Some of the Top Penny Stocks To Watch This Year Have Been In The Technology Sector; Will These 2 Head Higher This Week?
There’s been a strong surge in trading volumes for some of the best penny stocks in the market this year. But that hasn’t been based on random outliers. This year has been packed with big developments for many industries.
One of the best industries that have some of the top penny stocks has been technology. When it comes to this industry, it can be just as volatile as other sectors like biotech and even marijuana stocks. Needless to say, there are two penny stocks to watch that are taking the tech sector by storm in June.
Technology Penny Stock To Watch #1: Novume Solutions (REKR)
One of those technology penny stocks to add to a watchlist includes Novume Solutions Inc (REKR Stock Report). The company provides a range of enterprise solutions to businesses. In a new development, the company announced a deal with Tire Profiles LLS. Novume will provide the company with cloud-based license plate recognition systems and Rekor’s very own cloud-based API.
The tech will be used for providing the service. This development has been significant and a notable piece of penny stock news. After the announcement hit press wires, REKR stock rose by as much as 30%.
Earlier on in June, the company announced that 30 more of its Mobile LPR-2 systems were released to SECURIX LLC. The systems help in instance verification of vehicles in an accurate and non-invasive way. The additional orders further raised Rekor Systems’ profile. Since then, REKR stock has been on a tear throughout June. The stock has gained as much 130% this month. Also, pay close attention to those red and yellow lines. These penny stock technical indicators represent the 200-day moving average (red) and 50-day moving average (yellow). When the 50 crosses above the 200, that’s a bullish chart pattern called a “golden cross.”
Want To Know More Penny Stock Chart Patterns? Check Out: “Penny Stock Chart Patterns Every Trader Should Know [Top 5]“
Technology Penny Stock To Watch #2: Restoration Robotics (HAIR)
Another penny stock to watch, Restoration Robotics (HAIR Stock Report). The company has seen a quiet move upward this week. Tuesday, HAIR stock made an early move to highs of $0.57. This was over 15% higher than its previous close on June 24. Why did HAIR stock jump on Tuesday?
Though there was no news from the company, Restoration Robotics has earned the attention of the likes of ResearchAndMarkets. In its report, “Global Hair Transplant Market Outlook 2019-2025,” the firm highlighted Restoration as a key vendor. The company was among other leaders like Bernstein Medical and Bosley Cole Instruments.
There’s also a pending merger to look out for. On March 15, 2019, Restoration Robotics and Venus Concept announced a definitive merger agreement to combine the companies in an all-stock transaction. The deal’s expected to close by the third quarter of the year. The 2019 revenue for the combined company is expected to be in the range of $130 to 135 million. So we’ll see what happens next.