It’s FOMC week, and Wednesday will give us the much-awaited determination for the new round of rate hikes. The stock market may be down, but as we’ll see in this article, it’s a much different case for several penny stocks. Will the Fed raise 50 basis points, 75 basis points, 100 basis points, or something nobody expects? The entire market will know by this time on Wednesday afternoon. While large-cap traders try to weather this stock market sell-off today, other retail traders are focused on cheap stocks to buy and ones showing relative strength.
How To Find Penny Stocks To Buy
When it comes to finding penny stocks to buy, you want to begin with a list. There are plenty of trends going on in the stock market today. Low float stocks, short squeeze stocks, penny stocks with unusual options activity, etc. But today, we look at a list of high-volume penny stocks to watch. They’ve attracted significant attention and have traded bullishly in the face of a bearish Tuesday session.
High Volume Penny Stocks To Watch
We aren’t talking about high-volume penny stocks as ones trading a few hundred thousand shares today. We’re talking about ones trading tens of millions and have shown a significant level of stock market liquidity today. Will the trend continue as the market anticipates what Fed Chair Jerome Powell and the FOMC decide for the future of rates and monetary policy? That’s something up for debate, but in the meantime, this handful of penny stocks has turned heads in the stock market today.
- Mobile Global Esports Inc. (NASDAQ: MGAM)
- Virax Biolabs (NASDAQ: VRAX)
- TRxADE Health Inc. (NASDAQ: MEDS)
Mobile Global Esports Inc. (NASDAQ: MGAM)
The recent IPO of Mobile Global Esports has brought plenty of scrutiny to smaller companies taking their businesses to capital markets. MGAM stock, for example, IPOd in late July with its first print at $4.50. One day later, it reached a high of $20.74, and ever since, it has been in a state of extreme decline. Earlier this week, the penny stock hit fresh record lows of $2.04, further emphasizing the high risk that new IPOs can have.
So why would this be on a list of penny stocks to watch? Tuesday saw shares aggressively rebound back above the $3 level. There weren’t any immediate headlines to pair with the move. But a closer look into MGAM stock’s SEC filings shows the company just reported its latest quarterly results.
Despite not reporting any revenue, details regarding its funding may have piqued some interest. In particular, the company said it had sufficient proceeds from the IPO to meet cash requirements for two years. The company also specified using proceeds for retaining new staff, potential acquisitions of game licenses, and strategic partnerships.[Read More] Hot Penny Stocks To Watch Today As Stock Market Crash Continues
In addition to the latest financials, MGAM stock has also been in discussions about low float stocks to watch. According to most outlets, this figure is less than 16 million shares.
Virax Biolabs (NASDAQ: VRAX)
Shares of Virax Biolabs gapped up on Tuesday thanks to fresh headlines from the company. It announced the distribution of a monkeypox virus antigen rapid test kit launched in specific markets, including the European Union. While this virus hasn’t reached the profound fame and global impact that COVID had, the market still has its fears whenever there is a more widespread illness. Monkeypox has captured headlines for the last few months.
In response to the update, Virax’s Chairman of the Board and Chief Executive Officer, James Foster, commented, “I am very proud of our organization’s ability to quickly bring this rapid antigen test kit to market to help combat the monkeypox outbreak. We are working diligently to distribute the kits as well as the previously announced Monkeypox and Varicella Zoster Viruses Real Time PCR Detection Kits into the hands of healthcare practitioners as quickly as possible.”
The news comes about a week after Virax presented at the HC Wainwright Global Investment Conference. Other than monkeypox, the company has also developed a platform for assessing other immune risks, including T-Cell testing to diagnose other high-profile diseases like hepatitis B, malaria, and HPV.
TRxADE Health Inc. (NASDAQ: MEDS)
Like Virax, TRxADE Health is on the move thanks to its latest headlines. The company announced that Bonum Health – a digital healthcare subsidiary – inked a deal with Wakefern Food Corp. for telemedicine services distribution. Services will be deployed throughout ShopRite pharmacy locations in New Jersey, New York, Maryland, Pennsylvania, and Connecticut.[Read More] Wall Street Stock Market Today: Penny Stocks To Watch Before Fed Meeting
“This partnership will highlight synergies across both brands, such as a preferred Veterinary plan where customers will be able to access Tele-Veterinary services in select markets and receive their pet prescriptions and over-the-counter drugs. These are precisely the value-based opportunities we believe customers are looking for today,” said Dr. Shafaat Pirani, PharmD, BCGP, Chief Clinical and Compliance Officer for TRxADE.
Thanks to this news, MEDS stock skyrocketed on Tuesday and on record trading volumes.