Are These Penny Stocks On The Top Of Your List Today?
This week begins another volatile period of trading. While the broader markets gapped down on Monday morning, the opening bell saw a massive push to the upside. Right now we’re dealing with several key catalysts that are working in both directions. The biggest to factor in is headline risk we’ve seen.
With the push of a button or post of a tweet, the markets can violently swing in different directions. Today, however, we’re seeing economic headlines push stocks higher. We’ve also seen a big focus on coronavirus penny stocks with companies like Johnson & Johnson (JNJ Stock Report) making headlines and turning heads. But that’s not the only thing helping to drive markets this week.
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So where does this leave those looking for penny stocks to trade? Well, it could be a great time to be watching small-cap and micro-cap stocks. That’s especially true if you enjoy volatility. Right now, more than in previous months, stocks are seeing huge swings in price. While the downturns are painful, the upside potential can’t be ignored either. Lately, there’ve been numerous penny stocks to watch that are hitting 100%+ moves within a single session.
We’re also seeing companies that never traded as penny stocks before, gain big interest at current levels. This only adds to the excitement in the market. So as far as “what now,” it’s a great idea to start putting together a strong list of penny stocks to watch this week. The question you have to answer now: will they be the best penny stocks to trade?
Penny Stocks To Trade: TOP Ships
This was one of the top penny stocks to watch on Friday. TOP Ships (TOPS Stock Report) saw its highest volume day with over 363 million shares traded by the closing bell. The big boost came after the company announced the sale of one of its vessels. This week TOPS stock is off and running once again on heavy volume.
Furthermore, this comes after another big update from the company. TOP Ships announced that its 50% subsidiary concluded a previously announced sale of a vessel. In addition, the company expects to conclude the sale of a second 50% owned vessel. This news was big for TOP Ships as the market rallied during the first half of the day on Monday.
It also appears the TOP Ships has triggered a sector move as well. A number of the shipping company stocks are trending higher on March 30. With so much market momentum, can TOPS stock continue this trend into April? So far, shares have jumped by more than 300% since we wrote about this on March 27th. But keep in mind that irregular moves like this can be questionable. TOPS has been known for its big ramp-ups followed by big dips. Keep that in mind if TOPS is on your list of penny stocks right now.
Penny Stocks To Trade: ToughBuilt Inc.
One of the penny stocks we’ve discussed frequently, ToughBuilt, Inc. (TBLT Stock Report) has rallied once again. To start the week, TBLT stock managed to jump over 40% on the heels of its recent update. On March 30, the company announced its fiscal 2019 results. Revenues for the year increased by 25% to $19 million. This was compared to $15.3 million in the prior year.
Furthermore, ToughBuilt was able to reduce its net loss to stockholders by $4.3 million compared to $32.3 million in 2018. One of the higher points was topline, gross profit increased by 60% for the period. This jump was to $5.6 million compared to $3.5 million during 2018’s fiscal year.
“Throughout 2019 we were focused on growth, innovation, establishing systems, expanding our team and establishing long term opportunities globally. The accumulation of all these efforts has brought us more brand recognition and a solid platform that will serve Toughbuilt for many years to come. We are focused on developing long-term partnerships that will increase revenues, generate positive cash flow and subsequently reach profitability.”Michael Panosian , Chief Executive Officer of ToughBuilt
Penny Stocks to Trade: Athersys Inc.
This morning, shares of Athersys, Inc. (ATHX Stock Report) continued to move higher as the company gained more investment from Helios K.K. The firm fully exercised its warrants to purchase 4 million shares of ATHX stock. This was from a prior issuance of warrants in 2018. With the conversion of these, Helios now owns roughly 9.4% of the currently outstanding shares of Athersys.
The Company is developing its MultiStem® cell therapy product. Among other things, the product targets, among other things, immune indications. In line with this, the company has successfully explored options as a potential COVID-19 treatment.
“After undergoing multiple reviews, we are pleased to announce that MultiStem® was designated as a “Highly Relevant” therapeutic for COVID-19 by BARDA. We now are working to expedite the further advancement of the program, which has also shown relevance to certain other areas of interest for Biomedical Advanced Research and Development Authority,” said Dr. Gil Van Bokkelen, Chairman and Chief Executive Officer of Athersys. With this latest event from Helios, this could further validate interest in the company’s plans for further development in light of the recent coronavirus pandemic. On top of that, the move to early highs of $2.40 marks a move of 102% since the start of the month.
Penny Stocks To Trade: Seanergy Maritime Holdings Corp.
Seanergy Maritime Holdings (SHIP Stock Report) is another one of the shipping penny stocks to watch. Shares of the company’s stock continued a multi-day move similar to TOPS. On March 30, SHIP stock jumped back above its 50-day moving average (yellow line on chart) for the first time since November. During that span of time, the 50MA acted as a level of resistance as you’ll see on the chart. Unlike TOP Ships, Seanergy has been focusing on brand building.
This month the company announced that it will participate in a virtual industry conference. In fact, this week, Seanergy will present at the Capital Link International Shipping Forum Digital Conference, Tuesday morning. The main focus will be on the current sector trends and outlook of dry bulk shipping.
Obviously it could be something to keep track of as the company and industry are in the midst of a potential disruptive cycle thanks to COVID-19. Nevertheless, SHIP stock continued its climb on Monday. Will it be able to hold the same trend as it begins presenting on Tuesday?