3 Penny Stocks Trading Higher In May 2020
Who would have guessed that the economy would still be shut down in May 2020? Regardless of that, penny stocks have seen some of the biggest gains of any class thanks to coronavirus. In fact, on Tuesday one of the penny stocks we tracked since August reached, new all-time highs.
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If you’ve been a long-time reader of the site, you know we aim to identify trends early. One of the biggest goals is to dive into why penny stocks are moving and see if that will remain a catalyst for the longer term. Sometimes even short-term catalysts can lead to long-term developments for a company.
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While Novavax (NVAX Stock Report) was a penny stock trading closer to the upper end of the definition, it was one of the company’s followed for its biotech platform. But in late-January, the need for coronavirus treatments turned NVAX stock into an absolute monster. If you want to read our previous articles, click here. In any event, we had no choice but to move on a find other penny stocks to watch.
The long and short of it is a $44 stock isn’t necessarily where we focus the majority of our attention for obvious reasons. But I felt that this was an important thing to bring up. That is especially true since NVAX stock just came within 6 cents of $45 highs on Tuesday. To think that earlier this year it was considered a penny stock is incredible. It also speaks to the sheer potential of stocks under $5 and what they can offer.
Now, NVAX isn’t a stand-alone. There are countless penny stocks we’ve covered this year that traded even below $1 that have left “the ranch” running well-above $5 a share. A lot of that has been from the effects of COVID-19.
But it isn’t all about biotech. Pressure creates diamonds as the saying goes. Right now, the pressure to find ways of making money with the economy shut down is truly forcing companies to evolve in ways never thought of before. With that, let’s take a look at some of the top penny stocks to watch this month. Are some of them on your list right now?
Top Penny Stocks To Watch This Week: Blink Charging
Shares of Blink Charging (BLNK Stock Report) were a sight to see late last year and earlier this year. Speculation grew as an article highlighted that Tesla would be expanding its charging station map to include other branded locations. But after reaching highs of of over $3 in February, BLNK stock crumbled to new 52-week lows of $1.25.
After a small stint of bullishness in late March, BLNK has essentially been holding a sideways channel between $1.46 and $1.89. While there was nothing special about the highs of $1.89 on Tuesday, the intra-day price action and trading volume might have caught some attention.
May 12th saw BLNK stock trade with some of its highest share volume since February and a 1-day move of nearly 15%. There was no news nor filings to speak of. However on May 11, the company did file an amended annual report but beside that, nothing came up on the 12th that could be thought of as a potential catalyst in my opinion.
However, it’s important to highlight the fact that this month there has been several rounds of insider trading indicated by early FORM 4s filed this month. Regardless of both of those topics, could this be something bigger to take note of or is this just another technical head-fake in the market? In its last press release, the company did announce expansion through its latest agreement with Migdal Insurance and Financial Holdings Ltd. The move allows Blink to expand its footprint internationally at Migdal-owned buildings in Israel.
Top Penny Stocks To Watch This Week: Zomedica Pharmaceuticals Corp. (ZOM)
This month, Zomedica Pharmaceuticals (ZOM Stock Report) has been a strong runner. We began to pick back up on the progress of the company on April 28th. At the time ZOM stock traded around $0.20 the company had just announced the verification of TRUFORMA™. This is its point-of-care diagnostic biosensor platform, and the first assay, Canine total T4 thyroxine. Fast-forward to this week and ZOM stock has rallied as much as 106%.
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This week, Zomedica announced its first quarter earnings. The company recorded net loss and comprehensive loss of $2,450,618 or $0.02 per share. This compared to a loss of $11,676,908 or $0.12 per share for Q1 of 2019. On top of that, Zomedica said it will be able to decrease its general and administrative expenses for the rest of 2020.
“We have made significant progress in 2020 with our development of TRUFORMA™, achieving major milestones despite the impact of the COVID-19 pandemic. We believe our continued progress on our diagnostic platform will enable us to deliver products that make a real difference for clinical veterinarians and the care they provide to our companion animals,” said Shameze Rampertab, Interim CEO and CFO of Zomedica. Given such progress and plans for a streamlined approach in 2020, can this momentum continue to keep up for the rest of May? Shares are still higher by over 50% from the start of the month to Tuesday’s close.
Top Penny Stocks To Watch This Week: eMagin Corporation
Finally, eMagin Corporation (EMAN Stock Report) started to grab a bit of attention this month. However, that turned up a notch on Tuesday. The company focuses on organic light-emitting diode on silicon microdisplays and virtual imaging products. A lot of its revenue comes from sales to military, consumer, commercial, and industrial customers. But, to be honest, not much has been revealed by the company recently that would suggest a move that EMAN stock has seen so far in May. In fact, the last update the company made was for its full-year and 4th quarter earnings, in March. Can you guess what it’s most recent announcement is in May? If you guessed the news on when its releasing Q1 results, you’d be correct.
So where could speculation be right now that has the market so excited? Well, management has previous history at places like Kodak in its display business. There’s also former Turtle Beach and IBM alumni. The company’s SVP of Display Operations, Olivier Prache is also the manager for Philips’ LCOS display product development according to his bio on the eMagin website. But could its product suite be benefiting from a sympathy from the hype around thermal imaging stocks right now?
If you look on the eMagin site, you’ll see its military application is for a “wide range of military applications. From monochrome night-vision systems to high-end simulation and training applications”. A quick look at the latest 10K shows that the company’s capable of offering products incorporating OLED displays for thermal imaging devices. While the company has been quiet on the press wire, it’s one of the few things that is actually somewhat relevant in my opinion. Beyond that, its Twitter account is very quiet and they don’t frequently release much. Despite the case or lack-thereof, EMAN stock has climbed over as much as 156.4% since the start of the month. What do you think about this latest move for EMAN stock? Is it a sympathy play on thermal, is it simply just a speculative technical move ahead of earnings or something else? Comment below.
