3 Big Moving Penny Stocks to Add to Your Watchlist Today
If you’re thinking about buying penny stocks, now is the perfect time to start researching and planning your investment strategy. With so much movement in the stock market in the past few months, there are plenty of opportunities to make a profit by investing in penny stocks.
When it comes to penny stocks, there are a few things you need to know before you start buying. First, it’s important to understand the different types of events that are impacting the market at large. with small-caps, we see that news is the largest driver of price. This is due to the high volume and large speculation that surrounds penny stocks. Considering this, let’s take a look at what happened in the stock market on August 16th.
Stock Market Recap, August 16th, 2022
During trading on August 16th, we saw a resurgence of movement with meme stocks. This is something that we have seen many times in the past, however, it was characteristic of the market a few years ago. Given the major bearish momentum that has occurred in the past year or so, we have seldom seen major rises in value with meme stocks.
But, with previously popular names climbing on Tuesday, August 16th, it looks like we could begin to see momentum once again. Now, it’s important to keep in mind that these are incredibly speculative moves and that should be considered. With that in mind, here’s what you need to know about buying penny stocks on August 17th.
What You Need to Know About Buying Penny Stocks on August 17th
As stated earlier, right now we are seeing a resurgence of movement with popular or meme penny stocks. In the past, we have seen these stocks climb incredibly quickly, with falls just as large.
So make sure that you are keeping a close eye on both the market and your portfolio. In addition, with many stocks trading at low values right now, there could be some opportunity to find penny stocks at cheap prices. Considering that, here’s three penny stocks that you may want to take a look at on August 17th.
3 Penny Stocks to Watch Today
Vinco Ventures Inc. (NASDAQ: BBIG)
One of the largest gainers of the day on August 16th was BBIG stock. By EOD and into after hours, shares of BBIG stock had shot up by over 55% and more than 10% respectively. These major gains come alongside no news for Vinco Ventures, which is more common than you’d expect. As you may or may not know, Vinco Ventures is a meme stock.
This means that it is popular among retail traders who buy and sell it based on popularity over value. So, while this is not a great sign for those looking for a long term investment, for others, it could be an interesting proposition. With this in mind, will BBIG be on your penny stocks watchlist or not?
Eargo Inc. (NASDAQ: EAR)
Another major gainer on August 16th was EAR stock which climbed by over 77% during trading. In after hours, we saw EAR stock shoot up by another 22%, which is no small feat. The move from the company comes as the FDA issues a final ruling regarding over the counter hearing aids.
Now, customers may be able to purchase hearing aids without seeing a doctor first. This could be a game changer for Eargo, and is the main reason behind its sizable uptick on Tuesday. Whether this makes EAR stock worth adding to your list of penny stocks to buy however, is up to you.
Party City Holdco Inc. (NYSE: PRTY)
With over 29% in gains during trading and another 8% in after hours, PRTY is a penny stock that investors are eyeing right now. In the past few months, we’ve covered PRTY stock on numerous occasions due to its consistent moves in the market. And with a five day uptick of over 54%, PRTY stock is once again worth keeping a close eye on.
Now, there is no recent news for PRTY stock which leads us to believe that its gain is similar to that of BBIG. As another popular meme stock, PRTY is subject to large moves when other popular penny stocks move. So, does this make PRTY stock worth buying right now or not?
Are Penny Stocks Worth Buying Today?
With so many penny stocks to choose from, it can be tough to know where to start. Penny stocks are stocks that trade for less than $5 per share. Because of this low price, many investors utilize them to make quick, small profits.
However, these stocks are also associated with high risks. In order to make money with penny stocks, you must be informed and aware of the risks involved. With all of this in mind, which penny stocks are on your buy list for today?