Are These Penny Stocks On Your Watch List?
If you’re looking for penny stocks to buy right now, you might have a tough time. It isn’t the fact that there are only a few cheap stocks making moves. It’s that there are many to choose from. Honestly, I can say that 2020, as wild as it’s been already, has seen a strong focus on stocks under $5. Blame it on the March sell-off, COVID-19, or plenty of other major catalysts.
What’s more is that the worldwide stay at home orders have brought a wave of new, eager traders to the stock market. Armed with stimulus cash and a penchant for profits, these new investors are looking to make fast cash. But as many are figuring out, making money with penny stocks is easier said than done.
While some may assume this to be like a casino, you can consistently profit from low-priced stocks with a little bit of research and skill. Word to the wise, learn how to trade penny stocks before you actually start jumping in head-first. While it may take a little time to perfect, that time will be well-spent preserving capital as opposed to risking it on something you may not be proficient at yet.
At the end of the day, we’re seeing plenty of “former blue-chip stocks” trading at the lowest prices some have ever seen. It doesn’t matter if it’s oil and gas penny stocks, biotech penny stocks, gold stocks, etc. either. Across the board, traders are gaining exposure to these low priced stocks for the simple fact that the 2020 drop took these stocks to penny stock levels. With this in mind, will these be on your list of penny stocks to buy right now?
Penny Stocks To Buy [or avoid]: PDS Biotechnology
If you’ve read our articles this year, you’ve probably stumbled upon companies like PDS Biotechnology (PDSB Stock Report). Back in April, PDS hit the watch list as the company announced the expansion of its infectious disease pandemic development program. It included a potential vaccine for COVID-19 and universal influenza. Furthermore, the PDSB stock price was hovering around $1.
Fast-forward a few months and you can clearly see shares have steadily climbed higher with a recent surge this month. Most recently the company announced that data from its lead clinical program, PDS0101, in combination with two other investigational anti-cancer agents was published in an industry journal. The article “Immunomodulation to enhance the efficacy of an HPV therapeutic vaccine” by Rumfield et al. was published in the Journal for ImmunoTherapy of Cancer.
In addition to that, there have been talks of data presentations relating to its SARS-CoV-2 program. There’s been no update released by the company about that so far. But it has been a topic of discussion recently. In any case, PDSB stock has climbed to highs of over $2.80 this week. That marks a jump of nearly 180% since mid-April. Will this trend continue into the third quarter?
Penny Stocks To Buy [or avoid]: Ideanomics Inc.
Ideanomics Inc. (IDEX Stock Report) hasn’t been a stranger to volatility and speculation. Over the last few sessions, IDEX stock dropped hard. This came amid allegations of the validity of its business in China via its subsidiary, “MEG”. Nevertheless, the company continues to refute these accusations vigorously both via PR and social media.
So take that for what it’s worth. In any case, IDEX stock has been on the list of penny stocks to watch since the start of June. Unlike PDSB, IDEX saw a much quicker, more aggressive jump. This was from around $0.40 to highs of almost $4 in the matter of a few weeks. In light of the recent drop, of course, there are plenty of questions that the company has made attempts to answer.
However, during this firefight, Ideanomics has also remained focused on progress. In its most recent update, the company announced that its Mobile Energy Global (MEG) subsidiary, Qingdao Ai Neng Ju New Energy Sales Company Ltd , completed delivery of multiple orders for a total of 117 units. According to the company, the total value of complete delivery orders is worth roughly $3.15 Million.
“Today’s announcement represents Ideanomics’ ability to build momentum and fulfill orders on time, and in some cases ahead of schedule, even during COVID-19,” said Alf Poor , CEO of Ideanomics . “Our team is dedicated to working swiftly to advance our customers’ needs and will continue to do even more as the world reopens.”
This adds to the growing list of previously announced deliveries. If you read the article over the weekend about EV penny stocks, we discussed these previous deals. Will momentum shift course for IDEX to make new highs or will shares continue their June slide?
Penny Stocks To Buy [or avoid]: ElectraMeccanica Vehicles
Another one of the EV penny stocks we talked about this weekend was ElectraMeccanica Vehicles (SOLO Stock Report). In fact, it’s been one of the top penny stocks to watch for most of June. Since the start of the month, SOLO stock has rallied from around $1 to highs of $3. It pulled back slightly after announcing a $20 million financing but didn’t completely fall apart. In fact, it seemed to have established a new level of support around its 200 Day Moving Average.
This month the company announced the accelerated expansion of its retail footprint. ElectraMeccanica’s flagship SOLO EV will now have new locations planned for Arizona and Oregon. “To continue to build awareness and meet consumer demand, we are pleased to announce that we are accelerating our expansion into key markets – Arizona and Oregon – by bringing our SOLO EV to Macerich’s upscale Scottsdale Fashion Square and next, Portland. Our updated plan to open new direct-to-consumer retail locations at high-traffic retail centers in EV-friendly cities provides a unique opportunity for potential customers to learn more about ElectraMeccanica and the SOLO,” said Paul Rivera, Chief Executive Officer of ElectraMeccanica.
Companies like Tesla and Nikola are captivating the attention of investors. In light of that, EV stocks are a hot topic. While NKLA and TSLA are much higher in price, the “emerging stage” companies have caught traction recently. Will SOLO stock be one of the penny stocks to buy for July?
Penny Stocks To Buy [or avoid]: CBAK Energy Technology Inc.
Then again, you can’t ignore the supply chain when talking about hot industries like EV. In light of this, companies like CBAK Energy Technology Inc. (CBAT Stock Report) have gained attention. The company is a lithium-ion manufacturer and electric energy provider.
This week the China-based company announced that its subsidiary, China BAK Asia Holdings Limited entered into a framework investment agreement. This was with Jiangsu Gaochun Economic Development Zone Development Group Company.CBAK intends to develop lithium battery projects through this deal.
“CBAK Energy has developed a large number of high-quality customers around the world, especially in China, Europe and the United States. This project will help to expand a broader market and development space for CBAK Energy,” said CBAK Energy CEO Mr. Yunfei Li. “With this investment, CBAK Energy’s battery business will significantly contribute to not only the local economy but the development of the Chinese new energy industry chain.”
Aside from this news, the company’s been relatively quiet on the announcement-front. This is the first piece of news in months. Seeing that they’ve filed a statement showing it can’t timely file its 10Q, will that play a negative role on CBAT stock? Regardless, June was a big month for the penny stock. It jumped from $0.47 to highs of $0.99 so far. Will it be another one of the penny stocks to buy right now or are you avoiding this one? Comment below.