Can penny stocks make you rich? Well, some would say yes depending on your definition of “getting rich with penny stocks.” Needless to say, it isn’t hard to figure out the attraction of buying penny stocks. These low priced, high volatility stocks quickly gain notoriety for their high risk, high reward results. But before you go out and grab shares of just any penny stock on April 30th, take a look at these 5 penny stocks to watch before May:
Penny Stock to Watch #1: Novan, Inc. (NOVN)
This was added to the penny stock watch list after releasing some late-breaking penny stock news on April 29th. What did Novan, Inc. (NOVN Stock Quote) announce? The company said it secured up to $35 million in non-dilutive capital. The money goes toward advancing Novan’s late-stage dermatology assets. Of the total sum, $25 million is available immediately. Thanks to this news, NOVN stock jumped to highs of $1.50 during post market trading on April 29th. It saw highs of $1.47 on April 30th.
Penny Stock to Watch #2: Sunworks, Inc. (SUNW)
This is a penny stock that has been on the move all month. Sunworks (SUNW Stock Quote) traded as low as $0.45 on April 1st. On April 30th the SUNW stock saw highs of $1.29. This 180%+ run may have been sparked by the fact that the company was out of compliance with NASDAQ pricing requirements. On top of this, SUNW was the recipient of a favorable research piece done by one of Wall Street’s popular firms. SUNW was cited as a “stock to keep an eye on.” That has held true especially over the last 2 sessions.
Penny Stock to Watch #3: Aevi Genomic Medicine, Inc. (GNMX)
Compared to a company like Sunworks, Aevi Genomic Medicine, Inc. (GNMX Stock Quote) has only seen short term price appreciation (for now). Volume began to pick up for this penny stock on April 29th and continued by a high multiple on April 30th. Why did GNMX stock move to much? Today a Proxy was sent out regarding its corporate meeting later in June. Among other things, there will be a vote on directors, compensation and other key topics. GNMX stock reached highs of $0.34 during the morning session.
Penny Stock to Watch #4: FuelCell Energy, Inc. (FCEL)
Shares of FuelCell Energy, Inc. (FCEL Stock Quote ) are up today after the company announced a new project in San Bernardino. FuelCell will undertake a 1.4 megawatt project for the City of San Bernardino Municipal Water Department. This penny stock news gave FCEL stock a jolt of momentum. Shares reached highs of $0.2936, up from lows of $0.21 the previous trading day.
Penny Stock to Watch #5: Pier 1 Imports Inc (PIR)
This penny stock has been featured a few times during the month of April. PIR stock has been on a 5-day run to close out the month. What was the catalyst behind Pier 1 (PIR Stock Quote)’s move? The company filed its annual statement (10-K) yesterday. To say the least, the results showed a good amount of decline in both quarterly revenue and fiscal year revenue. This was compared to the previous year’s periods. Needless to say, on its conference call, the company commented, “Pier 1 has developed an action plan that the Company believes will provide sufficient liquidity to implement the strategic initiatives that are part of its new fiscal 2020 plan.” So we’ll see what happens next. Either way, the stock is up over 100% in less than 2 weeks.
