High Flying Penny Stocks To Watch Right Now
Don’t let the name fool you. Penny stocks are more than just cheap equities. Some investors may treat them like lottery tickets, they are far from it. In fact, though some may assume these cheap stocks are for beginners, there are many that make a full-time living trading penny stocks.
The mentality has changed over the years. Low-priced stocks had a tendency to be considered taboo. But if you look at some of the more recent filings by Wall Street hedge funds, you’ll notice something interesting. These funds are actually investing millions into companies that are considered penny stocks. Why might that be? Do these same multi-billion dollar funds like to play roulette with their funds? Or might there actually be something to this “thing” called penny stocks?
I would suggest the latter is true and the fact that some still don’t “believe in penny stocks” is tough to swallow. Needless to say, this isn’t an article to rant, it’s one to inform. But I would like to simply say that there’s more to penny stocks than what the movies portray. Given the risk, it’s always prudent to do your research first. Make sure you can identify reasons why certain stocks may be moving the way they do.
Also, understand what potential pitfalls may come up along the way. Once you understand that just like any investment, there’s a risk, you’re all the wiser. Now, moving ahead, here’s a list of penny stocks that have gained interest at the beginning of March. But will that make them the best penny stocks to buy this month? You decide.
Top Penny Stocks: Veritone Inc.
Deal news can make for big excitement for any company. In this light, Veritone Inc. (VERI Stock Profile) has found itself in that exact situation. Shares of the company bounced off of the 50-day moving average late last week and have continued higher ever since.
This move started right as the company announced it would present at the Annual ROTH Conference later this month (March 16). But was that the big news that got markets upbeat about the tech penny stock?
Well, you can be the judge. At the start of March, the company announced that it inked a multi-year deal with Bell Media. This is the same Bell Media that heads up most of Canada’s entertainment media. Since the update, sharers of VERI stock have jumped from $2.77 to highs of $3.60 on March 4. Through the deal, Veritone’s content and ad intelligence solutions will head to nearly 40 of Bell’s top radio and TV stations across numerous markets in Canada.
Dean Rutherford, Vice President, National Radio Sales, Bell Media even said, “We are now able to see campaigns as they air, including preproduced, live, and in-show executions. This allows us to provide up-to-the-minute analytics with a new level of transparency, enabling our local and national advertising partners and sponsors to better measure campaign effectiveness and return on investment.”
Top Penny Stocks: Taronis Technologies
Down but not out. Taronis Technologies (TRNX Stock Profile) has tried to battle back over the last few months but to no avail. The beaten-down penny stock reached new 52-week lows on March 4th but something strange happened after; TRNX stock bounced. This wasn’t just a slight bounce either.
Shares of Taronis stock jumped from $0.1801 to highs of $0.3385 before the close. What seems to have triggered the positive move was a mid-day press release. Apparently, existing funding for $8 million was weighing on the market. As of lunchtime on Wednesday, the company announced that it ended that funding. As part of the announcement, the company said it will retire its $2 million series G convertible preferred obligation. It also retired all outstanding working capital obligations created prior to its spinoff of Taronis Fuels.
These latest moves struck a chord with the market on March 4 and shares have continued to surge well into the late afternoon. Scott Mahoney, CEO of Taronis said, “We fully recognize that the ATM, in conjunction with the recent market turmoil created by the coronavirus epidemic placed significant short term pressure on our common stock share price. We are highly confident that this capital infusion will create real and lasting value for shareholders going forward.”
Top Penny Stocks: Amyris Inc
Amyris Inc. (AMRS Stock Profile) continued to extend gains from last week’s sell-off. The plant-based sweetener company has been on a tear for the last 4 sessions. AMRS stock managed to jump from lows of $2.74 last week to highs of over $3.60 on March 4. What triggered this move?
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A few things have happened. First, Amyris presented at the Cowen Annual Health Care Conference on the 3rd. The company provided an update on its business. Furthermore, the company announced the introduction of its PURECANE baking sweetener. The goal of the new product is to offer a line that acts and tastes like real sugar.
This comes shortly after the company expanded its distribution into the Amazon eCommerce machine. The real question is whether or not this latest move can help push shares of AMRS stock even higher this month of if this is “the sweetest it will be” for the penny stock.
Top Penny Stocks: AcelRX Pharmaceuticals
Another one of the top penny stocks moving higher this week is AcelRX Pharmaceuticals (ACRX Stock Profile). Shares hit fresh, 52-week lows last week and have been moving back up ever since. At the time, ACRX stock hit lows of $1.15 and as of this week, it reached highs of $1.47.
While there hasn’t been much news lately, there are a few things to take into consideration beyond price performance. There were several FORM 4’s filed by company insiders showing insider activity. But unfortunately, it wasn’t buying, but selling. So what could be driving momentum for this penny stock? That’s a great question.
If you’re thinking “it’s because of coronavirus,” a look at its actual pipeline simply shows a list of pain treatments. But as far as 2020 is concerned, management did emphasize a firm directive toward growth in its last corporate update. Vince Angotti, Chief Executive Officer of AcelRx said, “We begin 2020 with a solid foundation of REMS-certified healthcare facilities, and will now increase our focus on DSUVIA’s adoption and orders from this installed base while continuing our expansion to an expected 465 REMS-certified facilities and 465 formulary approvals by the end of 2020. This increased focus on adoption is expected to accelerate revenue growth in 2020.”