When you’re looking for the best penny stocks to buy, research is key. But beyond just that, technical indicators may be just as important.
There’s no arguing the fact that penny stocks can simply take off for no reason. It may be just a short squeeze in the making like we saw earlier this week with one penny stock. Or it could be something much different, possibly a state filing was made and someone caught wind.
In any case, these stocks under $5 are volatile, to say the least. They can jump up and fall down quickly. So in the unique situation that you find penny stocks to buy on multi-day moves, it tends to make things a bit more interesting. You would likely want to do some more research, check out the penny stock’s news, and maybe add it to your list of penny stocks to watch.
No matter what your strategy is, it’s good to have a plan in place that is designed to help you profit. Or, at the very least, protect your capital and cut losses. On Friday, here is a list of 5 penny stocks to watch that have all seen continued uptrends in the market. To answer any broker questions, “Yes,” most of these trade on Robinhood and other free penny stock trading apps.
Best Penny Stocks To Watch #5: Destination Maternity (DEST)
One of the best performing penny stocks today was Destination Maternity (DEST Stock Report). Shares of the company ran from 52 weeks lows on August 14 to highs of $0.95. The move wasn’t quite substantiated by much news. The company had previously plummeted due to reports that Orchestra-Premaman terminated its acquisition agreement for the company a few years back. Needless to say, it looks like the market still has the rumor mill buzzing about it. In no way am I agreeing but it is a prevalent topic of conversation among penny stock message boards.
Regardless of the hype, Destination Maternity saw a spike in both price and trading volume on Thursday. It also held above its gap up level in the morning. Is it the best penny stock to watch? Who knows but it isn’t every day you see a penny stock rally on its second-highest share volume day of the year.
Best Penny Stocks To Watch #4: MoneyGram (MGI)
In June it emerged that a cryptocurrency firm was going to invest in Moneygram (MGI Stock Report). As soon as the news broke, the stock started climbing. Eventually, it rose by to highs of $3.92. But since then the penny stock has given up much of its gains.
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That being said, it is important to note that even now the Moneygram stock is up by 146% from its levels in June. It hit 52-week lows of $1.33 and closed Thursday at $3.28. MGI stock has been in an uptrend for the better part of the last few months. This includes a period of a pullback from highs of $3.49 to an intermediate low of $1.91 in July.
The company has also been revamping its look. MoneyGram recently redesigned its web platform to be faster and have a more seamless flow. The redesign also allows for better user experience for customers to send funds anytime to more than 2 billion banks accounts, mobile wallets, or MoneyGram locations.
“The enhancements we have made to our website will provide a more customer-centric web experience, making it even easier for our customers to send money domestically and internationally to friends and family.”
Alex Holmes, MoneyGram chairman and CEO.
Best Penny Stocks To Watch #3: Dynavax (DVAX)
Similar to MoneyGram, Dynavax (DVAX Stock Report) has held a more consistent uptrend for a number of weeks. Since hitting 52-week lows of $2.60, shares have rallied to highs of $4.05 on Thursday. Daily trading volume has also been increasing over the period.
Shares of the company continued higher after announcing a $70.1 million public offering earlier in August. Not many like to look at penny stocks to buy as funding is being announced but it seems like Dynavax shareholders didn’t care much. It may be a result of the use of funds from this multi-million dollar raise.
Dynavax said that it will be using the net proceeds from the offering to fund activities associated with ongoing commercialization of HEPLISAV-B®. It will also use them for general corporate purposes, like working capital. The company’s HEPLISAV-B® [Hepatitis B Vaccine (Recombinant), Adjuvanted], was U.S. FDA approved for the prevention of infection caused “by all known subtypes of hepatitis B virus in adults age 18 years and older,” according to the company.
Best Penny Stocks To Watch #2: Ruhnn Holdings (RUHN)
Shares of this penny stock have been in a steady uptrend with increasing daily trading volume since August 9. Ruhnn Holdings (RUHN Stock Report) has been steadily declining for most of the year. However, this was one of the penny stocks to watch back in June following a move to 52-week lows. The company had put out its Q4 results and momentum resulted. Shared popped to highs of $4.55. But since then, the stock gradually consolidated.
The company is what is known as a Key Opinion Leader facilitator. Think of it as a group of internet influencers that engage with fans and brands, then capitalize on it. It’s a Chinese company so it would seem unimpacted by the recent turmoil between the U.S. and the People’s Republic. However, there hasn’t been any recent news that would suggest a move like this. Needless to say, shares of this penny stock to watch are up almost 40% over the last week.
Best Penny Stocks To Watch #1: United Health Products, Inc. (UEEC)
Now, remember I did say that most of these could be traded on free penny stock trading apps like Robinhood. Unfortunately, this is not one of them. United Health Products, Inc. (UEEC Stock Report) trades Over The Counter. This nonetheless could be one of the biotech penny stock to watch this month.
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The company announced the completion of human trial surgery enrollment for its HemoStyp. Specifically, the trial study is for, “Efficacy and Safety of HemoStyp as an Adjunct for Management of Secondary Hemostasis in the Operative Setting.” The company develops gauze for the healthcare and wound care sectors, which stops bleeding.
This small cap company also filed a new patent application method for forming and using hydrocolloid spray or foam to control bleeding or oozing from wounds. And if that wasn’t enough, the company announced this week that it completed its study of preclinical bone applications of its HemoStyp product.
“This data supports our development plan as we move forward with additional human trials to seek other surgical indications.”
Dr. Gerard Abate, Chief Medical Officer, UHP
