Check Out These Penny Stocks While You’re Cooped Up This Weekend
More and more cities around the country are asking their citizens to stay put right now. In hopes of decreasing the curve of COVID-19 cases, less exposure to each other could actually be a good thing right now. But with all of this newly acquired free-time, what is there to do?
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Sure, you could Netflix and Chill your weekend away. On the other hand, you could put this time to good use. Reflect on some of the good and bad trades you made last week. You could also start putting your watch list of penny stocks together over the weekend.
Since restaurants, bars, nightclubs, and “non-essential” businesses are closed in some of the biggest cities in the country, you’re pretty much forced to do something to keep entertained. Why not apply it to sharpen your blade for the upcoming week. There’s no denying that this past week was wild. As far as the broader markets are concerned, it was the worst week since the financial crisis.
But if you were reading PennyStocks.com, you likely came across some great gems. There was a great mix of penny stocks to trade this week. We even saw some of the biggest breakouts from the unlikeliest of names with big moves coming out of nowhere. So as the week comes to a close, let’s take a look at a few penny stocks to watch during quarantine weekend.
Penny Stocks To Watch: IMC International Mining
You’ll probably see this name brought up a few times. But it isn’t for unjustified reasoning. Take a look at the gold sector right now. You’ll read all about why it’s one to pay attention to during times of economic turmoil. But, for the most part, gold stocks are down right now thanks to investors pulling money from safe havens.
That’s true except for one stock – and I searched for others. IMC International Mining (IMCX) (IMIMF) is the only gold stock I could find that not only held its support but tested its 52-week high for the second time this month, on Friday.
Above is a side-by-side chart of IMC International (on the let) and the price of gold (on the right). Notice something? While gold prices are taking a back seat, IMC International stock is moving back to its $0.50CAD 52-week high. What’s helped boost the obvious bullish sentiment? IMC recently announced the closing of a multi-million dollar acquisition of Thane Minerals. The importance of the deal is that it brings in a new property asset with strong discovery potential (the Cathedral Property).
Furthermore, it adds a new Board Chairman, Greg Hawkins, who’s managed to found numerous companies in the industry. Four of them were acquired in multi-million dollar deals; 1 even for $1.8 billion. He’ll be on a corporate conference call on March 30 to discuss the specifics of the recent acquisition. Needless to say, IMC International may be one of the top gold stocks to watch especially if gold is still thought to be setting up for another rally this year.
Penny Stocks To Watch: Novan Inc.
Shares of Novan Inc. (NOVN) had a wild close to the week. After pulling back from the highs of the day on Friday, however, NOVN stock closed relatively flat from the opening bell. The stock initially gapped up in the morning from its March 19 close.
We covered this company a few weeks back when it started making a big move. The recent surge in the market came after the FDA reported a new study on nitric oxide inhalers as a potential treatment for COVID-19. Once again we’re seeing a big push at the end of the week.
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While there wasn’t any news from the company, you might initially think that more speculation on COVID-19 could have helped boost interest in NOVN. As this could be true, there is something else that came out this week that could be the source of additional conjecture.
On Thursday the company filed what’s known as a “CT ORDER”. This isn’t a frequently used filing type so don’t be surprised if you’re not familiar with it. A company files a CT ORDER for a very specific reason: to keep information secret that would otherwise put it at a competitive disadvantage if revealed. Considering the nature of its business and the situation with companies working toward vaccines, this could be a reason behind the latest attention on Novan. Will it continue next week?
Penny Stocks To Watch: Plug Power
Plug Power (PLUG) has been one of the penny stocks we’ve continued to cover since early last year. Ever since then, PLUG stock has gone on several big rallies. This year, however, it was a bit difficult after hitting February highs of $6.05. This week, the slide continued until hitting 2020 lows of $2.53 on March 17.
Over the last few days, this was one of the top penny stocks to watch especially considering the jump in energy stocks. The previous slide in oil actually made “alternative energy” not as beneficial as oil & gas power. Believe it or not, this may have had something to do with the dip in stocks like PLUG (beyond other market conditions).
Now that oil prices are starting to climb again, it makes alternative fuel sources more cost-effective. In turn, they are a better choice when it comes to sourcing power. Obviously the volatility in the market probably isn’t going away anytime soon. But the correlation between the two energy niches may be something to take notice of.
Plug Power has become somewhat of a cult stock over the last few months. It’s also fun to keep bringing up the fact that there’s a countdown to 2024. This is when the company said it will hit $1 billion in revenue. Let’s see how next week unfolds first.
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.