These Penny Stocks Are Seeing More Action Right Now
No matter how you cut it, volatility is what keeps active traders looking for the next penny stocks to watch. We mentioned Guess (GES) yesterday. Do you think it would have caught the attention of as many as it did today if it weren’t for its monster swings in price? How about Tesla (TSLA) or Virgin Galactic (SPCE). These both exploded in price earlier this year. Do you think they would have had people fomo’d out if not for the immense irregularity in price or volume?
Needless to say, this is what gets people’s blood pumping. The thrill of making quick money is uncomparable. Being able to duplicate the same approach and get the same result is even more addictive. So it’s important to have a strategy going into your trades. Some like to find penny stocks to buy in real-time. Others like to plan out different scenarios with a watch list.
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One of the best ways to find penny stocks is to look for irregularities. Things like unusual volume, large swings in price, and even certain chart patterns can help. The whole point is to get you started in your research phase of selling or buying penny stocks. I’ll show you in this article how some of the names on this list of penny stocks are making noticeable moves and could be top stocks to watch right now.
Penny Stocks To Watch: IMC International Mining
Why is IMC International Mining (IMIMF) one of the names on this list of penny stocks to watch right now? First, IMC was one of if not the only gold stock that didn’t slide in the “great gold stock pull-back of 2020”. Aside from being a small-cap gold stock at the start of a gold rally, you’ve got to look at the news. Since February, speculation grew after the company announced a letter of intent to acquire Thane Minerals. On March 19, IMC announced the formal closing on that deal with the signing of a definitive agreement. The important part about Thane is that it owns 100% interest in a property called the Cathedral Property in northern British Columbia.
Here’re the hot button items on this deal:
- The 51,000+ acre project is between the Mt. Milligan Mine and the Kemess Mine, two mines with significant measured and indicated mineral resources.
- The company’s new Chairman, Greg Hawkins has over 50 years of industry expertise and has been part of at least 4 major mining company acquisitions collectively worth more than $2 billion in deal size.
IMC International’s stock traded some of its highest volume this month following the news. Considering that there could be a new uptrend in gold beginning, it might be a reason for investors to begin following junior gold stocks again. *UPDATE* Furthermore, later this month the company will host a conference call to go over the finer details of its latest acquisition. (info here)
Penny Stocks To Watch: Hecla Mining
Why is Hecla Mining (HL) on the list of penny stocks to watch right now? Similar to IMC International, Hecla is one of the trending gold stocks this week. While the price of gold and other precious metals has helped boost shares, unlike IMC, it also hurt the stock’s price too. Over the last few weeks, Hecla Mining was a victim of the big pull-back in gold that started in late February.
This week, however, volatility has played a big role. On March 16, shares hit 2020 lows of $1.40, saw a two-day rally to a high of $2.21 and then sharply pulled back on Thursday morning. But after consolidating earlier today, shares of Hecla gold stock managed to jump back above $2 before finishing the day at $1.78. Aside from this sector catalyst, Hecla also came out with news that also could have played a role.
Hecla reported significant measures to protect its mine sites to protect against coronavirus. Not only did Hecla secure contracts that guarantee pricing, it also implemented new hygiene protocols. Phillips S. Baker, Jr., President and CEO said, “While Hecla is at risk like any other business, we have not seen any disruptions with our customers or suppliers, we have bought put options which should offer us some protection from recent weakness in the silver and gold prices and our employees are diligently implementing our safety and hygiene systems. We believe our 129-year culture of preparedness and flexibility is helping us adjust to this challenge.”
Penny Stocks To Watch: Rand Capital
Why is Rand Capital (RAND) on this list of penny stocks to watch? If you were looking at this company at the start of the day, you might think I was crazy for mentioning it. The penny stock has slid by more than 30% to lows this week of $2.09. But something happened right after the closing bell on March 19.
Rand Capital announced coronavirus related news. As we saw with companies like Biomerica Inc. (BMRA), any headline even mentioning COVID-19 can trigger a breakout. Well, for Rand, one of its portfolio companies, Rheonix Inc. launched a new assay. The company is developing a coronavirus test kit for use on its Encompass MDx workstation. After receipt of an emergency use authorization from the FDA, the test kit allows for fully automated detection. It will be very interesting to see how the market reacts on March 20 as this news came out after normal trading hours on March 19th.
Allen F. Grum, President and Chief Executive Officer of Rand Capital, commented, “We are proud to support Rheonix’s important mission of improving standards of care by making molecular diagnostics widely available. In this instance, the company has responded quickly to the needs of the healthcare community in helping to address the global coronavirus pandemic, demonstrating their nimbleness.”
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.