It is always worthwhile looking for penny stocks to buy as long as you can make the right picks. Considering the fact that penny stocks trade under $5 a share, small moves can mean bigger gains. However, in order to make the right picks, you’ve got to conduct thorough research. This includes things like fundamental and technical analysis. Look for things like penny stock news or certain chart patterns that may form.
After this, make your decisions about penny stocks you’d like to buy. Of course, there’s a lot that goes into trading these small-cap stocks. But if you can stomach the risk, the rewards can be sweet. Here is a look at three of the top penny stocks to watch right now.
Top Penny Stocks To Watch #1 Novavax (NVAX)
The first one to take a look at is Novavax, Inc. (NVAX Stock Report). The stock has gained significantly after the company made a hugely important announcement on August 12. The biotechnology company stated that its ResVax medicine was going to have a global Phase 3 trial and as soon as the announced, the shares of Novavax started climbing.
Since the announcement, the stock has gained as much as 40% and it has become one of the biggest gainers among biotech penny stocks this week. It’s also going to be presenting at the Annual Meeting of the IDSOG this year. This is another highly important development for Novavax. It goes without saying that momentum like this is something to pay close attention to.
Top Penny Stocks To Watch #2 Xunlei (XNET)
We touched on this penny stock earlier in the week. Xunlei Ltd (XNET Stock Report), announced its Q2 2019 financial results on Wednesday. The company’s revenues increased by as much as 15.7% year-on-year to hit $47.8 million. Additionally, losses narrowed to 3 cents a share from 13 cents a share from the prior-year period. On top of that, the company’s revenues from subscriptions rose by 0.9% and touched $21.4 million.
The results were in huge favor this week as well. As a result, the penny stock rose by 29% after the results were announced. Considering the market momentum, it is another company to add to your penny stock watchlist this month.
Top Penny Stocks To Watch #3 Alexco Resource (AXU)
The final penny stock on this list has made an excellent move since announcing its earnings. Alexco Resource Corp. (AXU Stock Report) reported a loss of $2 million for the quarter, which translated to losses of 1 cent a share. That may sound like a negative but the market has reacted very positively to the company’s progress.
Translating the earnings, you have to look at the loss in general. The company was able to narrow this to $0.01 per share. This is in comparison to a loss of $0.02 per share in the same quarter of the previous year. Revenues of the mining company stood at $11.6 million. After the results were announced, the shares started climbing and since the announcement, it has gained as much as 12% this week. Does this trend make it a top penny stock to buy this month?