The penny stock definition focuses mostly on the prices of certain stocks. But also keep in mind that fundamentals will also carry some weight. Investing in penny stocks can be a highly profitable endeavor considering the fact that even a small surge in price can lead to significant profits.
However, it takes a lot of research and tracking of the market in order to find the right penny stock to buy. It’s often necessary to make a list of penny stocks to watch. On that note, here is a look at three penny stocks investor may want to take a closer look at this month.
Penny Stocks to Watch #1: Camber Energy
The first penny stock to watch is Camber Energy Inc (CEI Stock Report). This stock has absolutely skyrocketed since the start of the week. It came after the company released penny stock news that it was close to a key acquisition. The acquisition in question is expected to boost the company’s revenues. Therefore, investors have piled on the stock to send it soaring by an incredible 270%.
On 8 July, Camber announced the acquisition of Lineal Industries, a 64-year-old pipe maintenance company. Experts believe that this deal will enhance the company’s future prospects considerably. This is definitely a stock to keep an eye on. It’s also important to note that CEI stock has moved from $2.60 on Monday to highs of $9.47 on Tuesday.
During premarket on July 10, however, the penny stock pulled back to levels under $6 so it will be interesting to see how the stock performs during the second half of the week.
Penny Stocks to Watch #2: Eldorado Gold
The next stock to watch is a gold penny stock, Eldorado Gold Corp (EGO Stock Report). Shares climbed by as much as 5.65% after reporting its preliminary Q2 2019 results on June 10th. The most important take away from the company’s results was that it managed to produce 91,803 ounces of gold in the second quarter. This brought its total production in the year to 174,780. The gold penny stock added that the production levels in one course to hit the annual projection of 390,000 ounces to 420,000 ounces.
Since the end of May, shares of gold penny stocks have been on the rise. When the market is as turbulent as it has been, safe haven stocks typically catch momentum. EGO stock traded at $3.20 and has since jumped by more than 100% over the last 40 days.
Penny Stocks to Watch #3: ImmunoGen
Last but not least, ImmunoGen (IMGN Stock Report) stock experienced a significant rally, jumping by as much as 7.5% recently. However, it needs to be added that there has been no breaking penny stock news to explain such a jump.
However, at the end of June, the company had decided to sustain the research and development into its ovarian cancer drug by letting go as many as 75% of the employees. Such a move could have proven to be an important factor in the changing sentiment towards the company.
However, the stock is still down about 48% year-to-date.