It’s never too early to find penny stocks to buy. But it’s important to follow trends and how they may or may not continue for more than a few days.
Penny stocks have been a highly popular asset class for as long as the capital markets have existed. The potential of making a significant return from cheap stocks is an attraction that most investors can’t ignore. That being said, it’s also necessary to remember that the sheer volatility experienced by penny stocks can often lead to loss of capital. Therefore, it could be far more prudent to do some research before you look to buy penny stocks.
A short list of penny stocks that might be doing well, is a good place to start. Here is a look at three penny stocks which have enjoyed a good run in June so far.
Penny Stock #1 MoneyGram Inc. (MGI)
One of the companies that enjoyed an excellent run during the last two weeks: MoneyGram (MGI Stock Report). Considering the fact that the crypto space has been in a massive bull run this year, it’s no surprise that the MGI stock has doubled in June so far.
The unveiling of Facebook’s own crypto token Libra was a possibility to push attention on this industry even further. And news that MoneyGram would be doing a deal with Ripple was the icing on the cake. When that deal was announced, MGI shares rallied as high as $3.92. Even after pulling back to lows of $2.13 this week, MGI stock has jumped again, on the back of a big move for bitcoin.
Penny Stock #2 Oxbridge Re Holdings (OXBR)
The second stock that has enjoyed impressive momentum recently is Oxbridge Re Holdings Ltd (OXBR Stock Report), which ended the Tuesday session with gains of 32%. It’s important to note that the reinsurance company had soared by as much as 110% in intra-day trading.
The trigger for the huge move came from the announcement that the company’s wholly owned subsidiary, Oxbridge Reinsurance Limited placed reinsurance contracts successfully. This was for the period starting June 1, 2019, and ending on May 31, 2020.
Penny Stock #3 ENDRA Life Sciences (NDRA)
ENDRA Life Sciences Inc (NDRA Stock Report) is another penny stock that rose by as much as 23%. This was after the company reported significant penny stock news on Monday. The ultrasound technology development company confirmed that it will be attending the high profile 2nd International Conference on Fatty Liver. This even is to be held from June 27th to the 29th in Berlin.
At that conference, ENDRA is going to showcase its Thermo Acoustic Enhanced UltraSound technology. The technology works to treat fatty liver. It will likely be worthwhile to keep an eye on the developments from the conference and how the company’s technology is received.