3 Trending Penny Stocks to Watch Next Month
If you’re looking to invest in penny stocks, there are a few things you should know. Investing in penny stocks can be a great way to make money, but it can also be very risky. Recently, we have seen a heightened amount of volatility in the stock market, and penny stocks are no exception.
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When investing in penny stocks, it is important to do your research. And in 2022, the most crucial aspects to profitability are having a trading strategy and understanding what is going on in the stock market. With this considered, here’s what you missed in the stock market on August 30th.
What You Missed in the Stock Market on August 30th
On Tuesday, August 30th, we saw penny stocks and blue chips fall for a third consecutive day. This comes as the Dow closed down by around 300 points. The major drops are the result of recent tightening from the Fed in an attempt to control inflation.
And, this has been the case over the past few months as fears surrounding inflation and rising interest rates have continued to cause market upsets. As a result, it is crucial to understand exactly what is going on in the stock market and how to take advantage. With this in mind, here’s what you need to know about trading penny stocks on August 31st.
Need to Knows for Trading Penny Stocks on August 31st
As stated earlier, right now, we continue to see volatility due to potential rate hikes in the near future. And, this is something that we expect to be the norm moving forward.
With recent major drops in the stock market there are however, some penny stocks that are trading at bare bones levels. With this, now could be a great time to find some valuable penny stocks with low prices. Considering all of this, let’s take a look at three penny stocks to add to your watchlist right now.
3 Penny Stocks to Watch Right Now
- Newage Inc. (NASDAQ: NBEV)
- Denison Mines Corp. (NYSE: DNN)
- Virax Biolabs Group Inc. (NASDAQ: VRAX)
Newage Inc. (NASDAQ: NBEV)
One of the largest gainers of the day on August 30th was NBEV stock. By EOD, shares had shot up by a whopping 74%. This is a major gain for the company that comes after a six month drop of over 40%. The most recent news from the company came as it announced the filing of Chapter 11 bankruptcy. This resulted in an after hours drop of over 20%.
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However, with its major intraday gain, it’s clear that there is some bullish sentiment behind NBEV stock right now. Whether this makes it worth adding to your list of penny stocks to buy or not is up to you.
Denison Mines Corp. (NYSE: DNN)
Another sizable intraday mover on August 30th was DNN stock. At EOD and into after hours, shares of DNN stock shot up by over 3.5% and more than 2.8% respectively. While this may not seem like much, for a mining penny stock, it is quite substantial. And, in the past five days, shares of DNN stock have shot up by over 20%.
With a major interest in nuclear energy, investors have continued to show positive sentiment for Denison Mines. Now, with its recent gains, it is tough to say if DNN stock is worth buying or not. However, it does look like it could be a worthwhile addition to your penny stocks watchlist.
Virax Biolabs Group Inc. (NASDAQ: VRAX)
At EOD on August 30th, VRAX stock shot up by over 7.5% with an after hours uptick of over 4.5% respectively. In the past month, VRAX stock has fallen by more than 70% which makes this move quite substantial.
To understand why VRAX stock is moving right now, we have to take a closer look at its recent announcements. With an IPO occurring on August 16th, not much news has come from the company as of late. However, with Covid and Monkeypox, investors have continued to pay attention to biotech stocks. So, whether this makes VRAX worth buying or not, is up to you.
Which Penny Stocks Are You Watching?
With so many penny stocks to choose from, it can be tough to know where to invest your money. But with a little research, you can find plenty of penny stocks that have the potential to bring you big profits.
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When it comes to penny stocks, there are two main types: growth stocks and value stocks. Growth stocks are stocks that are expected to grow at a faster rate than the overall market and value stocks are stocks that are expected to climb in the long term.
With this in mind, it can be difficult to understand which penny stocks are worth investing in. So, understand what’s going on in the market and use that to your advantage.
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