3 Cheap Penny Stocks to Watch in August 2022
If you’re looking for penny stocks to buy right now, there are a few things you should keep in mind. For one, right now, there is a lot of volatility in the stock market. This means that stocks are going up and down in value very rapidly.
So, if you’re going to invest in penny stocks, you need to be prepared for this volatility. Secondly, when looking for penny stocks to buy, it’s important to find companies that have a good business model and are in the news. As you may know, the news is the largest impacting factor on why penny stocks move. With this in mind, let’s take a look at what happened in the stock market on August 17th.
Stock Market Recap, August 17th, 2022
With the five day winning streak in the stock market coming to an end, investors continue to look for the best penny stocks to buy. Now, it is not easy to make money with penny stocks, but knowing what is going on in the stock market is crucial. After the market closed on August 17th, we saw stock futures remain mostly flat.
During trading, the Dow and NASDAQ dropped by around 170 points and 1.25% respectively. While these are nothing to write home about, they are worth considering for your strategy moving forward. Of course, all things that go up must come down. So, we can’t expect the stock market to shoot up consistently everyday. With this in mind, here’s what you need to know about trading penny stocks on August 18th.
What You Need to Know About Buying Penny Stocks on August 18th
After a less than stellar day of trading on August 17th, there could be some deals to be snatched up today. Of course, always consider what goes on during the first few minutes of trading, as it can determine what the day looks like overall.
And, because penny stocks don’t like to play by the rules, there are plenty of penny stocks that could be worth buying despite what the broader market is doing. With this considered, let’s take a look at three penny stocks that could be worth keeping an eye on during trading today.
3 Penny Stocks to Watch Today
- Palisade Bio Inc. (NASDAQ: PALI)
- Vinco Ventures Inc. (NASDAQ: BBIG)
- Plus Therapeutics Inc. (NASDAQ: PSTV)
Palisade Bio Inc. (NASDAQ: PALI)
Despite dropping by over 20% during trading on August 17th, we saw shares of PALI stock climb by around 13% in after hours. In the past month, PALI stock has fallen by a concerning 65%. And, today, the company announced the commencement of its late-stage return of bowel study.
In addition to this, only a day prior, Palisade Bio announced the closing of a $13.8 million upsized underwritten public offering as well as a full exercise of over-allotment options. While it is clear that there is a lot of bearish movement with PALI stock right now, it is working hard to grow. Considering this high level of volatility, will PALI be on your penny stocks watchlist or not?
Vinco Ventures Inc. (NASDAQ: BBIG)
BBIG is a penny stock that we have discussed frequently in the past few weeks. And on August 17th, BBIG stock shot up during trading and after hours by 20% and more than 15% respectively. And in the past five days BBIG stock has shot up by over 70%, which is no small feat. The most recent big news from the company comes as it is a meme stock.
This means that it has been climbing due to notoriety online as opposed to fundamentals. While this is exciting for those looking to make a quick buck, it can be challenging for some. And, the majority of those invested in meme stocks, tend to lose money without the proper strategy on hand. So, do you think BBIG is worth adding to your list of penny stocks to buy or not?
Plus Therapeutics Inc. (NASDAQ: PSTV)
While PSTV stock only shot up by around 2% during trading on August 17th, in after hours, shares exploded by over 100%. This major gain is out of the ordinary for the company, and as a result, it’s worth looking into why it is climbing right now.
The main reason for this gain comes as the company announced positive data regarding its leading brain cancer drug candidate. The data from two ongoing trials showed that the drug was well tolerated with only mild, expected events. This is exciting news, and shows that PSTV could be a worthwhile addition to your watchlist today.
Which Penny Stocks Are You Watching Right Now?
Whether penny stocks are worth buying right now or not is a tricky consideration. The answer to this depends heavily on both you and your trading strategy. Buying penny stocks involves a higher degree of risk, but it can also lead to greater rewards.
If you’re willing to take on the risks, then penny stocks may be worth considering as part of your investment strategy. While investing in small caps may not be for everyone, if you’re looking for large intraday movement, penny stocks could be worth it for you. With all of this in mind, which penny stocks are you watching right now?
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