Penny stocks continue to gain steam. Which ones are the most active this week?
Over the years, penny stocks have steadily become more and more popular as the possibility of getting information about most companies became easier. Anyone from anywhere can now get on the internet and find every conceivable piece of information about the smallest of companies.
Due to the easier availability of information, it’s possible for an investor to conduct research. Then you can choose the penny stocks that you want to buy. Here is a look at three penny stocks gaining momentum this week. Some are heading higher, others are taking a hit.
Gold Penny Stock Heads Higher: Avino Silver & Gold Mines (ASM)
On July 24, Avino announced the entry into an agreement with Cantor Fitzgerald Canada Corporation. Cantor becomes the exclusive underwriter for 4,706,000 common shares in the latter. The common shares are going to be acquired for C$0.85. Once the news became public, the stock started climbing. This development definitely makes Avino a stock to add to a gold stock watch list. Because gold stocks are getting much more attention lately, the sector has hit a bullish stride.
Biotech Penny Shakes Out After News: Advaxis (ADXS)
Penny stock Advaxis (ADXS Stock Report) has had a bit of a rollercoaster ride this week. On July 23, the company announced a public offering of 9.2 million common shares. Once the announcement had been made, the volume rose considerably.
The ADXS stock price dropped by as much as 27% on Tuesday. The total expected capital raise from this offering are expected to be around $16 million. Advaxis stock bounced back on Wednesday and rose by 10% but continued lower on Thursday. It will be interesting to see what comes next especially after raising that kind of money.
Blockchain Penny Stock To Watch: MoneyGram
Money transfer company MoneyGram (MGI Stock Report) may have been a bit troubled over the past few years. But the company’s knack of striking up interesting partnerships in 2019 has seen MGI stock grow. In a new development, the company signed a partnership agreement with South Korean money transfer firm Sentbe.
The announcement was made on July 19 and since then MoneyGram stock has been climbing. The partnership with Sentbe will make it possible for MoneyGram to have its own virtual money transfer agent in a thriving economy like South Korea. Shares climbed on the day the deal was announced.
Additionally, over the past week, the stock has appreciated by as much as 25%. The company previously signed a deal with Ripple to handle cryptocurrency transfers. Since blockchain penny stocks are still hot, the fact that such a company as MoneyGram is active in the space could spark further interest. This is certainly a penny stock that one may want to keep an eye on heading into August.