Are These Penny Stocks Worth Your Time?
When it comes to finding penny stocks to buy there are plenty of ways to do that. You might use some type of scanner or maybe you’ve got a go-to site that just gives you a list. But if you want to be able to “fish” and not have someone feed you “alerts”, learning how to find penny stocks on your own is key. Obviously, you’re here right now to get more information on some of today’s top trending penny stocks. However, this and many other articles discuss certain companies because writers found them utilizing a plethora of tools.
One of the most popular ways we’ve tracked penny stocks is looking for irregularities in trading. This might result from irregular spikes in price or volume. It might also stem from consecutive sessions of building momentum.
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When it comes to these stocks under $5, there’s a fine balance between trading penny stocks and investing in them. Most look for short-term opportunities, which have their own sub-sets. These include day trading, swing trading, and even scalping penny stocks.
Price Matters When Trading Penny Stocks
Each style has its own risk/reward scenario and time frame associated. For instance, if you were considered a scalper, you’re likely someone who’s in and out of a trade within minutes. However, on the other hand, if you’re a swing trader, you likely hold onto certain stocks for a few days to a few weeks. There’s no right or wrong strategy as long as you know how to make money with it.
You’ve also got to take price into consideration as well. Especially when it comes to penny stocks, even the slightest fluctuation can equate to large changes in percentage. So, keep in mind that the lower the price, the less a penny stock needs to move for it to jump or slide in value. Here’s a list of penny stocks that can be bought for under $1 right now. Will they be on your list this month?
Penny Stocks to Buy For Under $1: Sunworks Inc.
Sunworks Inc. (SUNW Stock Report) surged on Tuesday. Now, it’s important to note that the penny stock had a great run between April and the first week of August. However, some news of an all-stock buyout of the company by The Peck Company (PECK Stock Report). Since then shares turned dramatically lower and dropped from over $1.20 to under $0.70.
While it’s said that the combination creates a national leader with a coast-to-coast presence, the market hasn’t digested it too well. Peck and Sunworks installed a combined 62,973kW in 2019, which would rank 41st overall and would be the 16th largest EPC contractor based on the latest Sun Power World ranking list. Despite the initial reaction, what should be noted is the company’s most recent filing outlining the transaction.
Specifically, the company said it’s important to note that the merger will not be final until shareholders approve it. “We estimate the process to gain shareholder approval will take approximately 3 months. In the meantime, we must manage our business independent from Peck. We will use the next three months to get to know each other and plan for integrating the businesses, but all operations will be conducted independently.”
Another item to note is that there weren’t any headlines or filings on Tuesday that immediately suggest a catalyst behind the SUNW move. So, is this move simply a short-term momentum-based move or is there more to it? Something to think about if SUNW is on your list of penny stocks right now.
Penny Stocks To Buy For Under $1: Town Sports International Holdings Inc.
Town Sports International Holdings Inc. (CLUB Stock Report) hit our scanners last week. It came after some positive sentiment focused on reopening gyms. During the course of the last 3 sessions including Friday’s CLUB stock has rallied as much as 145%. It reached a high of $1.20 on Monday, pulled back on Tuesday, then ended up bouncing into the afternoon session on August 18th.
Town Sports International owns and operates fitness clubs in the Northeast and Mid-Atlantic regions of the United States. The company, through its subsidiaries, operates fitness clubs. The firm also provides ancillary programs and services such as sports clubs for kids, racquet sports, small group training, and studio classes. Town operates brands including New York, Boston, Washington, Philidelphia, and Palm Beach Sports Clubs. It also has Around The Clock Fitness and others under its corporate umbrella.
On Friday, New York Governor Andrew Cuomo made a statement that has gym stocks in focus. This brought an initial spike in attention to companies like Town. Cuomo said Monday that gyms in the state would be allowed to reopen as soon as August 24 with 33% capacity.
One stipulation is that customers and staff would be wearing masks at all times. In order to open, city governments must inspect each facility prior to opening, Cuomo said. While this wasn’t company-specific, it has translated positively in the stock market today. CLUB stock closed up over 20%. Can this continue leading up to that August 24th date?
Penny Stocks To Buy For Under $1: TransEnterix Inc.
Some may say the trend is your friend, but they probably haven’t looked at TransEnterix Inc. (TRXC Stock Report). The penny stock had a strong second-quarter for the most part, TRXC stock jumped from around $0.30 to highs of $1.03 by early June. That’s when things shifted quickly. During the next few weeks, the penny stock saw a slow bleed until finally dropping back to around $0.30 by the beginning of July. This is when it looks like TRXC stock hit the reset button. There were a few bigger developments earlier this month but nothing that got the market incredibly excited if you look at the chart.
Earlier in August, the company had submitted an indications filing to the FDA to expand General Surgery usage of the Senhance Surgical System. This is a digital laparoscopic surgical platform. It’s designed to maintain laparoscopic MIS standards while providing digital benefits. “This submission is an important milestone for the continued application of Senhance in the highest volume and value procedures,” said Anthony Fernando, president, and chief executive officer at TransEnterix. The system features a machine vision system for use in robotic surgery, which is powered by a new intelligent Surgical Unit.
Medical devices are becoming more and more popular so this could be a point of focus for the market right now. Aside from this, TransEnterix appointed a new CFO at the end of the week last week. Shameze Rampertab’s employment will become effective later this month. He’s held stints at other healthcare-related companies including Zomedica Pharma, Profound Medical , and Intellipharmaceuticals, to name a few.
On Tuesday, TRXC stock saw one of its biggest one-day moves since July. The penny stock jumped from $0.385 to $0.48 before the market closed and with above-average volume.