3 Penny Stocks That Investors Are Watching Right Now
When it comes to buying penny stocks, there is a lot for investors to consider. Now, penny stocks may be cheap, but there are plenty of reasons that they could be worth buying. Of course, investors need to be aware of the risks involved in buying penny stocks, as well as the potential rewards.
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For starters, penny stocks are stocks that trade for less than $5 per share. They are usually small companies with a high level of volatility. With this volatility comes the potential to make a large profit in a short period of time. However, it is also important to note that penny stocks are often very risky. With this in mind, here’s what you missed about buying penny stocks on August 24th.
Stock Market Recap, August 24th, 2022
On August 24th, both penny stocks and blue chips remained flat. At EOD, the Dow Jones and S&P 500 gained 59 points and 0.29% respectively. With trading ending flat, it’s not as encouraging as it could be, but it is better than ending in the red.
As a result, there is some renewed optimism in the market, but, many are also trading with a high level of cautious optimism. So, while it is hard to say whether the stock market will continue to climb or not, we do know that there is a lot of movement to be aware of. Considering this, here’s what you need to know about buying penny stocks on August 25th.
What You Need to Know About Buying Penny Stocks on August 25th
As stated earlier, there is a lot that investors need to know about trading right now. In the next few days, there are several earnings releases that investors should keep track of. This will help to gauge where the stock market is headed in the coming days and weeks.
While it is impossible to say what will happen to the stock market in that time, we can predict that volatility will remain relatively high. Considering all of that, here are three penny stocks to add to your watchlist right now.
3 Penny Stocks to Watch Right Now
- Bright Minds Biosciences Inc. (NASDAQ: DRUG)
- SuperCom Ltd. (NASDAQ: SPCB)
- Mullen Automotive Inc. (NASDAQ: MULN)
Bright Minds Biosciences Inc. (NASDAQ: DRUG)
One of the largest gainers from August 24th was DRUG stock. By EOD, shares of DRUG had shot up by more than 45%. In the last five day and one month period, shares of DRUG have exploded by more than 65% and over 100% respectively.
The main news for the company comes as Seelos Therapeutics (NASDAQ: SEEL) announced an investment from the Michael J. Fox Foundation. With this, other psychedelic penny stocks saw major climbs during trading. Whether this makes DRUG stock worth adding to your list of penny stocks to buy, is up to you.
During trading on August 24th, SPCB stock shot up by a staggering 60%. While it can be tough to find a reason behind gains with certain penny stocks, the company made an announcement today. It stated that together with its local partner, the company was awarded over $33 million in a contract by the national government of a European Union member country.
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This involves the deployment of its PureSecurity Electronic Monitoring Suite. The announcement is a big deal for the company and investors alike and continues to be the main reason that the company is seeing gains right now. With this, does SPCB deserve a spot on your penny stocks watchlist or not?
Mullen Automotive Inc. (NASDAQ: MULN)
With around 2.8% in gains by EOD and another 1.5% in gains in after hours respectively, MULN is another gainer that investors are watching right now. In the past month, MULN stock has shot down by around 30% and more than 90% in the past year.
During that time, we have covered it on numerous occasions as a result of its sizable intraday movements. Now, Mullen is benefitting from the hype around electric vehicles right now. But, it is worth noting that the company has seen some major downtrends. Considering that, is MULN deserving of a spot on your buy list?
Which Penny Stocks Are You Watching Today?
With so many penny stocks to buy, it can be tough to know which stocks are worth your investment. When it comes to investing in stocks, there are a lot of factors to consider.
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Many people believe that penny stocks are a good investment because they offer the potential for high returns. However, penny stocks also come with a certain amount of risk, so always keep that in mind. With all of this considered, which penny stocks are you adding to your watchlist right now.