5 Penny Stocks To Watch This Month
This month has been a wild one so far and we’re only 7 days in. Why do I say this? Between the coronavirus and general global economics, markets have been increasingly volatile. That has helped produce some of the biggest breakouts we’ve seen in quite some time. Even blue-chip stocks are benefiting. Take Tesla (TSLA – Free Report) for example.
Shares of the electric vehicle manufacturer soared over 100% this year alone. That may not seem like a big deal to those familiar with penny stocks. But considering the fact it was a move from $424 to over $960, that’s impressive, to say the least.
So that leads me to my point: penny stocks don’t need hundreds of dollars in appreciation to record gains like that. Just this week, we saw countless stocks run multiple-hundreds of percentage points on above-average volume. I, for one, don’t think that trend is going to end anytime soon. Best of all, many of these stocks have made these moves over the course of days and weeks, versus hours of minutes. Typically the more parabolic a move, the quicker a stock can slide back.
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But if the move is sustained, different levels of support can build. That’s beneficial with penny stocks that make extended moves. With this having been said, let’s look at some penny stocks that have been on the rise this month. Some of which have gone on to make new highs for a number of consecutive days.
Penny Stocks To Watch: IMC International Mining
Next, a company that I sure our readers are becoming more familiar with, IMC International Mining (IMCX – Free Report) (IMIMF) has made new highs again this week. Ever since the start of the year, this junior gold stock has been climbing on the Candian exchange. January 8th saw shares trading around $0.25CAD and as of this week, IMCX reached highs of $0.445CAD.
Besides this historic move for the company’s stock, IMC International also began trading in the U.S. under the symbol IMIMF. Although trading volumes have been comparably lighter, the uptrend hasn’t. In fact, since shares began trading in the U.S. in late January, IMIMF has climbed 36% to highs this week of $0.34USD. What’s been a key focus for the market?
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IMC International is an exploration and development company targeting mining claims around the world. Right now, its 100% owned Bullard Pass property has been the source of excitement. According to IMC International, historic district production totals were 614,000 pounds of copper, 3,600 ounces of gold, and 15,000 ounces of silver from 17,000 tons mined. Furthermore, geologic reports have also suggested that “potential exists for a major gold deposit in the area of the Bullard district.” So while more concerns arise from global economic uncertainties and low-interest rates, gold stocks like IMC International will likely remain on the watch list.
Rider: It is noted that the results of nearby or adjacent properties are not necessarily indicative of the potential of the Cathedral property and should not be understood or interpreted to mean that similar results will be obtained from the Cathedral property.
This is especially true considering IMC saw its first noticeable pull-back on February 7. As we’ve seen, the gold sector has briefly pulled back but has maintained an overall uptrend with opportunities during times of pull-back. Will this also be the case for IMC International Mining heading into the rest of this month?
Penny Stocks To Watch: Nokia
This is one of the top penny stocks on Robinhood to watch for February. We published the monthly article this week and Nokia (NOK – Free Report) stock has actually begun to perform much better than in previous months. This time it’s not just the telecom traders and analysts saying to watch this stock for the 5G race.
This week, U.S. Attorney General William Barr said, “We have to make a decision on the ‘horse’ we are going to ride in this race [for 5G]. Some propose that these concerns could be met by the United States aligning itself with Nokia and/or Ericsson through American ownership of a controlling stake, either directly or through a consortium of private American and allied companies.”
So it’s not a shock to see that the penny stock is finally making a sustained move higher this month. Furthermore, the news has turned heads of analysts as well. Credit Suisse boosted its price target on Nokie to $4.10 EUR from $3.85EUR. It also maintained a Neutral rating. Assuming the positive momentum could continue to breed hopes of a government backing of some sort, Nokia could remain one of the penny stocks to watch this month.
Penny Stocks To Watch: Applied DNA
Biotech penny stocks have also been a hot ticket item this month so far. Applied DNA (APDN – Free Report) has started to take off late in the week following the release of its first-quarter 2020 financial results. The company beat expectations on earnings per share but missed sales estimates. Needless to say, Applied DNA managed to woo investors by decreasing its operating expenses, lowering its net loss compared to its previous quarter, and boost progress across multiple projects.
“During our fiscal first quarter, we made meaningful progress on our strategic priorities for fiscal 2020 to position the company for long-term growth while raising capital to support our growth strategy. Our revenue performance reflects a difficult comparison to the year-ago period, which included revenue related to a Department of Defense contract since completed, as well as our historical revenue pattern that troughs in the first quarter and builds over the balance of the year.”Dr. James A. Hayward , president and CEO of Applied DNA.
The company recently entered into an amendment to its current joint development agreement with Takis S.R.L. and Evvivax S.R.L. It will now include pre-clinical development of DNA vaccines for the new coronavirus. Furthermore, Applied DNA managed to boost its patent portfolio this year after being granted a U.S. patent covering methods of tagging “man-made cellulosic fibers” to confirm authenticity; imagine a type of checks & balances for textiles. Needless to say, it will be interesting to see what comes next for the company while its stock has begun surging higher this week.
Penny Stocks To Watch: Assertio Therapeutics
This was another one of the penny stocks discussed on the site earlier this week. Assertio Therapeutics (ASRT – Free Report) hasn’t had the most exciting year so far. But recent news could change that in a big way.
After the market closed on February 6, Assertio reported that it had sold its NUCYNTA franchise for $375 million to Collegium Pharmaceutical. The company will further use proceeds from the sale to tighten up its balance sheet and retire outstanding debt in the company.
With this transaction, our goal is to retire our outstanding debt and have approximately $50.0 million of cash on our balance sheet. We will use this new flexibility to pursue business development, strategic partnerships and investment opportunities with the goal of having our remaining business becoming cash flow and EBITDA positive by the end of the year.”Arthur Higgins, President and Chief Executive Officer of Assertio
Penny Stocks To Watch: LiveXLive Media
Finally, LiveXLive Media (LIVX – Free Report) has been on a steady climb for most of February. The initial move came after the company reported positive developments and its 3rd quarter results. Gains further extended toward the end of the week after another big update from LiveXLive.
The company reported the acquisition of React Presents, a leading producer/promoter of 250+ electronic dance music events. React generated roughly $15 million so with a purchase price of $2 million in the form of a convertible note, this could be a meaningful purchase by the company.
This is especially true considering that the conversion price of that note is over 100% higher than today’s price. The terms of the note show that it converts at a price per share of $4.50. So if dilution were a concern, this is something to note if LIVX is on your penny stocks to watch list right now. The company also reported an EPS beat in its latest financial results but missed on sales. Needless to say, this acquisition has shined a brighter light on the company this week.
Pursuant to an agreement between Midam Ventures LLC and IMC International Mining Corp. (CSE: IMCX) (IMIMF), Midam has been paid $200,000 for a period from January 7, 2020, to February 14, 2020. Midam has been paid an additional $200,000 and extended its period of coverage to March 14, 2020. Midam has been paid an additional $200,000 and extended its period of coverage to July 9, 2020. We may buy or sell additional shares of IMC International Mining Corp.(CSE: IMCX) (IMIMF) in the open market at any time, including before, during or after the Website and Information, to provide public dissemination of favorable Information about IMC International Mining Corp. (CSE: IMCX) (IMIMF). Full Disclaimer Here.