3 Popular Penny Stocks to Add to Your Watchlist Right Now
Whether penny stocks are worth buying or not is a highly debated topic. Some investors argue that penny stocks provide an opportunity to make a quick profit, while others believe that they’re too risky and not worth the investment. So, what’s the truth?
For starters, penny stocks are stocks that trade for less than $5 per share. As a result of the cheap price, many investors utilize penny stocks to get started in the stock market without having to invest a lot of money.
The biggest appeal with penny stocks is that they have the potential to generate a large return on investment. But, as a result of this, they also have the potential to drop in value quickly. With this in mind, let’s take a look at what happened in the stock market on August 23rd.
Stock Market Recap, August 23rd
On August 23rd, the stock market ended lower with economic data driving the downturn. At EOD, the S&P 500, Dow, and NASDAQ were down by 0.2%, 0.5% and 0.2% respectively. And, this comes as the stock market has seen losses since the end of last week.
With that being said, when there is a downtrend, there are plenty of stocks that approach value levels. And as traders, it is our job to find out which those are. Considering all of this, here’s what you need to know about trading penny stocks on August 24th.
What You Need to Know About Buying Penny Stocks on August 24th
While there is a high amount of volatility across the board with penny stocks right now, there is a lot of opportunity. When it comes to small caps, investors need to have a complete understanding of what is at play in the stock market.
This means staying up to date with the latest news and events. And, investors also need to utilize a trading strategy to have the best chance of finding penny stocks that align with their investing goals. With this in mind, here are three penny stocks to keep an eye on during trading today.
3 Penny Stocks to Watch Right Now
- Avaya Holdings Corp. (NYSE: AVYA)
- Windtree Therapeutics Inc. (NASDAQ: WINT)
- Neptune Wellness Solutions (NASDAQ: NEPT)
Avaya Holdings Corp. (NYSE: AVYA)
One of the largest gainers on August 23rd was AVYA stock. During trading, shares of AVYA shot up by over 38%. This is a major gain for the company that brings it to over $1.11 per share. And in the past five day period, shares have climbed by over 60%, which is no small feat.
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Right now, the company has a few issues such as its debt and its late form 10-Q filing. But, those have not dissuaded investors from buying into AVYA stock. Now, it’s crucial to look into the data further to understand if AVYA is worth buying in the short or long term. With this in mind, will it be on your list of penny stocks to buy or not?
Windtree Therapeutics Inc. (NASDAQ: WINT)
Another decent gainer during trading on August 23rd was WINT stock. During trading and in after hours, shares of WINT stock shot up by over 55% before falling by 11% respectively. While we do see large gains like this without any news, the company did make an exciting announcement today.
On August 23rd, the company announced its KL4 surfactant and AEROSURF Global License agreement. This is a major update for the company and is clearly the reason behind its gain during trading on August 23rd. While it is quite volatile, this business move could make WINT stock worth adding to your penny stocks watchlist.
Neptune Wellness Solutions (NASDAQ: NEPT)
Neptune Wellness is a penny stock that we have discussed numerous times in the past few months. And on August 23rd, shares of NEPT stock shot up by over 52%. While this may seem like a lot, in the past five day period, NEPT stock has climbed by over 110% and more than 150% in the past month. So, why the explosive gain for NEPT stock right now?
Well, the company recently reported its Q1 2023 financial results with over 60% in growth in its revenue YoY. In addition it announced the highest revenue from its personal care and beauty in over two years. This is all very encouraging news and shows that NEPT stock is a worthwhile penny stock to watch.
Which Penny Stocks Are You Watching Today?
If you’re thinking about investing in penny stocks, now is a good time to do just that. However, because penny stocks and blue chips are so volatile, it takes a little more research to find stocks that are good investments.
But don’t worry, we’ve got you covered. With the right information on hand, it can be easy to find stocks that are worth investing in. With all of this considered, which penny stocks are you watching today?