These Penny Stocks Are Up Big This Quarter; Can They Go Higher?
Over the years, penny stocks have managed to generate enormous returns for investors. Not only that but these returns have come within a matter of months or even days. So, it’s no surprise that people are almost always on the lookout for such stocks. However, discovering the best penny stocks isn’t as easy as picking whether you want a large or small coffee. Research is vital to selecting which companies will go on your list of penny stocks.
If you simply follow the trend of a chart, you might get lucky and make money on the way up simply based on momentum. However, to find some of the top penny stocks, you’ll need to dig a bit deeper. In this article about penny stocks, we talked about how important it becomes to look at corporate filings; not just the penny stock’s news feed.
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You can find a lot more about a company by reading certain financial disclosures. This comes in handy when you want to see which insiders are buying or selling shares. It also helps when a company does financing. You can determine if the financing was at a discount to the current market or if the funds were raised at a premium. In the case of certain penny stocks to buy, the rally period can last much longer than a few weeks. This is where fundamentals begin to play a larger role outside of typical stock market or sector momentum
Here is a look at three penny stocks that have gained substantially in the 4th quarter. Not only that, some have held a bull trend for a good part of 2019. The question becomes, can these stocks continue their bullishness or are they destined for a pull-back before December?
Penny Stocks To Watch Before December: TrueCar
The first penny stock that has managed to record significant gains this quarter is TrueCar Inc (TRUE Stock Report). The company announced its financial results for the third quarter on November 8. TrueCar not only managed to beat analysts’ expectations with regard to its earnings and also raised its projections for the full year.
The company managed to beat on both revenues and EBITDA. However, losses for the period widened to $7.7 million from $6.3 million in the year-ago period. The stock has rallied by as much as 45% this month but it should be noted that the company has to improve a lot of things to turn itself around decisively.
Given this, shares of TRUE stock continue to climb. What may be of interest is the company’s plan to participate in several upcoming conferences. In fact, since making the announcement of this, shares of the penny stock climbed by another 14% so far. TrueCar attended The Stephens 2019 Nashville Investment Conference as well as The RBC 2019 Global Technology, Internet, Media, and Telecommunications Conference. Based on the current market trend, it appears that sentiment remains bullish heading toward the end of November.
Penny Stocks To Watch Before December: Plug Power
Next, Plug Power Inc (PLUG Stock Report) has proven to be another big winner on this list of penny stocks. Not only that, for those familiar with PennyStocks.com, PLUG stock has remained a top penny stock of 2019. Since the start of the year, shares are up by as much as 207%. We first identified it as one of the top penny stocks to watch in April. It has also gained 44% this quarter.
This month the company, which is one of the most important players in the fuel cell space, stated that it is aiming to take its annual revenues to $1 billion by 2024. At this point, it has revenues of $240 million. The bullish projection resulted in a lot of enthusiasm in the market.
B. Riley recently raised its price target from $3.50 to $6 and maintained its Buy rating. Roth Capital also upgraded Plug Power to Buy from Neutral and boosted its price target to $6 from $3. Furthermore, Oppenheimer raised its target from $2.75 to $3. These analysts moves followed Plug Power reporting third-quarter results.
Penny Stocks To Watch Before December: Proteostasis Therapeutics
The final company to watch on this list of penny stocks is that of Proteostasis Therapeutics Inc (PTI Stock Report). It has enjoyed a highly impressive rally and gained as much as 125% so far this quarter. Proteostasis was also one of the 5 Penny Stocks To Watch When You’re Short On Time from back in October. The company develops innovative treatments for cystic fibrosis. Proteostasis Therapeutics made an important announcement about one of its products earlier on in November.
The company announced that the enrollment for the Phase 2 study of its cystic fibrosis transmembrane conductance regulator (CFTR)has been completed. The news resulted in a strong rally in the Proteostasis stock over the course of the past weeks. It goes without saying that it is an important development.
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On top of that, Proteostasis also released its third-quarter financials at the beginning of the month. Results showed a lower net loss for the quarter compared to the same period last year. Furthermore, the company was also able to decrease R&D expenses substantially.
“With equally strong demand from both US and ex-US clinical centers, we were able to complete enrollment in a little over four months for our 28-day global Phase 2 study of our doublet and triplet CFTR combinations, and we now expect to report top-line results later this quarter,” said Meenu Chhabra , President and Chief Executive Officer of Proteostasis Therapeutics .
