Most penny stocks have tiny market caps. Many of them can be considered small-cap stocks or micro-cap stocks. But there are even others that are considered nano-cap stocks. For these public companies, they have a market cap of less than $50 million. In many cases, these stocks trade with much higher volatility due to the share price and share structure that come along with the definition of a nano-cap stock.
On April 22 there are a few of these penny stocks that have caught a wave of momentum. But after the early run, is there still bigger upside?
Iconix Brand Group, Inc. (ICON)
In March, Iconix Brand (ICON Real Time Chart) was identified on PennyStocks.com as one of the Top Penny Stock You Should Know and it has not seemed to slow down. ICON stock has also become one of the top biotech penny stocks trading higher in April. On April 22, ICON is holding true to these designations and it a penny stock to watch. Why are shares of ICON trading higher? Though there is no news today, day trading volume is significantly higher with price matching that trend. Despite the company’s bearish revenue decline and new issue of convertible notes issued, ICON has become a stock to watch based on its share structure and low float.
Basanite, Inc. (BASA)
This penny stock has just recently begun to trade higher in April. Basanite (BASA Real Time Chart) was roughly $0.065 closer to the beginning of the year. But over the last two weeks, investors have seen this stock skyrocket to highs of $0.84 so far. Why is BASA stock moving so quickly? Heavy insider ownership has been cited by some of the penny stock discussion boards. Outside of this, the company has been building onto its corporate team.
The details are still spotty on most fronts so in our opinion, BASA, though a stock to watch, is something investors may want to be cautious about. Besides the limited information, the company has limited financial information as well. Either way, the stock is up significantly within the last month.
ToughBuilt Industries, Inc. (TBLT)
Shares of TBLT stock traded higher on April 22. ToughBuilt (TBLT Real Time Chart) hit lows of $1.01 on April 18 but have swiftly recovered after seeing highs of $1.35 on April 22. Similar to ICON, ToughBuilt is also a low float penny stock. This could be a major contributor to the latest move that the stock has seen.
Aside from this, two recent announcements could also be a catalyst to this latest move. The company launched an Amazon storefront as the first step in its e-commerce strategy last Monday. Following this, ToughBuilt launched a technology division geared toward offering mobile solutions for customers.
“In addition, we are in the final phase of development for a new line of ruggedized mobile products. The increasing demand for unlocked rugged phones makes our mobile product strategy potent.” Michael Panosian, Chief Executive Officer of ToughBuilt
