This month has been a big money month for penny stocks. No matter what sector or industry you searched for, there was bound to be at least one big penny stock to buy. As of April 24, we’ve found a list of penny stocks that are trading much higher than their 30-day averages with volume to match.
Document Security Systems (DSS)
This was one of the top penny stocks to buy on April 24. Document Security Systems (DSS Report) stock traded record volume for the month on Wednesday. A lot of this could be attributed to the penny stock’s news. Document Security Systems reached an agreement with Market Defense LLC for brand protection. Market Defense LLC is a brand protection specialist that fully manages a particular brand’s Amazon Marketplace.
Global Eagle Entertainment Inc. (ENT)
Global Eagle (ENT Report) has been a beaten down penny stock that has simply gotten caught in a bad press cycle. On April 24, ENT stock prices saw a giant spike in price and record volume. There was no penny stock news to go along with the stock price uptrend. In spite of this, traders still found an opportunity to buy this penny stock on a day that its share price moved up by more than 45%.
Pier 1 Imports, Inc. (PIR)
On a day where the penny stock was downgraded by S&P, PIR stock (PIR Report) skyrocketed to highs of $0.64. This was up by more than 40% from its previous closing price. This jump in price happened amidst the company’s latest plans to close a number of stores across the country. If one thing is certain, the market momentum favored the bulls on April 24th with Pier 1 being one of the top 10 penny stocks to buy on that date.
FuelCell Energy, Inc. (FCEL)
This was a prime example of a penny stock to buy before 10:30AM. FuelCell (FCEL Report) stock hit early highs of $0.37 on Wednesday morning. This was after the penny stock opened the week at $0.225. Even during a time where there has been very negative news, the fuel cell solution company persevered on Wednesday. In light of recent developments, the company previously announced that it has arranged over $100 million of new project construction finance commitments in the first quarter of fiscal 2019. Furthermore, FCEL completed the construction phase of its SureSource 4000 plant solution. So performance results could be something to watch for in the future from this penny stock.
Midatech Pharma Plc (MTP)
Investors saw Midatech Pharma as one of the top penny stocks to buy on April 24. In fact, MTP stock (MTP Report) was one of the most heavily traded in the market. More than 123,000 trades were placed for this penny stock. Why was MTP stock so active? Midatech filed its annual results that showed a 39% improvement to its business. After the dust had settled, MTP hit highs of $3.86 with more than 34 million shares traded by the closing bell. But as you’ll notice, this rally was short lived as most of the gains were made before lunch.
Level Brands, Inc. (LEVB)
This penny stock to buy actually “grew up” on April 24. After closing at $4.70 on April 23, Level Brands (LEVB Report) officially grew larger than the upper threshold of penny stock prices. The company will be officially branding itself for the growing legal cannabis industry in May. The name will be changed to cbdMD with the new trading symbol, “YCBD”. The company already operates as a cbd sales company selling gummies, oils, bath bombs, and pet products.
Globalstar, Inc. (GSAT)
Another penny stock to buy on April 24, Globalstar (GSAT Report) stock rallied to highs of $0.52. This was significantly higher than its previous close on 4/23. Why did GSAT stock climb? Despite there being zero news from the penny stock, investors rallied behind it. From a technical perspective, both the RSI and MACD indicators have been showing strength. On April 24, this all reached a tipping point as you will see in the GSAT stock chart below. Will GSAT stock move higher again?
Moleculin Biotech, Inc. (MBRX)
Moleculin (MBRX Report) has been a penny stock to watch this month. We previously reported on MBRX stock in April, citing the major moves in price that it has seen. After tumbling from highs of over $3 this week, it would appear that it could be making a rally. Thanks to the announcement of a $15 million raise at $1.60, investors were quick to sell shares. But over the last 2 days, MBRX stock has bounced from as low as $1.40 to highs of $2.12.
Quorum Health Corporation (QHC)
Thanks to the excitement in the healthcare stock market, companies like Quorum (QHC Report) are seeing above-average trading activity. Why was QHC stock a penny stock to buy on April 24? Well, as one user on StockTwits put it, this move appeared to be “all pump”.
Is there enough evidence to back this up? To my knowledge, no. But being that the most recent announcement was from April 15, there may be some validity to it. The news, by the way, was that QHC divested a 146-bed medical center in Texas for about $22 million. Use of proceeds won’t go toward expansion but instead will be used to pay down its term loan. This doesn’t help the fact that the stock has risen 81% since the start of the week.
Appliance Recycling Centers of America, Inc.(ARCI)
One of the lower volume stocks on the list is Appliance Recycling Centers of America, Inc. (ARCI Report). The company had no penny stock news of note but it has seen several trading halts due to aggressive volume. Something to note is that the company also effected a 1 for 5 stock reverse split earlier this month, which essentially decreased the number of shares outstand and therefore, could have created a situation where momentum could produce added volatility.
