Although it is true that penny stocks are always an attractive proposition when it comes to making money due to their low prices, it may not always work out for many. Keep in mind, penny stocks are highly volatile and sometimes, these stocks can lose their value drastically over a short period of time. In order to avoid such a catastrophe, investors need to do their research.
Watch the market closely and then make up your mind about a stock or two. It may also help to put a list of penny stocks together. After doing so, you could find yourself in front of some big winners. Case and point, here is a look at two penny stocks which have done well in 2019 so far. They have appreciated by over 500%.
Penny Stock #1 Workhorse Group (WKHS)
The first penny stock to watch is Workhorse Group Inc (WKHS – Stock Report). The company produces electric-powered delivery and utility vehicles. WKHS stock has been on a tear for most of 2019, gaining as much as 500%. Coming into July, the stock has seen more momentum and has already appreciated by around 19%. The possibility of buying a General Motors plant in Ohio had started the rally earlier on in the year. However, in July, the rally started over another speculation.
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It has emerged that the United States Postal Service has put out a tender for 180 new electric vehicles. One of the five finalists for the tender is a truck that Workhorse has created through a joint venture. It is a contract that could last for up to seven years and generate revenues of around $6.3 billion. That’s if Workhorse wins the contract. This speculation has sent the shares soaring. It is perhaps time to track any news related to Workhorse over the next weeks.
Penny Stock #2 ConforMIS (CFMS)
Is this going to remain a penny stock to buy? Another stock that has been on fire in 2019 is that of ConforMIS Inc (CFMS – Stock Report). CFMS stock has skyrocketed by as much as 700% over the course of 2019 so far. It is a medical technology company that manufactures and commercializes joint replacement implants for patients.
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The implants in question can also be customized for particular patients. Slowly but surely, ConforMIS has increased its sales figures considerably. In May, the company released its results for the first quarter. Although it did report loss of $7.6 million or 12 cents a share, it managed to meet analysts’ expectations. Revenues for the period stood at $20.6 million. The company’s set to host its second-quarter earnings call at the end of the month.
