If you’re looking for penny stocks to buy, this market offers incredible opportunities. With how stock market volatility has been this month, a fast hand and a keen eye are crucial. When they say that this is a stock picker’s market, “they” most likely mean it’s a day trader’s market.
That’s because the trends have changed daily. With CPI and PPI data officially out, however, investors have some semblance of the state of inflation and a potential idea of what’s to come later this year.
Nevertheless, with the stock market gapping up on Friday, bulls are hopeful that the worst is behind them and that an interim “bottom” is in (until the next Fed-fueled bout of volatility comes to light). Today we look at some of the more beaten down penny stocks to buy according to retail traders. They’ve come under pressure along with the broader markets. However, with the turnaround in the broader markets, it will be interesting to see how the traders respond next week.
Penny Stocks To Buy?
- Vroom Inc. (NASDAQ: VRM)
- Ginkgo Bioworks Holdings Inc. (NYSE: DNA)
- Hycroft Mining Holding Corp. (NASDAQ: HYMC)
Finding The Best Penny Stocks To Buy
How do you find the best penny stocks to buy? Research, research, research. Conducting strong due diligence and pairing that with a core strategy will help you find the best penny stocks to buy regardless of your market conditions. Remember that “best” doesn’t always mean high volume, hundred percent returning stocks. In volatile environments, aiming for base hits instead of home runs may be better suited at the time. Today’s list of penny stocks has a few companies that have pulled an about-face as bulls have come back in control (for now). Are they the best penny stocks to buy before next week? That’s what I’ll leave you to decide.
1. Vroom Inc. (NASDAQ: VRM)
One of the most active penny stocks this week has been Vroom Inc. Shares of VRM stock have experienced some of the highest daily trading volumes in its history of being a public company. More than 250 million shares have exchanged hands this week following its latest earnings report. The used vehicle trading platform drove over $900 million in sales fur the first quarter. This beat Wall Street estimates of just under $880 million. The company’s loss per share of $0.71 was also better than expected. Wall Street’s consensus was for Vroom to post a loss of $1.01 per share for the quarter.
Thomas Shortt, Chief Executive Officer of Vroom, also commented, “As we look forward, we intend to prioritize unit economics over growth, reduce operating expenses, and focus on 4 key initiatives to build a profitable business. I would like to thank all of our Vroommates and our third-party partners for their support in serving our customers. I’m excited about the future for Vroom and look forward to sharing more on our long term vision with you at our upcoming investor event on May 26th.”
This year the…
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