Penny stocks have always held a special place for investors. These are cheap stocks that can generate enormous gains from a small investment. So, it’s no wonder why investors continuously look for the next big penny stocks to buy.
However, it takes a lot of research in order to unearth the real gems from among hundreds of penny stocks. One of the best ways is by keeping a keen eye on the market and watching the latest movements in certain sectors.
For instance, if the biotechnology sector is cold but marijuana stocks are hot, then pot may be the best focus. Likewise, if pot penny stocks are cooling down, then you may want to find other penny stocks to watch until it heats up again. Here is a look at three penny stocks to watch heading into the end of the week.
Penny Stocks To Watch #1 Meet Group
The first on this short list of penny stocks is The Meet Group Inc (MEET Stock Report ). This is one of the pioneers of networking applications. On October 3, the company provided its projections for the 3rd quarter and it proved to be a major triggered behind a rally.
Earlier the company projected that its sales were going to be in the range of $50.5 million and $51 million in Q3 2019. However, this week it raised the projection to the range between $52 million and $52.3 million. MEET also raised its EBIDTA to $10.4 million to $10.6 million range from $9.3 million to $9.5 million.
Naturally, the penny stock rallied and went up by as much as 26.58% closing at $4 on hefty volume. Based on this excitement, MEET stock could have more heads turning later this month.
Penny Stocks To Watch #2 FuelCell Energy
Another penny stock that was discussed earlier this month is FuelCell Energy Inc (FCEL Stock Report ). The company announced the closing of an important collaboration agreement that sent its shares soaring. In its announcement, FuelCell stated that it has successfully entered into an agreement with German integrated power solutions provider E. ON Business Solutions.
It’s an important deal and one that could open up the European market for the company. There’s no surprise that FCEL stock price soared. However, it’s important to understand that FCEL has a history of high volatility. So when it comes to this penny stock, you may want to keep a closer eye on it as it can swing $0.05-$0.10 within in a given day. At the current price level, that equates to a noticeable percentage change.
Penny Stocks To Watch #3 Moneygram
Last but not least, shares of money transfer giant Moneygram International Inc (MGI Stock Report ) have been flying this morning. This has come on the back of an announcement about the company’s loyalty program in Europe.
The company announced that its MoneyGram Plus Rewards program that is available on its digital platform is now going to be available to customers in Spain, Germany, France, and Italy. After the announcement was made, MoneyGram shares soared by as much as 9%.
In general, MGI stock has been one of the top penny stocks to watch this year. Its collaboration with Ripple has definitely brought attention to the stock. But it’s also important to understand that it’s still a penny stock. It still has volatility and as we’ve seen, that can work in both directions.
Since mid-September, shares of MGI are down by as much as 49% from $6.70 highs. The latest surge has turned heads but keep in mind that there is still risk involved no matter how “good a company looks.” Needless to say, MGI stock has recovered by as much as 15% from Thursday’s low.
