This means looking at the news daily and considering how certain events will affect both the penny stocks on your list and the stock market as a whole.
So, with that in mind, let’s take a look at what you need to know about trading penny stocks today.
Yesterday, we saw the S&P 500 and NASDAQ drop by around 1.8% and 2.1% respectively while Treasury yields climbed substantially.
Louis Federal Reserve President, James Bullard, stated that he would like to see interest rates climb by 1% by as soon as July of this year.
With penny stocks, we often see substantial gains with little to no news behind it, and this is the case with Castor Maritime right now.
With over $43 million in cash on hand compared to $9.4 million in 2020, we see that CTRM is in a financially advantageous position right now.
The main reason for this comes as the company announced the pricing of its $15 million public offering as well as its uplisting to the NASDAQ exchange.
While it does look like MODD stock is highly volatile right now, there’s no doubting that today’s gain is impressive.
During premarket today, the company announced that it has made progress toward resubmitting its NDA of arimoclomol and will request a Type C meeting in the second quarter of this year.
If you’re trying to find penny stocks to buy, there are hundreds of options to choose from.