4 Penny Stocks To Watch Right now
I’m sure by now you’ve seen the market and how it reacts to even a whisper of good news. On Tuesday the market closed on a high note ahead of a proposed coronavirus stimulus bill waiting for a vote. While supporters of the bill said it was “close to the goal line,” no vote was made by the closing bell. So, we let speculation be the judge for now.
Penny stocks and small-caps, in general, has a big day. Our morning update featured several companies that saw wild moves and big action on March 24. We love it when a plan comes together.
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Heading into Wednesday’s session, it will be important to see where the market’s head is at. What we know right now, however, is the market is in full “whipsaw” mode. That can actually work in our favor especially when it comes to finding penny stocks to buy. These cheap stocks are inherently volatile, which is why investors continue to put their money to work.
Can You Make Money With Penny Stocks?
There are very few places you can take $100 and turn it into $1,000 in less than 10 hours. I say this because we saw it first-hand today with one of the morning penny stocks to watch, IMAC Holdings (IMAC Stock Report). Around 8 AM shares began trading at roughly $0.51 and just after the regular market hours ended, IMAC stock reached $5.42. That means $100 in the morning was worth $962 by the afternoon.
Obviously, it’s important to take profit on the way up. So, is it likely that someone held on for the full ride? We’ll never know. But the point, however, is to show exactly why people trade penny stocks and how these low priced shares can offer potential every single day, no matter what’s happening in the broader markets.
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With this in mind, here’s a list of penny stocks that could be on some watch lists right now. Will they be the next group of penny stocks to buy or should you avoid at all costs?
Penny Stocks To Watch: IMC International Mining
IMC International Mining (IMIMF Stock Report) (IMCX) saw another active day of trading on Tuesday. While it mimicked the movement of gold prices in the morning, shares managed to bounce 14.5% by the close. This comes just one day after the company’s incoming Chairman said that there is a very near-term timeline to the exploration of IMC’s proposed acquisition target’s Cathedral Property. Over the last several weeks, IMC has been going through the final steps of acquiring Thane Minerals. Why this is important now has a lot to do with the price of gold and the potential of the region that the Cathedral Property is located within.
Thane’s 51,000+ acre Cathedral property is in an area called the “Quesnel Terrane”. It’s an area rich in mineralization and perfect for gold discovery. The northern part of the Quesnel Terrane right between the Mt. Milligan Mine and the Kemess Mine.
Mt Milligan copper-gold porphyry deposit contains a combined Measured and Indicated Mineral Resource of 243.9 million tons at 0.134% Cu and 0.226 grams per ton of gold, containing 717.7 million pounds of copper and 1,769,000 ounces of gold.
There are currently six areas with significant copper mineralization. It also includes areas of high-grade silver and gold mineralization. Kemess mine produced approximately 3 million ounces of gold and 700 million pounds of copper over the life of the mine. The fact that Cathedral not only located right in between these mines but is also still in a relatively unexplored portion of the Quesnel Terrane means that IMC has a real opportunity to strike gold first.
Penny Stocks To Watch: T2 Biosystems
Next, T2 Biosystems (TTOO Stock Report) is another one of the penny stocks to watch right now. After weeks of decline, TTOO stock finally turned around after hitting new 52-week lows last week. Shares closed around $0.39 on March 24, higher by about 65% from last week’s low. But T2 is on the list of penny stocks for a different reason.
On Tuesday afternoon, the company reported several pieces of news that could be of interest this week. T2 reported preliminary Q1 2020 results. While it suspended its full-year 2020 guidance, the company did update on new developments with its coronavirus test.
Hackensack Meridian Health, New Jersey’s largest and most comprehensive health network, announced that a rapid test for COVID-19 created by its labs at the Center for Discovery and Innovation has been licensed to T2 Biosystems. The company will adapt the coronavirus test to run on its T2Dx® Instrument.
“This agreement combines our FDA-cleared T2Dx platform with our joint scientific expertise to benefit patients at risk for both primary coronavirus infections, as well as associated secondary infections that may lead to sepsis,” said John Sperzel, President and Chief Executive Officer of T2 Biosystems. Will it be one of the top names on your list of penny stocks on March 25?
Penny Stocks To Watch: Guardion Health Sciences, Inc.
Guardion Health Sciences, Inc. (GHSI Stock Report) was one of the mystery penny stocks that started moving on Tuesday. Shares were trading quietly for most of the day but right around the start of Power Hour, things began to pick up steam. In fact, the majority of the trading volume for the day came in during the final hour of trading. But here’s where the mystery comes into play. There wasn’t any type of update, news, tweet, etc. The penny stock jumped seemingly out of nowhere, or did it?
It’s one of the “read between the lines” type of speculation in my opinion. Last month the company reported that it will develop an immune-supportive complex to target respiratory tract infections. This is well-timed considering coronavirus stocks are popular. What’s more, preliminarily labeled acuMMUNE, Guardion has a pending trademark registration in place. It just so happens that on March 24th the US Patent & Trademark office updated its file showing this:
That’s right, acuMMUNE’s application has been accepted by the Office (has met the minimum filing requirements) and has not yet been assigned to an examiner. While the second half of that statement leaves a few question marks, the first part shows progress. Will this be enough to trigger more momentum during the remainder of the month?
Penny Stocks To Watch: Plug Power
Plug Power (PLUG Stock Report) is finding itself back on the list of penny stocks to watch again. The alternative energy penny stock has extended gains for the last 4 sessions. It was just one week ago when PLUG stock reached lows of $2.53. This effectively ended a slide that took shares down nearly 60% from their 2020 high of $6.05.
In light of recent energy sector events, Plug Power has benefited greatly. Since last Tuesday, the stock bounced by as much as 52.5% at March 24th’s $3.86 high. After closing the session at $3.73, the energy penny stock is back in focus. Earlier this month, the company announced that it is expanding with a new 32,000 sq ft building in Ohio. Citing Dayton as advantageous for growth, Plug Power boosted its presence by 6x compared to the current facility.
Plug recently beat Wall Street estimates reporting gross billings of $94.5 million. This was compared to an expected $92.99 million from analysts. Furthermore, the company came in with Q4 revenue of $91.7 million and a loss per share of about 7 cents. The company explained that it’s still on target to reach its goal of $1 billion in gross billings by 2024. Plug also set a target of adjusted EBITDA topping $200 million by the same year. Given the recent spike, it could once again be one of the top energy penny stocks to watch.
Disclaimer: 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 April 30, 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.