If you’re looking for penny stocks to buy in August, you’ve got plenty of choices. “Shiney objects” are all over the place. We saw an epic breakout (and breakdown) of AMTD Digital (NYSE:HKD) along with the sympathy sentiment that sparked momentum in hundreds of other penny stocks.
Last week saw another surge thanks to a recent financial services company, Magic Empire Global (NASDAQ:MEGL). What’s driving momentum in the stock market today? A previous name on a list of penny stocks at the end of July was Bed Bath & Beyond (NASDAQ:BBBY).
Why BBBY Stock Is Up On August 8th
There weren’t any significant headlines for BBBY stock on Monday. However, the premarket uptrend continued what we’ve already seen in recent sessions. The meme stock has come back in favor of members for a few reasons. The main reason involves the former penny stock’s short interest. With more than 40% of the float short, according to data from Fintel.IO, BBBY has become a core focus for short squeeze hunters, and today we’ve seen exactly why.
But for our readers, there has been a different point of focus, and that is coming back into the spotlight this week. Just a few weeks ago, we wrote about Bed Bath & Beyond stock following some considerable insider trading activity. The most notable was from the interim CEO, Sue Gove. She grabbed a total of 50,000 shares at prices ranging from $4.43 to $4.94 at the time of the filing. Fast-forward to August 8th, and BBBY stock is up more than 150% from that particular insider trade. For more BBBY stock filings, click here.
Penny Stocks To Buy
In light of this and the spirit of the latest surge of interest in cheap stocks, this article looks at a list of penny stocks to buy according to insiders. One insider, in particular, has placed a bet of more than $2 million (so far) in August alone.
- Ring Energy Inc. (NYSEAMERICAN:REI)
- Standard Biotools (NASDAQ:LAB)
- Conduent Inc. (NASDAQ:CNDT)
Ring Energy Inc. (NYSEAMERICAN: REI)
The level of insider trading in REI stock has been much higher than most of the other names on this list of penny stocks. Energy stocks are red hot this year, and Ring shares surged during the first six months. Since things have cooled a bit, REI hasn’t been immune to selling pressure, and clearly, there’s ground to be made up. The June sell-off took shares back into the penny stock range, but much like BBBY, the last few weeks have been bullish.
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The oil and gas exploration company has bounced back more than 30% from its 2022 lows. Meanwhile, the latest round of earnings and beat on EPS, and sales estimates have brought REI back into a positive light. Meanwhile, focusing on short squeeze penny stocks means that the 21.85% of the float shorted may have become an attractive focal point for some traders.
But what about “following the money” and insider trading in REI? Since the start of August, 10% Owner William Kruse has been purchasing stock. How much has he bought? So far, Kruse’s purchases racked up more than 900,000 shares of REI stock at average prices around $2.66-$2.67. If you’re keeping score at home, yes, that puts the trades at over $2.3 million. See more REI stock filings.
Standard Biotools (NASDAQ: LAB)
While the LAB stock short float percentage is “only” around 11%, the company is gaining traders’ interest for other reasons. This week the company reports second-quarter earnings. Today (8/8), after the closing bell, Standard BioTools reveals its latest performance with a lot that may be riding on the numbers.
The company fell short on EPS in its first quarter but slightly beat sales estimates. Michael Egholm, Ph.D., Chief Executive Officer and President of Standard BioTools, explained, “…Our financial performance for the first quarter was, frankly, disappointing and adversely affected by related disruptions in our U.S. sales force, as well as continued COVID-19 related issues, particularly in APAC. We are taking immediate steps to address the operational issues with new leadership including the recent appointment of Jeremy Davis as Chief Commercial Officer. Mindful of our past and its lessons, we now embark on a new chapter of focused execution and growth, and 2022 will serve as the foundation we will build upon.”
With this, investors will find out if the company was able to deliver on any of these “immediate” steps to shift its course.
Prompting a bit more optimism in the market were insider trades in LAB stock. In particular, the fund that has been doing a majority of buying this summer, Caligan Partners LP, scooped up more than 900,000 so far this month. The last purchase on August 4th brought the firm’s total indirect holdings to more than 11.44 million shares. See more LAB stock filings.
Conduent Inc. (NASDAQ: CNDT)
The business process and solutions company Conduent Inc. has made attempts to bounce back this year to no significant avail. A choppy year saw the penny stock dip to new 52-week lows of $3.71 last week shortly after reporting second-quarter earnings.
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CNDT stock has managed to bounce back strongly during the sessions that followed. Cliff Skelton, Conduent President & CEO, explained in a business update that “Q2 represents another quarter where our team continued to deliver in line with expectations regarding Revenue performance, Adjusted EBITDA, and Sales…We, as a Conduent team, in concert with our Board and largest public and private shareholders, remain optimistic about the future of our businesses because of our unique technologies, our solution and service capabilities, and our strong associate base.”
On the heels of this optimistic commentary, CNDT stock has seen a jump in insider activity. Last week, CEO Skelton and CFO Henry Wood reported purchasing just over 47,000 shares of company stock apiece. These trades amounted to roughly $400,000 in insider transactions in total. See more CNDT stock filings.
Penny Stocks For Beginners
This is just a quick snippet of info on a few trending penny stocks today. The next step is doing full research. If you’re brand new to trading penny stocks in 2022, here are a few good articles to checkout and some extra info on the best way to learn how to day trade, swing trade or invest for the long-term:
- How To Make Money Trading Penny Stocks During A Recession
- How To Find The Best Penny Stocks To Buy Using Fundamental Analysis
- Penny Stocks: Looking At The Big Picture For Tiny Stocks
- Buy Penny Stocks Like Hedge Funds Do: A How-To Guide
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