3 Penny Stocks to Add to Your Watchlist This Week
If you’re looking for penny stocks that are worth buying, there are a few things you should look for. First, find stocks that are trading with your strategy in mind. Second, research the company to make sure it could have movement in the short or long term.
Finally, understand that penny stocks move due to speculation rather than fundamentals. Recently, this last idea has been critical as there has been a major amount of volatility in the stock market. So, understanding how to take advantage of this is crucial. With that in mind, let’s take a look at what happened in the stock market on August 19th.
Stock Market Recap, August 19th, 2022
On Friday, August 19th, penny stocks and blue chips both fell. This comes as fears surrounding a rate hike continue to be on the rise, and investors are looking to sell some stocks after major bullish momentum earlier in the week.
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On August 19th, the S&P 500 and Dow dropped by 1.2% and 0.1% respectively. So, while this is not a catastrophic loss, it is something to keep in mind. Despite this, we continue to see some bullish momentum regarding the future of the stock market. After months of bear trading, some are hoping for a bullish rebound. So, with that in mind, here’s what you need to know about trading penny stocks today.
What You Need to Know About Buying Penny Stocks on August 22nd
As stated earlier, there is a sizable amount of volatility in the stock market right now. As a result of this, investors need to stay on their toes and understand exactly what is at play. One of the best pieces of advice for making money with penny stocks is keeping an eye on the first thirty minutes after market open.
This is typically when the most momentum occurs, and, it can set the tone for the trading day. It’s worth noting that it can also set the tone for the week. Considering all of this, let’s take a look at three penny stocks that could be worth watching this week.
3 Penny Stocks to Watch Right Now
- Applied DNA Sciences Inc. (NASDAQ: APDN)
- Volcon Inc. (NASDAQ: VLCN)
- Aeglea Bio Therapeutics Inc. (NASDAQ: AGLE)
Applied DNA Sciences Inc. (NASDAQ: APDN)
On Friday, August 19th, shares of APDN stock ended the day 14% higher. This is a sizable uptick for it, and one that has a clear explanation. Recently, the company announced that it has submitted its PCR-based monkeypox virus diagnostic test for approval to the NY State Dept. of Health.
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This is a big deal for Applied DNA, and we’ve continued to see bullish momentum for any company with a relation to the monkeypox virus. So, while it is hard to say what the long term effects of this will be, it’s clear that this is an exciting update for investors and the company alike. Whether this makes it a worthwhile penny stock to buy or not is up to you.
Volcon Inc. (NASDAQ: VLCN)
One of the largest gainers of the day on Friday was VLCN stock. At EOD, shares of VLCN managed to shoot up by a staggering 30%. This gives it a one month uptick of over 50%, which is no small feat. So, why is VLCN stock climbing right now?
The main news comes as the company stated that its preorders sold out its entire 2023 forecast. And, the preorders account for $100 million in potential revenue for its fully electric UTV known as the Stag. This is great news for the company, and explains its recent uptick. As a result, do you think VLCN is worth adding to your list of penny stocks to buy or not?
Aeglea Bio Therapeutics Inc. (NASDAQ: AGLE)
With over 80% in gains at EOD on August 19th, AGLE is one of the largest gainers that we’ve seen in some time. This is a major uptick that adds to its one month uptick of over 110%. The main news comes as the company announced that the European Medicines Agency validated its marketing authorization application for Pegzilarginase.
This is a drug that is used in the treatment of Arginase 1 deficiency. With so much bullish sentiment surrounding this, it’s clear that the company could be an interesting addition to your penny stocks watchlist this week.
Which Penny Stocks Are You Watching Right Now?
While investing in small caps is not easy, it can be very rewarding. The best advice is to always have a close eye on the stock market, and to be aware of the potential risks.
And with penny stocks, this is even more critical, as they can be more volatile than their blue chip counterparts. So, with a new week of trading upon us, make sure to understand the current state of the stock market and what your trading strategy is. Considering that, which penny stocks are you watching right now?