Are These On Your List Of Penny Stocks Right Now
If you’ve ever wondered how to invest in penny stocks, you’ve come to the right place. The goal each day is to find top penny stocks to watch. Then you’ve got to determine if they’re on a list to buy or avoid. While momentum can be a major temptation, do not trade with FOMO. All too often we see new traders jump into a highly volatile stock. But they don’t have any basis for the trade and get burnt quickly. This can lead to novice traders completely avoiding all penny stocks.
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The fact of the matter is that whether you’re trading or investing in penny stocks, basics are important. You should understand how to study a chart pattern or translate penny stock news to see if it’s a good idea to buy or not. The standard basics of trading aren’t foolproof. But they will help you make better trading decisions more often than not.
For instance, traders will emphasize “hot penny stocks” on places like Twitter. They may be “hot stocks” based on the price jumping quickly. But as far as profitability, you may have missed the opportunity. Buying “because you think you’re going to miss out” is not a great strategy.
The idea here is to have a plan in place and stick to it when it comes to entering and exiting a trade. If most of your criteria to buy penny stocks isn’t met, then it’s okay to simply wait it out or move on and find other stocks. With this in mind, here’s a list of penny stocks making big moves this month. Some we’ve discussed in the past but now it’s up to you to decide whether they’re top penny stocks to buy or avoid at this point.
Penny Stocks To Buy [or avoid]: Ritter Pharmaceuticals
Ritter Pharmaceuticals (RTTR Stock Report) has been on the list of penny stocks to watch for a few weeks now. Prior to that it was an off and on again name that had day traders flipping it earlier in the year. However, the last few weeks have seen RTTR stock enter a much more sustained uptrend. On Tuesday the penny stock has its biggest day of the quarter. RTTR stock jumped to highs of $0.69 with more than 113 million shares traded. While there wasn’t any news on May 5th, the company did issue an update on the 1st.
Ritter reported financial results for the first quarter ended March 31, 2020. The company showed that it narrowed its quarterly loss. It also could be considering commercialization of a lactose intolerance treatment. In January 2020, Ritter and Qualigen, Inc. announced that the two companies had entered into a definitive “reverse merger” agreement. Under the terms of the merger agreement, Qualigen will become a wholly-owned subsidiary of Ritter. Qualigen is focused on the development and commercialization of therapeutic products for the treatment of cancer and infectious diseases. It’s also focused on the expansion of its flagship FastPack® diagnostic platform.
Upon completion of the merger, Ritter will change its name to Qualigen Therapeutics, Inc. The main focus will be on the development of Qualigen’s nanotechnology therapies. These are designed to treat cancer and infectious diseases, while also continuing to operate its revenue-generating diagnostic business. But Is RTTR stock overextended at this point or is there still room to run?
“We are entering the home stretch in our effort to complete the potential merger with Qualigen, a transaction that we believe could provide meaningful value for Ritter stockholders. We encourage those who have not yet voted to take a few minutes to vote by phone, internet or mail on this important transaction as the meeting date is less than two weeks away.”Andrew J. Ritter , Ritter Pharmaceuticals’ Chief Executive Officer
Penny Stocks To Buy [or avoid]: Titan Pharmaceuticals
Titan Pharmaceuticals (TTNP Stock Report) has been on several penny stocks lists since October of last year. At the time, TTNP stock traded around $0.18. While we’ve seen this break out to highs of over $0.40 and $0.50 since then, the penny stock seems to settle right around $0.25. This week, TTNP stock is back on the move. Not only did it see a price spike to $0.3282, volume has also be a strong point. There’s been nothing to speak of since late-April. This is when the company announced the departure of Dane Hallberg, the Company’s Chief Commercial Officer.
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So what could be propelling TTNP stock on Tuesday? The company focuses on developing and commercializing pharmaceuticals. While there is sparse news, it could be another situation of speculation based momentum. In cases like this, it’s important to keep a close eye on things. If a small group of people believe some kind of rumor and that doesn’t end up being true, there could be a big price to pay in the market. During 2019 Titan announced partnerships with AllianceRx Walgreens Prime, AppianRx, Accredo, Southside Specialty Pharmacy and CVS Caremark to provide distribution and patient support services.
The company was able to impress the street last quarter with its Q4 and full-year earnings. EPS came in at ($0.08) compared to ($0.29) for the same Q4 2018. Furthermore, its revenue came in at $1.22 million. Could this latest bout of momentum be due to its next earnings report still to come?
Penny Stocks To Buy [or avoid]: AgEagle Aerial Systems
Many penny stock traders have a love/hate relationship with AgEagle Aerial (UAVS Stock Report) after their last conference call. This is when the company announced that Barrett Moone would be giving up his position as CEO. While he remains on the board as executive chairman, the market reacted less than favorable to the news.
We reported on this company leading up to the call but as with many breakout penny stocks, it’s important to not let greed get in the way. In light of this, prior to the conference call we wanted to note that the company also had an active shelf registration to raise money. Discounted stock can present dilution risk and see shares drop. In fact, another big mover, MVIS stock (MVIS Stock Report) dropped on Tuesday after releasing a filing showing a raise in the works. In both cases, if you follow us on Twitter, you saw the “heads up” each time.
When it comes to investing in penny stocks, no one ever goes broke taking profit. In either case it could have been easy to let greed get the better and think “maybe it’ll go to $X”. As many saw, just as quickly as penny stocks can rise, they can fall. Back to UAVS, while there’s still the same basic situation in place from May 1st, the market may have digested the management changes.
Shares of UAVS stock began shifting course on May 5th for the first time this month. Despite the current shelf registration, AgEagle said on its conference call that there aren’t plans to draw upon it. But that the registration provided financial flexibility. Time will tell if or when this is proven true or not. For now, the penny stock is back on the move. Has the market finally warmed up to UAVS again?