3 Trending Penny Stocks to Add to Your Watchlist Right Now
When it comes to investing in penny stocks, there are a lot of ups and downs. In a volatile market, penny stocks can be a great investment. However, you need to know what you’re doing in order to make money off of them. There are a lot of things to consider when investing in penny stocks. And, this is especially true when we consider trending stocks.
Trending penny stocks tend to have much greater levels of volatility than those that are not trending. While this can lead to higher profits, it also means that there is a greater risk of loss. For example, let’s say you invest in a penny stock that is trending up. The stock might double or triple in value within a matter of days. However, it could just as easily lose half its value the next day. With all of this in mind, let’s take a look at what happened in the stock market on September 1st.
What Happened in the Stock Market on September 1st
On September 1st, we saw the stock market climb following major negative sentiment in previous trading days. At EOD on Sep. 1st, the Dow Jones had climbed by over 150 points with more than 2% in gains for the NASDAQ.
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This is all exciting news considering the losses we have witnessed recently. While we are no way out of the woods in terms of volatility, this is a positive sign. Considering that, let’s take a look at what you need to know about buying penny stocks on September 2nd.
What to Know About Buying Penny Stocks on September 2nd
With so much volatility in the stock market right now, the best method is to have a trading strategy. On September 1st, the high level of bullish trading means that investors should keep an open mind for how the future may play out.
While it is impossible to predict what will happen in the coming weeks and months, we know that factors such as inflation and interest rates will continue to cause movement. With this considered, here’s three trending penny stocks to add to your watchlist right now.
3 Trending Penny Stocks to Watch Right Now
- PaxMedica Inc. (NASDAQ: PXMD)
- Chembio Diagnostics Inc. (NASDAQ: CEMI)
- InMed Pharmaceuticals Inc. (NASDAQ: INM)
PaxMedica Inc. (NASDAQ: PXMD)
One of the bigger gainers on September 1st was PXMD stock. At EOD and into after hours, shares of PXMD stock had shot up by over 18% and 30% respectively. The main reason for this comes as the company recently saw its value shoot down following its IPO.
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Since its public offering, PXMD stock had fallen by around 40%, which is quite substantial. As a result, PXMD stock is seeing both popularity and high volatility. Considering all of this, do you think PXMD stock is worth adding to your list of penny stocks to buy or not?
Chembio Diagnostics Inc. (NASDAQ: CEMI)
Another gainer on September 1st is CEMI stock. At EOD on Thursday, shares of CEMI stock had shot up by over 5.5% with another 18% in after hours gains. This brings it to over $0.75 per share as of after hours on Sept. 1.
So, while we do see large gains like this with no reason, it’s important to see why shares of CEMI stock are climbing right now. The main reason comes as the company is in the race to produce a rapid test for Monkeypox. If it could do this, it could be a game changer for both Chembio and its investors. Whether this makes it worth adding to your penny stocks watchlist is up to you.
InMed Pharmaceuticals Inc. (NASDAQ: INM)
On September 1st, INM stock shot up by over 28% with another 14% in after hours trading. While there is no news from INM stock right now, it did announce a week ago that it would consolidate shares in order to meet the NASDAQ listing criteria.
Since then we have seen some bullies sentiment for InMed, although its overall longer term trend is a bit more bearish. Keep in mind that while INM stock is trending, its trajectory could make it a tough buy right now. But, for short term investing, it could be worth keeping an eye on.
Which Penny Stocks Are You Watching Right Now?
Investing in penny stocks is not easy. You have to be very careful and do your research. Penny stocks can be a good investment, but you should always remember that the stock market is volatile. You could lose all of your money if you’re not careful.
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So, understand exactly what is going on and how to take advantage. This means looking at your investing strategy and aligning it with your risk tolerance and what’s going on in the stock market. Considering that, which penny stocks are you watching right now?
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