Two days ago, 9/20/16, I made my second stock sell ever!
Since around mid-July, I have owned a company named Scynexis (SCYX). I bought it close to its 52-week low, and after buying it had been steadily increasing. On the 20th, I decided to take away a little risk from it, since it is a small cap stock.
I used to own 150 shares of Scynexis, and bought it at a price of 2.24. So I invested $336 into it. I ended up selling 95 shares at a limit of $3.65, making back $346.75, and leaving me with 55 shares still.
Why I Sold Scynexis
I sold Scynexis for two reasons:
- Their CEO had just bought a bunch more of his company’s stock, which caused it to increase a pretty good amount. I knew that the stock would return back to the previous weeks price after a few days, which it did, so I decided to sell high.
2. Due to its risk, I wanted to make back the money I had invested into it. I made back all $336 I put into it, plus another $10. Now I can watch the 55 shares grow without worry about volatility. Whatever I sell those shares at will be pure profit now, with essentially no risk tied to them.
So of the two stocks I have sold so far, I have done pretty good. Since I started my own investment account in the beginning of July, I have bought five stocks and sold two. I sold Nintendo (NTDOY) at $26.15, gaining a profit of 46%. I sold Scynexis (SCYX) at 3.65, which was a 61% increase from the price I bought it at. However, this wasn’t profit yet because I was just getting back what I put in. But I will update you guys on the stock in the future!
If you guys have any ideas on which growth stock I should buy next, comment below! I am looking for a new stock to put this new money into!