Investing in penny stocks can be exciting. That’s considering the fact that these stocks can often generate handsome returns within a short span of time. The fact that stocks trade below $5 makes it easier for new investors to buy a number of shares.
On the stock trading app, Robinhood penny stocks are a big focus for users. The app offers free trading with no fees to place orders. Though the Robinhood app may take longer to place a trade, the no-fee feature can help low capital traders preserve cash. Paying fewer fees and being able to buy penny stocks is a unique instance.
That may not seems like a big deal but for every time price increases, that compounds the total value of the position. Because of this, even a small move can result in significant profits. At the same time, it’s important to keep an eye on the market and make a list of penny stocks to buy. Here is a look at three penny stocks that have made big moves and could be worth watching next month.
Digital Turbine (APPS): A Communications Penny Stock To Watch
The first penny stock to watch is mobile and media communications company Digital Turbine Inc (APPS Stock Report). Shares of the company have been on a great run in 2019 so far. APPS stock has gained as much as 165% in 2019 so far. It gained further on Thursday after its credit line was increased by its bank. The stock made a new 52-week high of $5.10 in Thursday’s trading session.
Yesterday, it was announced that Bridge Bank had raised Digital Turbine’s credit line to $200 million. Following that news, the stock rallied by 8%. The raised credit line will help the company in its growth path and also service working capital needs.
Sunworks, Inc. (SUNW): Solar Energy Penny Stock To Watch
High-quality solar power systems provider Sunworks Inc (SUNW Stock Report) has been another big penny stock to watch. On Thursday, the company announced that it had signed a contract with Cibao Meat Products. The deal will see them develop a 200kW carport solar system.
The engineering and procurement aspects of the project will also be handled by Sunworks. After the penny stock news broke, the stock rallied by more than 10%.
ConforMIS, Inc. (CFMS): Biotechnology Penny Stock To Watch
ConforMIS Inc (CFMS Stock Report) was another penny stock that made a significant move this week. This was after it the iFit Image-to-Implant technology platform developer secured debt financing. This came from Innovatus Capital Partners and East West Bank to the tune of $30 million. In addition to that, Innovatus provided $3 million worth of equity financing.
The penny stock reacted soon after the news broke and rallied by 7% to $4.14. CFMS stock is one of the biggest penny stock gainers in 2019 with a gain of 960% since the beginning of the year. The stock made a new 52-week high of $4.83 in early June.