Are These Penny Stocks Set For New Highs This Week? 2 Are Up Over 100% This Quarter
Do you trade penny stocks? There are plenty of names to choose from, of course. So when it comes to finding top penny stocks, you’ll likely have your run of the mill. It’s important to understand how to actually do that.
Being new to this world of cheap stock can be daunting with all of these choices. There’s a lot of noise out there too. If you’re on social media or participating in message board forums, you’ll likely encounter a lot of this noise. There are plenty of “gurus” out there bumbling about how “they called the breakout.”
As a trader, you should have a keen understanding of the market so that you can “fish on your own”. While it’s easy to follow along with someone else’s info or “picks,” having a skillset to make profitable trades on your own is priceless. So where do you start? Well, obviously, you’re reading this article right now.
Is It Hard To Find Top Penny Stocks To Watch?
While I nor any writer define ourselves as gurus of any kind, our job is to report on new trends and give you some idea about certain penny stocks you may come across on your travels. Hopefully, the information is useful and helps give you a better understanding of what to look at no matter if you’re a buyer, seller, or avoid a stock completely.
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One of the examples I like to point out is digging well-beyond basic headlines. I will be the first to say that looking at financial statements, SEC disclosures, and even message boards can help you get a real handle on what might be moving markets. Whether it’s rumors or actual corporate events, you’ve really got to take everything under consideration when determining why a penny stock is moving.
That’s so you can further understand if it’s time to buy penny stocks and how long to hold them for. We’ve seen plenty for “buy the rumor, sell the news” lately. We’ve also seen plenty of sector momentum fuel big breakouts in 2020 too. COVID-19, fiscal stimulus, and now SpaceX and riots are some of the big drivers. What are you looking at right now? Here are a few penny stocks to watch this week. Will they be on your buy or sell list?
Top Penny Stocks To Watch: Nokia
If there’s one thing that has grown in popularity, it’s the search term “5G stocks” or “5G penny stocks”. It’s almost everywhere you turn online. The race to find the best 5G stocks is definitely heating up. Of course the U.S. / China trade relations haven’t helped build global, 5G harmony. But the fact remains, the next big advancement in communications technology has been decided. So how are investors approaching the boom? Lookin for telecom and tech penny stocks to add to the list.
Since hitting 52-week lows in March, shares of Nokia (NOK Stock Report) have been steadily rising. The company has been building collaborations with the likes of Microsoft (MSFT Stock Report) and others to enhance its current offerings. In April the company received a contract from Bharti Airtel to expand its 4G network across nine circles in India.
Is NOK Stock A Buy Or Sell?
The contract is valued at about $1 billion, according to various media outlets. On top of that, it made more headlines early last month. Nokia announced it achieved the world’s fastest 5G speeds in its Over-the-Air network in Dallas, Texas. What’s more, Nokia was selected by Taiwan Star Telecom to launch 5G for the company.
This has all culminated in a very positive rally for NOK stock. This week, things continued to move higher and ended up going a bit more parabolic in comparison to previous weeks. It came as the company benefited from a new round of analyst actions. This time, Nokia received a boosted price target from JP Morgan who now sees $5.50 as the target.
It also holds an “Overweight” rating on NOK stock. Analyst Sandeep Deshpande wrote, “With – EUR6 million [free cash flow in the first quarter,] Nokia is in a very good place to report a positive [free cash flow] for the year, which is an essential element of the company’s turnaround.” (Read More Articles On Nokia Stock).
Top Penny Stocks To Watch: Inpixon
Nokia has been one of the top penny stocks we’ve watched for months. Another is Inpixon (INPX Stock Report). While the market has ebbed here and there, INPX stock has become somewhat of a channel trade. But don’t let the chart fool you. Shares have quietly moved up over the last few months or so. It’s funny to think but this time in April, INPX stock traded around $1.18. After the market closed on June 1, the penny stock reached highs of $1.98. It’s not the biggest mover of the bunch but might be worth noting after the latest move.
[Read More] Are These The Best Penny Stocks To Buy Or Avoid This Week?
The last time we talked about Inpixon, the company had made a new addition to its team. It appointed Tyler Hoffman as Chief Revenue Officer. Specifically, Hoffman’s track record comes as a welcome sight to Inpixon. He served more than 20 years in revenue leadership positions at companies including PayPal, Google, Visa, eBay, and CNET Networks.
Is INPX Stock A Buy Or Sell?
If you look at filings, you won’t find anything new and the same goes for official company headlines. But a little more digging and you’ll find the company named in an interesting article. Titled “Tech cruise ships could implement to combat spread of coronavirus: far-UVC sanitation, contact tracing,” USA Today did a featured spot on the cruise industry.
By name, Inpixon was highlighted for its ability to collect and use data acquired using radio frequency scanners that pick up on Wi-Fi, Bluetooth signals and cellular signals. “Nadir Ali, the CEO of Inpixon, an indoor data intelligence company, is working with cruise lines and hotels on incorporating the technology to help safely monitor passengers and lessen fears around cruising.”
While this came out earlier in the day, it looks like things began recirculating afterhours. Will INPX stock continue this trend for the first week of June? (Read More Articles On Inpixon Stock)
Top Penny Stocks To Watch: MoneyGram
If there was one company that captivated traders late last year, it was MoneyGram (MGI Stock Report). We reported on this company for quite some time as traders watched shares climb from $1.50 to as high as $6.70 over the course of several months. But MGI stock is another clear example of why it’s so important to have a plan in place and to remember to make money with penny stocks. No one ever went broke taking profit as “they say” and MGI stock is no different.
After its epic run, shares started to slide. That drop didn’t subside until reaching 51-week lows of $1.15 (for now). Ever since that time, MGI stock has been back on the move and firmly climbed back above $2.50 on June 1. This was the first time it traded at these levels since February. Needless to say, this comes amid some considerable speculation that has arisen.
Is MGI Stock A Buy Or Sell?
As we all know, COVID-19 as crushed many companies to levels that are unrecognizable. But what that has done is create potential buyout candidates in a number of industries. If you haven’t guessed already, MGI stock has rallied on news along these lines. Western Union (WU Stock Report) apparently has made a takeover offer for MoneyGram according to “people familiar with the matter” cited in a Bloomberg report on Monday. Both companies declined to comment, the report said.
We’ve seen this scenario before in the past with Sprint (TMUS Stock Report)and Fitbit (FIT Stock Report). While the rumors ended up becoming true in those two examples, other “rumors” didn’t amount to much. The result was a crushing blow. Will this latest rumor prove true or is MGI set for another slide? After settling out around $3.40 after hours, Moneygram shares have managed to jump over 160% this quarter. (Read More Articles On MoneyGram Stock)
Top Penny Stocks to Watch: AgEagle Systems
Finally, AgEagle Systems (UAVS Stock Report) has been another one of the top penny stocks to watch this quarter. While the price has been much more volatile compared to others on the list, the general trend has been bullish. At the start of the 2nd quarter, UAVS stock was trading around $0.40. Not only did it run to highs of $5.15 but it still sits above $1.50 as of its after-hours trading on June 1. That’s still over 260% higher than where it started at the beginning of the quarter.
So what’s gone on and is there anything new to take into account with UAVS stock? This was one of the penny stocks we’ve discussed in fine detail over the last few months. What’s important to note is its recent financial results that we might have been ahead of the curve on.
Is UAVS Stock A Buy Or Sell?
That’s only because we pay attention to when filings come out, not when companies announce things. In this case, the UAVS stock earnings were out to the public already, then the company decided to actually put out a PR. Regardless, revenue climbed 751% to approximately $391,000 from $46,000.
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The gross profit margin on sales also increased to 55% from 26% and net loss improved to $403k compared to $565k previously. While there wasn’t much news at all or filings recently, the space launch could be a slight factor right now considering attention on any stocks with some sort of applicable relation to the space race. Other than that, it would appear speculative momentum is driving the trend right now. Will UAVS stock continue higher this month? (Read More Article On AgEagle Aerial Stock)
