3 Hot Meme Penny Stocks To Add to Your August Watchlist
Right now, we are seeing major movement with penny stocks and blue chips. This comes as the latest bout of upticks with meme stocks is in full swing. As we all know, penny stocks are highly volatile. And, this is something that is not going to change anytime soon. But, being able to understand what the cause of the volatility is, can help us to profit. Considering all of this, let’s take a look at what happened in the stock market on August 8th, 2022.
Stock Market Recap, August 8th, Meme Stocks Move
On August 8th, we saw another bout of the meme stock craze. This includes well-known stocks like AMC stock, GameStop stock, and much more. And as a result, it seems as though there is renewed interest from investors right now. In the past six months or so, we have seen mostly bearish trends.
This is the result of the sheer number of events that have plagued the stock market in that time. And while we are in no way out of the woods yet, moves like the ones we witnessed yesterday, are enough to spark excitement around the market for penny stocks and blue chips. With this in mind, here’s what you need to know about buying penny stocks today.
What You Need to Know About Buying Penny Stocks on August 9th
On August 9th, it’s likely that we will continue to see a high rate of volatility. Although we cannot make any predictions with certainty, typically when meme stocks move, we tend to see a large amount of movement across the board. So, make sure that you are comfortable with volatility before investing in penny stocks in 2022. With this, let’s take a look at three penny stocks that investors are watching right now.
3 Penny Stocks to Watch Right Now
Helbiz Inc. (NASDAQ: HLBZ)
By EOD, shares of HLBZ stock had shot up by more than 114% with another 15% in after hours gains respectively. These upticks bring it to more than $1.85 per share, which is a major gain for the company. Now, is there any reason behind this, or is it another meme stock rise? Well, the short answer is that no, there isn’t.
Helbiz seems to be the latest in a string of meme stocks to explode during trading. As a provider of electric scooters and bicycles, Helbiz is an interesting penny stock to watch. However, is slightly difficult to justify its 130% gain on August 8th. Regardless, it’s clear that the company is worth paying attention to and adding to your watchlist. Considering that, will it be on your list of penny stocks to watch or not?
Zomedica Corp. (NYSE: ZOM)
One of the larger gainers of the day on August 8th was ZOM stock. At EOD, we saw shares of ZOM shoot up by more than 13%. And, during after hours, Zomedica stock shot up by another 4.5%. This is an exciting gain for the company and one that comes after a one month uptick of over 40%. In the many times that we have discussed Zomedica, we have stated that it is very volatile.
And although this is true, we have seen a sizable amount of bullish sentiment in the past few weeks. As a meme stock, Zomedica is likely gaining right now due to sympathy momentum. Because there is no news for Zomedica, it’s clear that the company is moving as a result of speculation. With this in mind, will ZOM be on your penny stocks watchlist or not?
Tuesday Morning Corp. (NASDAQ: TUEM)
With a staggering 65% in gains at EOD, TUEM stock ended the day with another 50% in after hours uptick. Both of these bring shares of TUEM stock to over $0.54. the big news for TUEM comes as it is a short squeeze penny stock. These are stocks that benefit from a high short position, where investors will come in and bet that the stock will climb.
This includes other famed meme stocks like AMC Entertainment (NYSE: AMC) and Toughbuilt Industries Inc. (NASDAQ: TBLT). While this makes it difficult to say that TUEM stock is worth buying right now, it could be worth keeping an eye on due to this staggering movement.
Which Penny Stocks Are You Watching Today?
Are penny stocks worth buying? That is a difficult question that completely depends on the stock in question as well as the market conditions at the time. In addition, it all comes down to knowing who you are as a trader and how to take advantage of that.
Penny stocks are stocks that are trading for less than $5 per share. They are usually considered to be high risk because they are much more volatile than larger stocks and can be easily swayed by news. That being said, there are definitely some penny stocks that are worth buying if you know what you’re doing. And with so many big movers right now, do you think penny stocks are worth buying or not?