things to remember. For starters, the penny stocks you’re looking for should have a high amount of popularity and volume. This means that people are trading them frequently, and there’s a lot of interest as well. Additionally, you’ll want to look for penny stocks that have low prices but hold potential for growth.
To find penny stocks that match these criteria, it’s important to understand exactly what is going on in the stock market and how to take advantage. For that reason, let’s take a look at what happened in the stock market on August 3rd.
Stock Market Recap, August 3rd, 2022
With a big rally on August 3rd, investors are excited about the bullish momentum at play. In the past two days or so, momentum has been mostly mixed for penny stocks and blue chips. At EOD, the Dow and S&P 500 rose by around 400 points and 1.5%, ending the day strong.
In the last two weeks however, we have seen a sizable amount of bullish sentiment in the stock market. So, while we are no where near out of the woods right now in terms of volatility, there is a lot of money to be made with penny stocks in 2022. As a result of this, let’s take a look at what you need to know about buying penny stocks on August 4th.
What You Need to Know About Buying Penny Stocks on August 4th
Right now, the largest concerns at play include rising inflation, climbing interest rates, and the recession. All of these have caused a large amount of volatility across the board. However, we’ve also seen a lot of bullish movement in the last few weeks which are positive signs.
So, investors need to work to take advantage of this by knowing exactly what is at play and whether or not it can be used as a strategy. In addition, understanding your trading strategy is crucial to investing in penny stocks in 2022. Considering all of that, here are three penny stocks to add to your watchlist right now.
3 Penny Stocks to Watch Right Now
- Endo International PLC (NASDAQ: ENDP)
- Exela Technologies Inc. (NASDAQ: XELA)
- Lottery.com Inc. (NASDAQ: LTRY)
Endo International PLC (NASDAQ: ENDP)
One of the larger gainers on August 3rd was ENDP stock. At EOD and into after hours, shares of ENDP stock managed to shoot up by over 28% and more than 8% respectively. These sizable gains add to a five day uptick of more than 40%, which is no small feat. The most recent news for the company came in an investor letter from Miller Value Partners Income Strategy.
While the letter simply discussed the company as a whole, any news is enough to be cause for large movement with penny stocks. So, while ENDP is highly volatile, it is seeing heightened popularity right now. Considering that, will it be on your penny stocks watchlist or not?
Exela Technologies Inc. (NASDAQ: XELA)
Another penny stock that we have discussed numerous times is XELA stock. On August 3rd, XELA stock managed to shoot up by over 15% during trading and over 19% in after hours. This comes as the company made two exciting announcements today.
It stated that it has a large new contract with a European domiciled financial services firm. This is a big deal for it and should continue to play out into the future. On top of this, the company stated an update regarding its capital deployment strategy. As a result of these two, Exela is seeing a great deal of movement right now alongside higher than average volume. So, whether this makes it worth adding to your list of penny stocks to buy or not, is up to you.
Lottery.com Inc. (NASDAQ: LTRY)
With over 34% in gains at EOD on August 3rd, LTRY is a popular penny stock that should be on your radar right now. While there is no news sparking this gain, the company did see a major drop of over 50% last week.
And as a result, we could be seeing some rebound momentum right now. Of course, this means that LTRY stock is quite volatile and could be considered relatively risky. But, if you’re looking for a penny stock that is likely to continue moving in either direction, it could be worth keeping an eye on LTRY.
Which Penny Stocks Are You Watching Right Now?
With so many penny stocks to choose from, it can be tough to know where to start. But don’t let that discourage you! With a little research, you can find stocks that have the potential to make you a lot of money.
The first step is to understand what penny stocks are and what trading strategy you’re going to utilize. This will help you narrow down your options and make more informed decisions. The next and most crucial step is to know what is going on in the stock market. This means looking at the news and understanding how it can benefit you. With this in mind, which penny stocks are you watching right now?