3 Hot Penny Stocks to Watch During Trading Today
With penny stocks and blue chips showing a great deal of volatility, buying and selling stocks right now is not easy. Over the past few weeks, we’ve seen the stock market go from overly bullish to mostly flat, and everything in between. And as a result of this, trading penny stocks has not been easy.
But, to have the best chance of profiting from penny stocks despite this, there are a few things that investors need to know. The most important of these is that buying penny stocks is all about understanding what is going on in the stock market. So, with this in mind, let’s take a close look at what happened in the stock market on August 18th, 2022.
Stock Market Recap, August 18th, 2022
On August 18th, 2022, stocks finished the day higher but not without a large amount of intraday volatility. By market close, the S&P 500 and Dow had climbed by around 0.2% and 0.1% respectively. These modest gains are nothing to write home about, however, they are encouraging for investors.
After the bearish momentum of the past few days, it’s exciting to see a day end in the green. Recently, the majority of momentum has come from meme stocks. These are stocks that rise and fall due to popularity on social media rather than fundamentals. So, all things considered, let’s take a look at what you need to know about buying penny stocks on August 19th.
What You Need to Know About Buying Penny Stocks on August 19th
With the end of another week here, investors need to stay on their toes. Today, trading is all about understanding whether the meme stock rally can continue.
While this may or may not impact penny stocks, it is a fundamental occurrence that investors need to consider. As a result, there is a lot of movement in the stock market that traders should know about. So, with all of this in mind, let’s take a look at three penny stocks to watch today.
3 Penny Stocks to Watch Today
Mind Medicine Inc. (NASDAQ: MNMD)
One of the larger gainers on August 18th was MNMD stock. By EOD and into after hours, MNMD stock had shot up by a staggering 35% and more than 15% respectively. These major gains give it a five day uptick of over 45% which is no small feat. So, why are shares of MNMD stock climbing right now?
The main news comes as MNMD is the latest target of the meme stock movement. With other meme stocks flying during trading on the 18th, MNMD is being watched by traders of all types. Although this is not reassuring for its long term value, in the short term, it could be a worthwhile addition to your penny stocks watchlist.
Palisade Bio Inc. (NASDAQ: PALI)
Palisades Bio is a penny stock that we have covered numerous times in the past few weeks. And on August 18th, PALI stock managed to climb by around 4% collectively in trading and after hours. This comes after a one month drop of nearly 65%. So, those investing in PALI are clearly excited about this small bullish movement.
The main recent news from the company comes as it announced its first patient enrollment in its pivotal Phase 3 study of LB1148 for postoperative return of bowel function. This news came on August 17th, and has sparked some positive momentum. So, while it is tough to say what the long term trajectory of PALI stock will be, it could be worth adding to your list of penny stocks to watch.
Avaya Holdings Corp. (NYSE: AVYA)
While AVYA stock only gained around 3% in trading on August 18th, during after hours, it managed to explode by more than 20%. While we do see gains like this often with penny stocks, it is always exciting. Now, it’s worth noting that the company is currently looking into its debt options.
This is not a great sign for investors, and is something that has caused its six month drop of over 90%. And while this is likely a problem that will not be solved in the foreseeable future, right now, there is a lot of movement with AVYA stock. For that reason, do you think it’s worth buying or not?
Which Penny Stocks Are You Watching Right Now?
If you’re looking for penny stocks to buy, there are hundreds of options to choose from. And in 2022, there is also a lot that investors need to consider before buying. This includes what is going on in the stock market and how to take advantage.
In addition to this, we know that volatility has been at extremely high levels in the past few months. So, make sure to keep this in mind and see if there are ways to benefit. Considering all of this, which penny stocks are you watching right now?