3 Hot Penny Stocks to Add to Your Watchlist Right Now
Whether penny stocks are worth buying or not is a tough question to answer. Because investing is such an individual task, what one person deems as a worthy investment may not be seen as such by someone else. For example, some people invest in penny stocks because they think the company has good potential and will eventually turn a profit.
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Others may see penny stocks as a waste because the chances of the company seeing sizable volatility is extremely high. As we all know, speculation is the main driver of movement with penny stocks. So, understanding what is going on in the stock market and how to take advantage remains a crucial step. With this in mind, let’s take a look at what you missed with penny stocks on August 26th.
What You Missed in the Stock Market on August 26th
On Friday, August 26th, blue chips and penny stocks fell sharply during intraday trading. This comes amidst hawkish comments from Jerome Powell, the Fed Reserve Chairman. Powell also reiterated that there may be increased efforts to fight inflation.
All of this led to a major drop in the market on Friday, which ended the week on a low note. So, while it’s tough to say whether or not the stock market will climb or fall, we do know that volatility is likely going to remain a constant. So with this in mind, let’s take a look at what you need to know about trading on Monday, August 29th.
What to Know About Trading Penny Stocks on August 29th
On August 29th, the main focus of the stock market will be the latest monthly jobs report. This comes as the Labor Dept. is supposed to release data on Friday at 8:30AM EST. Currently, expectations for nonfarm payrolls are set to increase by 300,000 in August.
As we all know, the stock market and penny stocks are heavily influenced by news in the economy. And, in the past year or so, labor data has resulted in large market movement in both directions. After the major plunges on Friday with the NASDAQ and S&P 500 dropping by 3.9% and 3.3% respectively, positive labor news would be exciting. With this considered, here’s what you need to know about trading penny stocks on August 29th.
3 Penny Stocks to Watch Right Now
- Luokung Technology Corp. (NASDAQ: LKCO)
- First High School Education Group Co. Ltd. (NYSE: FHS)
- Bright Minds Biosciences Inc. (NASDAQ: DRUG)
Luokung Technology Corp. (NASDAQ: LKCO)
With an over 4% after hours gain on Friday, August 26th, LKCO is a penny stock that investors are watching right now. Despite a one month drop of around 2%, this recent bullish momentum is exciting for investors to consider. Now, 4% in after hours gains is nothing to write home about. But, to understand why LKCO stock is moving, it’s worth taking a closer look.
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The most recent news from the company came on August 18th when it announced that its affiliate, eMapGo won a 2022 Microsoft Top App Innovation Partner Award. Since then, not much news has come out of the company. So, while it is tough to say why LKCO stock is climbing right now, it’s clear that it could be worth adding to your list of penny stocks to watch.
First High School Education Group Co. Ltd. (NYSE: FHS)
Another after hours gainer on August 26th was FHS stock. On Friday, FHS stock shot up by over 5.5%. And after a 59% drop in the past six months, this uptick is welcomed advancement for the company and investors alike. The most recent update from the company came on June 30th when it announced that it will increase its share repurchase program.
“The Share Repurchase Program is well aligned with our commitment to maximizing value for shareholders and reflects the Board’s confidence in the Company’s continued growth and long-term prospects.”
Mr. Tommy Zhou, the CFO of First High School Education
Considering that, does FHS deserve a spot on your penny stocks watchlist or not?
Bright Minds Biosciences Inc. (NASDAQ: DRUG)
In the past five days, DRUG stock has shot up by over 100%. And, during that time, we have covered it on numerous occasions. In the past month, DRUG stock has exploded by over 150%, which is no small feat.
If you’re not familiar, Bright Minds is a biotech company working on treatments for neuropsychiatric disorders utilizing serotonin agonists. In the past month or so, DRUG stock has been an extremely popular choice amongst investors. And as a result, it has continued to see heightened investor attention. Whether this makes it worth adding to your buy list or not today, is up to you.
Which Penny Stocks Are on Your Buy List Next Month?
When it comes to penny stocks, there are pros and cons to buying them. On the one hand, they offer the potential for high returns if the company’s stock increases in value. On the other hand, they also carry a greater risk of loss since the company is more likely to see large intraday fluctuations.
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So, whether or not penny stocks are worth buying depends on you, your trading strategy, what the stock market is doing, and a slew of other factors. But, understanding these will always remain critical to making money with penny stocks at large.
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