Are These On Your Penny Stocks List This Week?
When it comes to penny stocks, the world’s your oyster. For many, it all starts with a list at the start of the week. But what are you actually looking for? “Monday morning” or, in this case, Tuesday morning is an interesting day for traders. They digest everything that’s happened over the weekend and analyze what may come during the week ahead.
Take into account things like key economic data readouts and earnings. You can get a general understanding of what to be aware of. A good list of penny stocks will also take into consideration the trading momentum from the previous sessions. What happened during after-hours trading? Was there any news released over the weekend? Were there any disclosure statements posted by the company or investors?
List Of Penny Stocks To Watch
All good questions to ask especially approaching a fresh week. The next few days are unique. First thing’s first: is the stock market open on Memorial Day? The U.S. markets are closed in observance of Memorial Day. So that means a 4-day trading week ahead. When it comes to finding the best penny stocks to watch, you’ve got an additional day to utilize for research. I know many of you are still sitting at home in quarantine so take advantage of no commutes and the long weekend to do some DD. Check out places like Twitter and other social media where companies may report updates.
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I know that there’s been a recent trend in small-cap and micro-cap companies taking to social media before releasing a PR. However, something to also keep in mind is that it’s important to understand the difference between hype and real corporate events. In most cases, if a company tweets something that’s material in nature, it usually follows up with at least an 8K filing. So just be aware of that when you see a corporate tweet.
As exciting as things might appear, there are always reasons you may want to avoid certain penny stocks just as much as reasons to buy penny stocks. Heading into the shorter week, while there’s still 1 more day to research, let’s take a look at a quick list of penny stocks right now. Are they the best penny stocks to buy right now? You decide.
Penny Stocks To Watch #1: Bionano Genomics
First, on this list of penny stocks, Bionano Genomics (BNGO Stock Report) has been on the move over the last few sessions. On Friday, BNGO stock came within pennies of closing at new May highs. On May 12th the penny stock reached highs of $0.515. This came after Bionano submitted its 14A announcing a shareholder meeting at the end of June.
Among topics of discussion, Bionano wants shareholders to approve a reverse split. Furthermore, the record date for the Annual Meeting was May 15, 2020. So, first, keep June 30th in mind if BNGO stock is on your list right now. It’s the official date of the annual meeting. You’ll also want to keep June 14th noted as this is the release date for its first-quarter earnings.
In addition, Bionano turned heads this past week after another key update. This time, the company announced information in an online presentation hosted by the Cancer Genomics Consortium on May 12, 2020. Dr. Brynn Levy from Columbia University and Dr. Rashmi Kanagal-Shamanna from the MD Anderson Cancer Center each presented updates on their work. It showed 100% concordance between Bionano Genomics’ optical mapping technology and current gold standard cytogenetic methods.
“These three studies involving the ten renowned institutes provide significant scientific support for our belief that Saphyr is the future of cytogenetic analysis, and that our technology is ready for widespread clinical adoption,” said Erik Holmlin, PhD, CEO of Bionano Genomics. Will this continue to boost speculation and anticipation heading into the new week for BNGO stock?
Penny Stocks To Watch #2: Ra Medical Systems Inc.
Ra Medical Systems Inc. (RMED Stock Report) may be another one of the penny stocks to watch this week. Unlike Bionano, RMED stock hasn’t had the best month. After breaking below a key support level a few days ago, shares dipped to new 52-week lows of $0.35. This came after the company announced a $10 million discounted share offering.
According to the company, the public offering price was $0.45 per share and accompanying warrant. Keep in mind that just 1 day earlier, RMED stock traded above $0.70. So, the market reacted how most will in cases like this. Shares gapped down. But since hitting those $0.35 lows, RMED stock has been maintaining a relatively sideways trend around $0.50.
Closing out the week, however, shares of the penny stock began trading higher during post-market hours. On May 22, RMED closed at $0.49. After the closing bell, the stock continued higher to $0.54. This came as the company released a mid-afternoon update saying the offering was officially closed. Ra Medical intends to use the net proceeds from the offering for general corporate purposes.
Specifically, Ra said this includes working capital and Ra Medical’s atherectomy indication trial. It also includes engineering efforts and supporting Ra Medical’s commercial relaunch strategy. Will this kind of action kick-off the short week, on Tuesday morning or are shares set to slide back?
Penny Stocks To Watch #3: Coty Inc.
Coty Inc. (COTY Stock Report) is another one of the penny stocks that has been licking its wounds recently. After dropping to 52-week lows of $3.02, COTY stock managed to rebound to highs of $7.36. This was as the company started producing hydro-alcoholic gel, which is used as hand sanitizer. Obviously, the goal was to help combat the COVID-19 virus. After trading sideways for most of the weeks to follow, COTY stock dropped yet again to sub-$3.50 levels.
Shares dropped following the spin-off its Wella division into a standalone company. It’s part of a $4.3 billion investment deal with global equity firm KKR. This will see the Wella, Clairol, OPI, and ghd brands turned into a separate company. KKR will hold a 60% stake and Coty retains 40% ownership of the new enterprise. But what has COTY stock perking back up again? You might need to keep up with the Kardashians a bit more; or, at least, Kylie Jenner.
Friday the company launched Kylie Skin at Douglas. This made it one of the fastest-growing and most-engaged beauty brands on social media according to the company. Now, it is available to customers in Europe. This is Coty’s first major expansion of the celebrity brand. The company bought a controlling stake last November. “This partnership will allow me and my team to stay focused on the creation and development of each product while building the brand into an international beauty powerhouse,” commented Jenner at the time of the deal. Shares continued actively trading after the closing bell on Friday afternoon. It will be interesting to see if that continues on Tuesday morning.
Penny Stocks To Watch #4: Exela Technologies
Exela Technologies (XELA Stock Report) has been quietly waiting in the wings for a few weeks. But it has also steadily climbed considerably since hitting 52-week lows of $0.086 in March. Despite having relatively low trading volume for weeks, the last 3 have been very active for XELA stock. Shares sprinted to a high of $0.565 on April 30th but quickly retreated over the week to follow. Since then, the penny stock’s been trading in a channel between $0.25-$0.35 for the most part. However, Friday, XELA stock caught a strong boost of momentum during the afternoon session.
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Why did XELA jump? First, the company transitioned its CFO. Shrikant Sortur, who has served as Exela’s Executive Vice President, Global Finance since 2017, was promoted to Chief Financial Officer. However, there could be something a bit bigger on the minds of traders right now. What is something we always emphasize to be a part of your research? If you said “filings” you’re correct. But as we said above, keeping track of social media is also a key to uncovering key info.
On Friday afternoon, we can clearly see Exela tweeting a reminder of its previously announced deal with Co-operative Bank. The two companies are working together to expand their existing partnership to deploy Exela’s Confirmation of Payee platform. The company has also been pushing attention to its contactless solutions. In a tweet from earlier in the week, Exela said, “As college campuses look to reopen in the fall, Intelligent Lockers provide a safe, contactless way for students to pick up packages.”
With more attention stemming from what happens during “the new normal” contactless solutions have seen growing interest. Will this continue as a catalyst for XELA stock?