top penny stocks to buy right now

3 Penny Stocks Pushing Higher On Thursday

Why do people invest in penny stocks? A history of big breakouts and quick gains have been a major source of interest. Just this week we witnessed the true potential of penny stocks. Case in point, Blue Apron (APRN-Free Report) and Biomerica Inc. (BMRA-Free Report). The former was trading below $2.50 per sharer on Monday and by Thursday, APRN stock reached highs of $28.84. (see this article about Blue Apron stock). The latter traded below $2.10 on Tuesday and by Thursday, shares reached highs of $23.39. Both Blue Apron and Biomerica stock rallied 1,182% and 1,035% respectively within a matter of days; not weeks or months.

So the next time someone asks, “Are penny stocks worth it?” you can show them these very recent examples. This isn’t to say that all penny stocks make big moves like this. It also doesn’t factor in the traders that end up losing money on these types of trades as well. There are plenty of people who need to focus on learning how to trade before they jump into the stock market.

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As you can see, both of these stocks pulled back tremendously from their highs. While they are still up considerably from where they were earlier this week, anyone buying near today’s highs is down a lot right now. Regardless, if you understand the risks involved with trading penny stocks, then your next step is putting together a list of penny stocks you may want to watch. Here are 3 companies that have pushed higher on Thursday. But will they be the best penny stocks to buy or should they be avoided after their latest moves?

Penny Stocks To Buy [or avoid]: Novabay Pharmaceuticals

penny stocks to watch NovaBay Pharmaceuticals Inc. (NBY)

Novabay Pharmaceuticals (NBY-Free Report) came out swinging on Thursday. While the early morning was quiet, shares made new 2020 highs on March 19. This came after a mid-day speculation suggested that the company could benefit from a surge in coronavirus preparation. Specifically, Novabay sells the popular KN95 face mask on its site. Traders cited that the company now shows the sale of the masks. This apparently was enough to get the market excited about the company’s stock.

What’s more, is that the company will report2019 Q4 and full-year financial results next Thursday. Between now and then, the biggest question is whether or not this same type of speculative momentum will progress throughout the month. But the big focus has been on the masks. This is something to keep in mind as this move doesn’t necessarily have anything to do with a company update.

Penny Stocks To Buy [or avoid]: Ambev

penny stocks to buy ambev (ABEV)

After hitting extreme levels, traders sometimes like to add companies to their list of penny stocks. What I’m referring to are 52-week highs and 52-week lows. In the case of Ambev SA (ABEV-Free Report), shares hit new 52-week lows this week but also started to rebound aggressively. Since the start of the year, it was one of the penny stocks that was pushed down. Much of this move came after the company reported troubles in the Brazilian marketplace.

So what’s triggered momentum on Thursday? Well, the Brazilian local arm of beer giant, Anheuser Busch InBev, said in a statement that it plans to deliver 5,000 sanitizer gel bottles to every public hospital in Sao Paulo, Rio de Janeiro and Brasilia, where most of the country’s coronavirus cases are concentrated. Even beer companies are becoming coronavirus penny stocks right now.

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Whether this will have a lasting impact on ABEV stock is up in the air. But for now, the demand may be higher for hand sanitizer than the beer being brewed by the company. A “Follow The Money” situation or a move to bite on coronavirus headlines?

Penny Stocks To Buy [or avoid]: Tilray Inc.

marijuana penny stocks tilray inc (TLRY)

Earlier today we discussed the topic of pot penny stocks. We also published an article a few days ago titled, “Tilray Inc. (TLRY) Just Became A Penny Stock; Now What?” In it, we cited several key reasons that added to Tilray’s (TLRY-Free Report) downtrend since reaching highs of $300 per share.

While there was no news to back up the 30%+ move that this pot penny stock made on Thursday, a rising tide can lift ships. With the upgrade the Aphria received on Thursday morning, it could have echoed a bullish sentiment across the marijuana sector. Keep in mind that earlier this month Tilray reported the pricing of a $90.4 million offering of stock at a per share price of $4.76. Considering that, this may be something to keep in mind down the road when it comes to Tilray, specifically.

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