best penny stocks to buy right now stocks to watch

Are Analysts Right About Some Of These Penny Stocks?

After several weeks of rallies in the stock market, investors are continuing to pay attention to penny stocks. On November 24th, the stock market had one of the best days in months. Tuesday saw the Dow Jones Industrial Average shoot up by 1.5% by end of the day to an all-time high of $30,046. While there are several factors behind this gain, the two most important are the transition of presidential power and vaccine hopes on the horizon. For starters, news came out on Tuesday that the White House had officially begun the transition of power from President Trump to Joe Biden. 

After weeks of turmoil, there seems to be a semblance of peace in the air surrounding the next president of the U.S. With this vote of confidence in the future, many penny stocks saw big bullish gains on November 24th. In addition, announcements from earlier in the month regarding promising vaccine developments mean that we could be coming to an end with the Covid pandemic.

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While there is still a long way to go, penny stock investors are beginning to feel the rally. With many of the most popular penny stocks to watch climbing in double-digit percentage points during the trading day, here are a few that may gain some attention this week. 

Penny Stocks to Watch

Penny Stocks to Watch: Yunji Inc.

Yunji Inc. is one of the biggest gainers of the day, posting 90.67% in gains by the end of Tuesday. So why the big gain for the tech company? First, we have to understand what Yunji Inc. is doing in the present day. With a market cap of around $920 million, Yunji is one of the larger social enterprises working out of China.

Recently, the company held its first live stream event through the application ByteDance. In the event, the company was able to bring in as much as 87.5 million yuan in merchandise sales. The company works similar to e-commerce giant, Alibaba, by selling beauty and personal care products as well as many others. 

While there was not any major announcement from the company triggering this upward momentum, e-commerce business has grown substantially during the covid pandemic. This means that companies like Yunji Inc. have seen a great deal of bullish momentum. In the past month, shares of YJ stock have shot up by as much as 112%. This brought it to its current price of $4.29 as of November 24th.

With covid cases still rising around the world, many believe that e-commerce could reign supreme for the foreseeable future. While growth like this is usually quite unsustainable, it does look like YJ stock has a lot of momentum. For this reason, investors could continue to view it as one of the penny stocks to watch

Penny Stocks to Watch-Yunji Inc. (YJ Stock Report)

Penny Stocks to Watch: Superior Industries Inc.

Superior Industries Inc. is a provider of light aluminum wheels to various automakers around the world. The company came in with around 12% in gains on Tuesday, November 24th. While this may not seem like a lot comparatively, it is quite good for SUP stock. Earlier in the month, the company announced its Q3 2020 results.

In the results, the company posted net income of $11 million or around $0.12 per share. In the third quarter of 2019, the company posted a loss of $0.57 per share, highlighting just how good these results are. While sales did decline by around $40 million to $317 million, we do have to account for covid’s effect on both the auto industry and ancillary auto companies like Superior Industries. 

The company states that for Q4 2020, it expects to bring in around $325 million in sales. This would give it around $1.09 billion in full-year 2020 sales if all goes according to plan. With vaccine hopes on the rise, many believe that the auto industry could soon resume pre-covid bullish momentum.

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This includes analysts at Barrington Research. Right now the firm has a Buy rating on the stock. It also set a $7 price target, which is currently 46% higher than the current trading levels in the stock market today.

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Penny Stocks to Watch: Planet Green Holdings Corp.

Planet Green Holdings Corp. works as a purveyor of sauces, spices, and beverage products to China. While this may seem like an odd business to be in, the company has managed to become a major supplier of these products to China. In its supply chain is everything from supermarket chains to restaurants and wholesalers.

In the past year, Planet Green managed to reduce its cash burn by almost 80%. Although operating revenue declined by around 6% in that time, the company does look like it has a solid growth trajectory. Although it is in a decent cash position, the company could benefit from utilizing a fundraising method to produce more capital to work with. 

Because Planet Green Holdings is a relatively small company, investors should note that it can be more volatile than most. If we look at the long term, we see that the company has grown its earnings by 11% over the past five years. While this may seem small, for a company of its size, it is a decent amount of stable growth. Additionally, in the last twelve months, the CEO of the company, Bin Zhou, reportedly purchased around $1.7 million worth of shares.

On Tuesday, shares surged to new fourth quarter highs. In fact, PLAG stock hadn’t traded at these levels since late June of this year. What’s also important to note is how PLAG sustained higher levels after pulling back from early morning highs of $3.10. The penny stock finished out the day at $2.62.

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Penny Stocks to Watch: Cocrystal Pharma Inc.

Cocrystal Pharma Inc. works as a pharmaceutical company that produces targeted treatments for antiviral purposes. This includes treatments for influenza, hepatitis C, gastroenteritis, and you guessed it, Covid-19. A popular investment firm, Point72, recently announced that it purchased 2.8 million shares of COCP stock, totaling around $2.5 million in holdings. Over the past few months, the company has made some significant progress in finding antiviral treatments for covid in its animal studies.

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In addition to this, the company stated in October that its in-vitro data from its influenza A lead molecule known as CC-42344, will have final results by 2021. In addition, one analyst stated that this substance is a “potent, broad spectrum inhibitor of the influenza replication enzyme targeting the PB2 subunit, and has strong synergistic effects when combined with approved influenza antiviral drugs including Tamilflu and Xofluza.”

With the analytical firm H.C. Wainwright putting a $4.50 price target on COCP stock, it could be one to watch moving forward. In addition to this, Noble Financial had also weighed in on the company. The firm gave COCP a Buy rating and currently set a $5 target; 284% higher than Tuesday’s closing price.

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