Buy Penny Stocks on August 2? Here’s what you need to know
If you’re looking for penny stocks to buy, there are hundreds of options to choose from. But, with so many stocks to choose from, how do you know which ones are worth investing in? There are a few things you should look for when considering penny stocks.
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First consider the financial situation of the company. Look at factors such as income, expenses, and cash flow. It’s also important to look at the company’s history and see if there are any red flags. Another thing to watch is the stock trading volume. This is the number of shares traded each day. A high trading volume usually indicates that there is a lot of interest in the stock.
Stock Market Summary, August 1, 2022
On August 1, penny stocks and blue chips both trend lower. This comes after a few weeks of rather bullish trading as July drew to a close. And while we are by no means out of the woods with bearish sentiment, we are currently seeing a case of bullish movement.
With penny stocks and blue chips at very low levels, many investors found plenty of cheap stocks to buy. So, while there’s no guarantee of movement in any direction, there’s plenty of value to be had right now. With that in mind, let’s take a look at what you need to know about buying penny stocks on August 2.
What You Need to Know About Buying Penny Stocks on August 2
As stated earlier, there are a lot of mixed feelings in the stock market right now. So take this into account and understand that there is no way to predict what will happen in the weeks and months to come.
However, we know that there are many penny stocks that are currently at low values. With that considered, here are three penny stocks to watch right now.
3 Penny Stocks to Watch Right Now
- AMTD IDEA Group (NYSE:AMTD)
- Tonix Pharmaceuticals Holding Corp. (NASDAQ:TNXP)
- Mediaco Holding Inc. (NASDAQ: MDIA)
AMTD IDEA Group (NYSE:AMTD)
One of the biggest gainers on August 1 was AMTD stock. And, it’s worth noting that we’ve covered AMTD on numerous occasions over the past few weeks. During trading and after hours, AMTD stock managed to climb over 18% and over 165% respectively. These significant gains come on top of its one-month rise of more than 85%.
After starting trading on the NYSE just a few weeks ago, the Hong Kong-based company is working hard to continue growing. Right now though, he’s in the midst of a lot of speculation. And therefore, investors need to understand whether they are in it for the long term or the short term. Much of the speculation has to do with the epic breakout in HKD stocks late last week and into this week. Here’s the quick story: AMTD Group was launched in 2003 by Hong Kong telecommunications giant CK Hutchison, founded by billionaire Li Ka-shing. AMTD Digital (NYSE: HKD) was established in March.
AMTD Idea Group is also a subsidiary of AMTD Group Company Limited. According to AMTD Idea, he was to own 88.7% of the issued and outstanding shares and 99.4% of the total voting rights in AMTD Digital after the IPO. Considering this, will it be on your penny stocks watch list or not?
Tonix Pharmaceuticals Holding Corp. (NASDAQ:TNXP)
Tonix is another penny stock that we have covered many times. And on August 1, TNXP shares managed to surge over 10.5% and 3% during trading and after hours, respectively. This is a significant gain for the company, coming after a decline of more than 74% over six months.
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So, is TNXP stock worth buying right now? To understand this, we need to take a closer look at the business. Recently, he received a patent for his migraine treatment, TNX-1900. Additionally, vaccine stocks are currently experiencing significant movement as Monkeypox is making waves around the world. So, given all of this, do you think TNXP is worth adding to your list of penny stocks to buy?
At EOD, MDIA shares had jumped more than 62%, with another 14% coming in after hours. The staggering gain comes as news of Standard General LP bought $29.8 million worth of stock just days ago. This is great news, as the company already owns around 10% of MDIA.
As a result, many investors are bullish on the company due to this insider confidence. With shares down more than 60% over the year, it’s hard to say MDIA stock is worth buying. However, with this big payout in mind, it might be worth keeping an eye out for.
What Penny Stocks are you looking at today?
Whether penny stocks are worth it or not is a tough decision. Moreover, it is a decision that each investor must make individually. Some people think penny stocks are not worth investing in, while others think they offer opportunities to make quick and easy profits.
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There are a few things to consider when deciding whether or not to invest in penny stocks. First, it’s important to understand what penny stocks are and how they work. Second, it is crucial to know your trading strategy and what your investment goals are. Finally, you need to be comfortable with the risks associated with penny stocks. With that in mind, what penny stocks are you looking at right now.