3 High Volume Penny Stocks For Your August Watchlist
Finding the best penny stocks to buy in August is all about understanding where investor attention is. And with penny stocks, that can be easily found by searching for the small-caps with the highest trading volume. Volume is a direct indication of how popular a stock is, as it shows the number of shares trading hands on a given trading day. While it isn’t nearly the only indicator you should use when looking for penny stocks to buy, it can be a useful metric to take note of.
Another reason why volume is important is liquidity. This is essentially how easy it is to buy and sell shares of a company. If volume is high, trades will go through instantly, and vice versa. So, if you’re day trading penny stocks like most investors do, this means you can enter and exit positions with ease. In August, there is plenty of volume to take advantage of in the stock market. Considering all of this, let’s take a look at three high-volume penny stocks to watch right now.
3 High Volume Penny Stocks to Watch Right Now
Harmony Gold Mining Company Limited (NYSE: HMY)
Harmony Gold Mining Company Limited is a penny stock that explores for, extracts, and processes a variety of materials. The company primarily searches for gold, silver, copper, and uranium at its mines. In the past year or so, mining penny stocks have become extremely popular for a few reasons.
Most notably, the impact of the pandemic and high inflation means that investors are searching for potentially stable stocks to watch. And with mining, stability is often a key factor in pricing. In addition, the mining industry is often viewed as a safe hedge against both inflation and economic downtrends.
Harmony Gold Mining Company Limited has not released any updates in the past few weeks. However, the latest that has come from the company, was on July 7th. This is when the company stated that its annual gold production for fiscal 2021 met its guidance. The company is now ‘confident in its ability to deliver long-term positive shareholder and stakeholder returns’. It is always good news when a mining company can meet its guidance numbers as this shows both confidence in the business and the mines that the company owns.
It’s worth noting that the price of HMY stock is usually driven by the price of materials themselves. For example, if gold goes up in price, it is possible that HMY stock will as well. This applies for silver, copper, and uranium, as they all have an impact on HMY stock. Keeping this information in mind, will HMY make your list of penny stocks to watch?
Ebang International Holdings Inc. (NASDAQ: EBON)
Ebang International Holdings Inc. is a penny stock that is performing well in the market today. Since late July, shares of EBON stock are up by around 5%. For some context, this company manufactures Bitcoin mining machines and integrated circuit chips. Additionally, Ebang provides crypto mining machine hosting services. These products are sold under the Ebit and EBANG brand names.
Throughout the pandemic, the demand for microchips has increased significantly as a result of supply shortages globally. This means that EBON has been able to capture a greater market share.
In addition, cryptocurrency has grown in popularity substantially in the past year and a half. You’ve likely seen the massive hype cryptos like Bitcoin and DogeCoin received in 2021, resulting in triple or even quadruple-digit percent increases.
Considering this, there are a lot more eyes on cryptocurrency and blockchain technology now, which means an increased interest for companies in the crypto mining industry. This has been one of the biggest contributing factors to Ebang’s success. Often if Bitcoin is performing very well, it can have a direct impact on EBON stock price and vice versa. Whether this makes EBON stock worth adding to your watchlist or not is up to you.
GEE Group Inc. (NYSE: JOB)
GEE Group Inc. is a job services penny stock that provides staffing and placement services to businesses and corporations. The company offers placement for those in the fields of finance, accounting, medical, and many more. GEE Group’s services are offered under the Staffing Now, SNI Banking, Accounting Now, SNI Certes, SNI Energy, SNI Financial, and SNI Technology brands.
When the pandemic first hit, GEE took a beating as the need for job placement services dropped significantly. However, now as things slowly get back to normal, individuals are beginning to look for jobs, and companies are hiring. In the past few months, the jobs numbers in the U.S. have come out as quite positive. This is great news for JOB stock, and is something that prospective investors should pay attention to. On June 8th, CIT Group Inc. announced that its asset-based lending business was the sole lender of a $20 million credit facility for GEE Group Inc.
“We appreciated CIT’s expertise in arranging this asset-based financing to support our working capital needs and help fund GEE Group’s growth strategy. This financing represents another milestone in our ongoing effort to build our business while ensuring our financial position and balance sheet remain on solid footing.”
The Chairman and CEO of GEE Group, Derek Dewan
With this funding, GEE Group should be able to continue growing despite what the pandemic throws in front of it. And while it may take some time for this capital to be put to use, in the meantime, JOB stock continues to look interesting. With the above information in mind and considering the state of the economy, is JOB stock worth adding to your watchlist right now?
Which High Volume Penny Stocks Are You Watching Right Now?
Finding the best high-volume penny stocks is all about knowing where to look. With hundreds of options to choose from in the stock market, knowing where the volume is can help to separate the winners from the losers. With all of this in mind, which high-volume penny stocks are you watching right now?
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