4 Penny Stocks To Watch Right Now
The markets are trading with a bit of chop today. There hasn’t been a defined directional move even amid upbeat economic data from China. But that hasn’t stopped penny stocks from producing big gains so far. In our morning update, several of the penny stocks mentioned managed to soar over 100% with many continuing to trade higher. But what does that mean for the rest of the week?
There are no two ways around it. Volatility is here for the time being and trading penny stocks is one of the best ways to take advantage of that volatility. What’s more, is that it doesn’t necessarily matter what’s happening in the broader markets either. Many small-cap and micro-cap stocks tend to break out even if the markets are tanking.
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All, the same, however, you need to exercise the same precautions when trading any stocks, including penny stocks. Just because they are lower in price doesn’t mean they can be treated like a lottery ticket.
You should have a clear strategy in place and concise targets where you plan to take a profit. While most new traders will go all-in with one “buy” and one “sell”, a better tactic may be a tiered approach to trading. This involves identifying a sum of money you’re looking to invest and then breaking it up into different tiers, buying and selling along the way.
If you’re not familiar with this approach, you can get an intro to tiered trading here. In any case, my point is that you should have a plan and strategy in place before even thinking about trading a single share. Once you’ve got that covered, then you can start putting together a list of penny stocks to watch.
Penny Stocks To Trade: Vuzix Corp
Vuzix Corp (VUZI – Free Report) has traded sideways for a few weeks now. On a daily level, the penny stock is generally range-bound between $0.90 and $1.30. On March 31, however, VUZI stock jumped to highs of $1.69 following an update.
During the mid-morning session, Vuzix came out with news that it would host a webinar on March 31, April 1, April 2, and April 6 to discuss the functionality of its M400 Smart Glasses on different platforms. The company’s Smart Glasses allow workers to monitor and assist others within an enterprise system. Performing things like maintenance, inspection, installation and training can be done without travel being a factor. In particular, Vuzix pointed out its application for the medical community:
“For telemedicine, Vuzix Smart Glasses can allow doctors and nurses to record medical procedures for training, provide a hands-free environment in operating rooms and conduct virtual examinations.”
Considering the attention being placed on accessibility to the medical community, this could be a key point of interest for certain organizations. Since this will be a series of webinars, there could be a number of potential catalysts to look for if VUZI is on the list of penny stocks to watch right now. Also, keep in mind that VUZI couldn’t hold above its 50DMA (yellow line). So this could be a potential level of resistance in the stock.
Penny Stocks To Trade: Cemex
One of the names we haven’t seen in a while has been Cemex (CX – Free Report). But after plummeting to 52-week lows of $1.55 from 2020 highs of around $4.35, it could be one of the top penny stocks to watch right now. Over the last 6 trading sessions, shares of CX have managed to steadily climb back from those lows. On March 31st the penny stock hit highs of $2.18 during the morning session to mark a 40% turnaround so far.
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Obviously, the coronavirus has impacted a number of industries. Some of them, including construction and housing, were hit harder compared to others. If you aren’t familiar, Cemex is a supplier of building materials. Shares slipped after several key events took place. Most recently, the company halted production at a cement plant in the Philippines.
However, the company has worked to fix things. Mainly, Cemex has made changes to its senior-level management. This includes moving its current President for CEMEX Europe to expand that role to the Middle East, Arica, and Asia. Jesus Vincente Gonzalez Herrera will expand his current President of CEMEX south role to include global trading activities as well. Considering the dramatic drop in price, is CX stock set to return back to its previous $4+ level?
Penny Stocks To Trade: Athersys Inc.
Shares of Athersys Inc. (ATHX – Free Report) took off yet again on March 31. This was one of the penny stocks we’ve discussed since the start of March. In the article “Best Penny Stocks To Buy Before The Second Quarter” ATHX was first IDed after the company found itself in the middle of coronavirus speculation. The company gained momentum when traders saw the company focused on treating Acute Respiratory Distress Syndrome. This can be triggered by pneumonia, sepsis, or trauma. Since COVID-19 is an upper respiratory virus, it makes sense as to why Athersys has gotten more attention this week.
This week, shares of Athersys moved 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. Currently, the company’s MultiStem® cell therapy product is being explored as a potential COVID-19 treatment.
From a near-term view, the company is rapidly working to get things moved forward. “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, in a recent PR. Shares reached highs of $3.17 but were crushed during the lunch hour. Keep in mind that this is still relatively thinly traded so even a slight bit of pressure like it saw could impact the market the way it did. Something to keep in mind if this is on your list of penny stocks right now.
Penny Stocks To Trade: SG Blocks
This was one of the penny stocks we were watching at the start of the year. Besides a few one-day jumps, SG Blocks (SGBX – Free Report) hasn’t been very impressive during the 1st quarter of 2020. But don’t count it out just yet. On March 31st, SGBX stock managed to grab attention after the company announced big news.
SG Blocks and Transcend Onsite Carre executed a memorandum of understanding to jointly provide products and services. Specifically, the team will create a turnkey solution to deliver Transcend’s medical technology and professionals to places in need. Quite the novel concept considering the current state of the healthcare system.
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The companies will provide modular primary carer medical units. They will also offer COVID-19 testing unites and quarantine living units. There are even plans for drive-thru testing units at employer onsite clinics and hospitals. “We can think of no better way to deploy our unique delivery of healthcare solutions and technology than through SG Blocks who shares our passion for disruptive efficiency,” said Mike Ochoa, CEO of Transcend. Will this news allow SGBX stock to “transcend” its previous highs from December?