If You’re Looking For Penny Stocks To Buy, Follow The News
When it comes to investing in penny stocks, a lot of the success depends on the sort of research that is conducted This is especially true when it comes to some of the oldest companies in particular industries. There are hundreds of penny stocks in the market but only a few of those are going to end up being profitable for an investor.
Needless to say, there are several penny stocks that have underlying companies that are hundreds of years old. With companies like these, there are likely stronger investor bases and many people watching for longer periods of time.
Keeping a close eye on the market, certain penny stock news and specific industry catalyst can help find penny stocks to watch. One of the stocks that has shown impressive momentum over the past few weeks is departmental store giant J.C. Penney Company Inc (JCP Stock Report).
Penny Stocks To Buy Or Sell: J.C. Penney Company (JCP)
The departmental store giant has been in the middle of a massive slump. Billions of dollars worth of debt finally brought the company to its knees. However, the company’s attempts at a turnaround seem to be working and the stock has rebounded.
After having hit its 52 weeks low, JCP stock has now rallied by as much as 18% within the last 24 hours. One of the biggest triggers behind the rise in the stock price has been the large-scale insider buying of the stock. Back in August, even the Chief Executive Officer Jill Soltau had bought hundreds of thousands of J. C. Penny stock and in September, another insider followed suit.
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On September 6, one of the directors at the company Lisa Payne paid up $181,930 in order to acquire 230,000 shares in the company. Such insider buying is generally in an indication that the people within the company believe in the long term well being of J. C. Penny.
On top of that, the company released news this morning that it will hold talks with creditors on possible transactions to ease debt. This news mixed with the bullish stance of insiders has affected the stock positively.
That being said, the stock is still slightly lower from the start of the year but has begun to close back in on the $1.02 opening price from January 2. Will this be one of the penny stocks to buy or sell before next quarter?