Are These Penny Stocks On Your Watch List This Year?
Penny stocks are defined as equities trading below $5 by the SEC. Most investors consider penny stocks ones that trade below $1. No matter where you sit, the fact is that people can make money with penny stocks. That’s true if you’re able to find the right penny stocks to buy. Given this, we need to clear up some stigma about these cheap stocks:
1. Is it illegal to buy penny stocks?
No, penny stocks are not illegal nor is it illegal to buy penny stocks.
2. Aren’t all penny stocks scams?
No, all penny stocks aren’t scams. However, some people abuse the illiquidity of certain markets to take advantage of unsuspecting traders. This is why research is key to finding the best penny stocks.
3. Can you make money with penny stocks?
You definitely can if you do proper research and have a plan to base your trading strategy around.
With this out of the way, we’re going to look at some penny stocks that haven’t been “overnight breakouts” as some of the “gurus” like to “pick.” Of course, there are those who buy penny stocks from day-to-day. They watch the market by the minute and quickly trade in and out to capitalize on quick spikes in price.
Penny Stocks That Made Fresh Highs This Week
But this list of penny stocks includes a handful of companies making new highs in 2019 over months of bullish momentum. Unlike some would assume there are many penny stocks that go on multi-month rallies offering investors ample opportunity to make money. This having been said, let’s take a look.
Shipping Penny Stocks:
Teekay Tankers Ltd. (TNK) +103% YTD
This has been one of the penny stocks to watch this month. Teekay Tankers (TNK Stock Report) managed to hit new 2019 highs 4 days in a row. October 9 saw TNK stock rally to highs of $1.91. Since January 2, shares are up by as much as 103% after kicking the year off at $0.94.
The company provides shipping services for the oil and gas industries. It also operates oil tankers. Not only does it do ship-to-ship transfers, it also handles conventional tankers.
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Pyxis Tankers Inc. (PXS) +80% YTD
Similar to Luby’s, Pyxis Tankers (PXS Stock Report) had a mixed 2019 but is coming out on top recently. Shares of the tanker company broke out earlier this year. From day one of 2019, PXS stock ran from $0.99 to $1.74. But from there, the stock “tanked” to lows of $0.95 over the months to follow.
However, thanks to a favorable oil and gas climate, many shippers have benefited; Pyxis included. Since those lows, PXS stock has managed to rebound to new 2019 highs of $1.78 on October 9. This makes the year-to-date run of 80%. Can it continue?
Restaurant Penny Stocks:
Luby’s Inc. (LUB) +83% YTD
This is a company that hasn’t been among lists of penny stocks recently. But a quick look at any chart and you’ll see why it’s on this penny stock watch list. Luby’s Inc. (LUB Stock Report) is a restaurant operator overseeing 125 restaurants across the nation. These include 79 Luby’s Cafeterias, 1 Cheeseburger in Paradise, and over 100 Fuddruckers locations across North America.
LUB stock had a strong start to the year running from $1.20 on January 2 to highs of $1.99. Then the stock plummeted to lows of $1.07 during the months to follow. Declining sales and negative earnings reports hit Luby’s hard. But recently the company has been looking into viable alternatives and building upon its advisory board.
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Top 10 Penny Stocks On Robinhood To Watch For October 2019
Since hitting those lows, shares have not only recovered but have hit fresh 2019 highs. It’s also important to note that despite this move, shares are still down significantly over the last 4 years. Can the company turn itself around are is this just a pit-stop in a longer-term decline?
