Penny stocks are exotic according to many investors. But that doesn’t mean they can’t make money.
In fact, on a daily basis, you’ll likely find at least one stock trading below $5 that skyrockets 30% or more. The defining factor that comes into play with penny stocks to buy is volume. Can you easily enter and exit the trade?
Of course, it’s easy to just buy penny stocks. Believe it or not, a thinly traded penny stock is likely to jump up big. But when it comes time to sell penny stocks, you’re going to need volume to be there in order to sell shares at a reasonable price. If there’s no market to sell the stock, there’s a good chance you’ll take a steep loss.
In the case of 3 penny stocks, in particular, Wednesday’s session was a win. This was in light of the broader markets seeing one of their worst days yet. If you haven’t heard, there’s a big concern about the yield curve right now. But even this as the case, these three money-making penny stocks soared.
Penny Stocks To Buy Or Sell #1:
Akari Therapeutics (AKTX)
Akari Therapeutics (AKTX) got off to a running start thanks to some positive penny stock news on Wednesday. The news was so well-received that investors were willing to buy this penny stock all the way up to a high of $3.35 a share. Considering the fact that AKTX stock closed on August 13 at $1.80, I would say that an 86% move is no laughing matter.
So, what did the company announce? Akari, a biotech penny stock, announced receipt for FDA Fast Track Designation. It was for its Nomacopan for pediatric hematopoietic stem cell transplant-related microangiopathy or HSCT-TMA. The company targets rare diseases relating to autoinflamatory and orphan diseases. This fast track designation will allow them to develop and expedite the review of its drug. The expected start of pivotal trials will be in the upcoming fourth quarter.
Penny Stocks To Buy Or Sell #2:
Infrastructure and Energy Alternatives, Inc. (IEA)
Another penny stock investors were buying on Wednesday, Infrastructure and Energy Alternatives (IEA) rallied more than 50%. The company reported its quarterly financials for the second quarter. To say that they were impressive may have been an understatement according to some investors. Highlights include an award of over $490 million in new contracts. They also saw a backlog increase from $2.2 billion in March to $2.6 billion at the end of June. The company also guided revenue higher to a range of $1 to $1.2 billion.
This was one of the top penny stocks to buy and sell on Wednesday. Shares of IEA stock closed at $2.39 Tuesday and hit highs of $4.34 Wednesday at lunch. That 2-day pop was worth about 81% in total. Intraday, shares of this penny stock saw a run of 78.6% from open to high.
Penny Stocks To Buy Or Sell #3:
Xunlei Limited (XNET)
Now, who says Chinese stocks are bad? Xunlei (XNET) made a big move Wednesday. This came after the Chinese blockchain stock released its financial results for the quarter. Some of the key highlights support continued growth from the company. Total revenues hit $47.8 million. Furthermore, subscription revenues increased 0.9% to $21.4 million. The biggest growth came from gross profit, which increased 51.2% to $22.3 million.
It was just a few weeks ago when XNET stock hit 52-week lows of $1.87. On August 14, it found itself as one of the pennys stock to buy after rallying to highs of $2.77. On one of its highest trading volume days ever, XNET shot up 32% from an open of $2.10. By the end of the session, shares were still trading at $2.65. Will this be a penny stock to buy on Thursday?