Best Penny Stocks To Buy [or avoid] Right Now #2: Foresight Autonomous Holdings Ltd.
Foresight Autonomous Holdings Ltd. (FRSX Stock Report) is another one of the penny stocks that’s been on and off the watch list throughout the year. Following a nice move from March to July, FRSX stock pulled back in August and traded mostly sideways in September. This month, however, things are a bit different. The tech company has steadily crept up over the last few days and Thursday, an analyst rating has sparked a bigger rally.
Analysts at Aegis Capital initiated overage on the penny stock. The firm gave Foresight a Buy rating and started it with a $2.50 price target. Earlier this week, Foresight was already on the list for traders after announcing that its affiliate, Rail Vision Ltd., and Knorr-Bremse Systeme für Schienenfahrzeuge GmbH, executed an agreement whereby Knorr-Bremse will make a new investment of $10 million in Rail Vision. Rail Vision provides cognitive vision sensor technology to increase safety in the railway industry.
What’s more, is that Knorr-Bremse originally invested $10 million in Rail Vision last year. Following the additional investment, Knorr-Bremse will own a total of 36.79% of Rail Vision’s outstanding shares. Considering the large spike that FRSX stock experienced this week, can the trend continue or is it due for a pullback?