3 Penny Stocks That Are Popular With Investors Right Now
If you’re looking for penny stocks to buy, there are a few things you should know before you start investing. Penny stocks are stocks that trade for less than $5 per share, and they’re often associated with high risk investments. However, there are a few reasons why penny stocks may be worth considering for your portfolio.
[Read More] What Are Penny Stocks – Definition & FAQ
For one, the high volatility with penny stocks means that the opportunity to profit is higher. And secondly, the low price per share means that you can buy a larger number of shares, which can lead to greater profits if the stock price increases. With that in mind, let’s take a look at what happened in the stock market on August 15th.
Stock Market Recap, August 15th
On August 15th, penny stocks and blue chips saw a decent uptick with oil prices falling. This brings the stock market to its longest winning streak in 10 months, which is very encouraging. Although we are no where out of the woods in terms of volatility, we do know that there are some positive signs at play in the stock market right now.
After the market closed, stock futures were mostly flat, however, investors are still excited about the gains witnessed in the past few trading days. With all of this in mind, let’s take a look at what you need to know about buying penny stocks on August 16th.
What You Need to Know About Buying Penny Stocks on August 16th
Right now, we continue to see large movement in the stock market. And with that, now is the time to be extremely specific with your investing strategy.
This means knowing what your investment goals are, how to use them as an advantage, and what is at play with penny stocks. All of this will contribute to your overall trading strategy. With this in mind, here’s three penny stocks that investors are keeping a close eye on right now.
3 Penny Stocks to Watch Right Now
Nu Holdings Ltd. (NYSE: NU)
On August 15th, shares of NU stock managed to shoot up by over 9.5% during trading and over 9% in after hours respectively. This sizable gain comes a the company reported customer growth in its 2022 financial results.
As always, we tend to see financials cause a major effect in stock value. And, with a strong quarter, NU is clearly a growing business that is seeing heightened popularity right now. It’s important to consider what the long term future of the company will look like as these short term gains are very speculative. With that in mind, will NU be on your penny stocks watchlist?
Giga Media Ltd. (NASDAQ: GIGM)
One of the largest gainers on August 15th was GIGM stock. During trading and after hours, GIGM stock managed to explode by over 40% and more than 13% respectively. While we do see large gains like this with penny stocks, it’s worth looking into why it occurred. Recently, the company posted a Q2 loss of $0.10 per share.
This sparked some bearish sentiment, which saw GIGM stock drop in value. However, around a week or so later, this recent gain could be a move from investors looking to buy GIGM stock at a low price. With that considered, does GIGM deserve a spot on your list of penny stocks to buy or not?
Tuesday Morning Corp. (NASDAQ: TUEM)
With over 24% in gains at EOD on August 15th, TUEM is another penny stock that investors are keeping a close eye on right now. The most recent news from the company came a few weeks ago when it announced the transition of its CFO.
Since then however, not much has come out of the company in terms of news. As a provider of off-price retail goods, Tuesday Morning’s business is highly dependent on the retail environment. So, keep an eye on larger numbers that come out in terms of macroeconomic trends. Whether this makes TUEM a worthwhile buy or not, is up to you and your trading strategy.
Which Penny Stocks Are You Watching Right Now?
Buying penny stocks in 2022 could be a great way to invest your money. Right now, the stock market is seeing an incredible amount of volatility. Of course, you should always do your own research before investing in any stock, and penny stocks are no exception. But if you’re looking for a potentially profitable investment opportunity, there are plenty of ways to make money with penny stocks.
In order to find penny stocks that have the potential to be profitable, you need to know where to look. This includes understanding your investment strategy and what is going on in the stock market. With that in mind, which penny stocks are you watching right now?