Penny stocks are extremely volatile. Because of this, investors have many opportunities to grab large profits within days or even hours. When trading penny stocks, traders look for stocks that are moving premarket or making strong moves in previous trading sessions. For the most part, some of the biggest breakouts came from several stocks trading on Robinhood. This is a mobile trading platform that has also begun to expand its desktop reach in recent months. Here were some penny stocks to watch on June 11th:
Penny Stock #1: Sphere 3D Corp. (ANY)
Sphere 3D Corp. (ANY Stock Chart ) saw a strong move of 45% on June 11th. Before this move, the penny stock was stuck in a channel between $1.44 and $1.62 for an entire week on light volume. The recent surge of trading volume has brought this stock back up to the $2 range, reaching as high as $2.16.
Sphere 3D is a data collecting solutions company that has a variety of companies to enhance their IT services. These companies include HVE ConneXions, SnapServer, and UCX ConneXions. The recent movement in Sphere’s stock price is a bounce back from its Q1 earnings report a month ago. The company reported a decrease in revenues year over year.
Penny Stock #2: SINTX Technologies Inc (SINT)
SINTX Technologies Inc. (SINT Stock Chart) is a medical device company focused on biomaterial solutions. They have the only FDA registered silicon nitride medical device in the world. The stock rose from $0.14 to $0.23 on June 11th, a 64% increase.
This movement came thanks to a recent news announcement. SINTX announced that they renewed their lease with Portfolio Investments for five more years in Salt Lake City.
“The company was founded here in 1996. Our first silicon nitride spinal device was implanted at the University of Utah in 2008. We have long-standing relationships with the University’s Bone & Joint Laboratory and Nanofab facility. We look forward to growing our company in Utah.”Dr. Sonny Bal, CEO and President
Penny Stock #3: Midatech Pharma Plc. (MTP)
Midatech Pharma Plc. (MTP Stock Chart) is a biotech company that prioritizes the treatment and survival of patients with harsh cancers. Recently, Midatech’s stock price had been taking a beating getting as low as $1.20 on two separate occasions. However, on June 11th, the stock rose 26% which was the strongest move upwards in a month.
Recently, Midatech obtained a patent for Nanoparticle Delivery Compositions. Although this news did not have a direct impact on the recent price hike, it is still significant. It shows that the company is moving to make future developments which is a great sign.
Penny Stock #4: NovaBay Pharmaceuticals (NBY)
NovaBay Pharmaceuticals (NBY Stock Chart) is a company focused on eye care and primarily sells Avenova. Avenova removes the debris on a person’s eyelids without causing irritation. In two trading sessions this biotech penny stock traded from $0.318 all the way to $4.78 during premarket trading on Tuesday. This price change was a jump of over 1,300%. We highlighted this early on Monday and it has been a bullish penny stock to watch ever since (see: Amazon News Propelled This Penny Stock Over 700%)
Most biotech companies move a lot when strong news is present. That is exactly what has been happening with NovaBay. Justin Hall, CEO and Interim President of NovaBay, stated, “For many years, the bacterial microorganisms that are the underlying cause of the vast majority of dry eye cases were almost impossible to manage. […] I firmly believe this is the best product available for the topical treatment of these chronic ocular bacterial infections.”
Penny Stock #5: Chico’s FAS Inc. (CHS)
Chico’s FAS Inc. (CHS Stock Chart) is known for developing lifestyle brands aimed towards women. The company has a prominent presence in North America with 1,450 stores across America and Canada. Their share price jumped 15% from $3.40 to $4.02.
The company reported its Q1 earnings which have continued to beat EPS estimates. They had quarterly earnings of $0.05 per share beating the Zacks Consensus Estimate of $0.03 per share. Chico’s also reported a smaller loss per share compared to estimates.