3 Penny Stocks to Watch That Are Trading Higher Today
Many penny stocks have shown bullish action in April. While there are bad days in the market, investors seem hopeful about the future. Some of this can be attributed to recent positive updates about the pandemic. In the U.S., COVID cases have rapidly declined in the past month alone. This is in part due to the millions of vaccine doses that have been distributed.
According to the most recent data, 36% of the population has received at least one dose of a vaccine. Because of this, many believe that economic recovery could occur in the coming months. Additionally, factors like solid retail numbers and low unemployment, show that the future could be bright. As a result, many penny stocks are increasing in value.
If you are looking to invest in penny stocks, there are a few options. While you can buy stocks under $5 through many brokers, traders have recently turned to newer platforms. This includes those like Robinhood and WeBull. In the past, buying and selling stocks was a rather tedious process for non-institutional investors. However, the rise of easy-to-use brokers and social platforms like Reddit has increased the number of retail traders out there.
And while these platforms are easy to use, they often won’t allow access to OTC or over-the-counter markets. This is where a large portion of penny stocks reside. While finding stocks under $1 can be challenging on Robinhood, there are plenty of them out there to take a closer look at.
[Read More] 4 Reddit Penny Stocks to Watch Before the End of the MonthBefore you dive headfirst into penny stocks, it’s worth noting that they can be more volatile than blue chips. While it depends on the sector, in general, stocks under $5 and especially those under $1 can carry a high-risk profile. That being said, there are lots of penny stocks to watch in April 2021. With this in mind, here are three that posted large movements on April 15th.
Penny Stocks To Buy For Under $1
- ToughBuilt Industries Inc. (NASDAQ: TBLT)
- Great Panther Mining Ltd. (NYSE: GPL)
- Castor Maritime Inc. (NASDAQ: CTRM)
ToughBuilt Industries Inc.
ToughBuilt Industries is a company that has been trading heavily off of speculation in the past few days. Before we get into why; let’s talk about what the company does. ToughBuilt is a manufacturer of home improvement items and construction-related products. It offers everything from tool belts and tool bags to storage solutions, saws, and more. On March 26th, the company released an update that most likely affected its intraday trading volume.
This update came as ToughBuilt released its fiscal 2020 results. In the results, TBLT announced revenue growth of 106% to $39.4 million. Additionally, its gross profit shot up by 162% to $14.7 million. This is compared to $5.6 million in the previous year. Both of these numbers represent sizable gains and show that fundamentals might actually be driving its recent price action.
“ToughBuilt has demonstrated strong fundamentals based on execution team, customer relationships, balance sheet, commitment to research and development and continued customer service.”
CEO of ToughBuilt, Michael Panosian
This year, Toughbuilt is focusing on building out its product lines as well as its global distribution. It aims to offer a wider range of products as well as new and innovative equipment.
Despite TBLT falling in value on April 15th, this balance sheet could have larger implications for the long term. It’s common to see a stock either move up or down very quickly on the day of a balance sheet release. Because its numbers are quite good, TBLT stock could be worth watching in the coming days.
Great Panther Mining Ltd.
If you’ve invested in the market in 2021, you’ve probably seen the solid performance of the mining industry. During that time, many mining penny stocks like GPL, have jumped up in value.
One of the driving factors of this is the increasing prices of gold and silver. Because of fears of long-term inflation, investors have turned to safe-haven assets like precious metals. This includes gold and silver. As we turn the corner in April, many mining stocks are continuing to carry this momentum.
Great Panther Mining is a perfect example of the solid momentum with mining stocks right now. GPL operates as a mining and exploration company based out of Canada. It explores and mines gold, silver, lead, copper, and zinc ores at its facilities. While it does mine non-precious metals, its main focus is on gold and silver. Because of this, it’s no surprise that shares of GPL have increased alongside the precious metals industry.
[Read More] Penny Stocks and the Coinbase IPO: What Cryptocurrency Has to Do With Small-Cap StocksOn April 13th, Great Panther reported its first-quarter 2021 production results. In the report, GPL showed solid growth in its mining operations. It also engaged in several big advancements which allowed it to mostly avoid pandemic-related losses. With these results, Great Panther is on track to meet its proposed guidance for 2021.
While production numbers were low in the first quarter of the year, this was all a part of its roadmap. The company states that “The first quarter was planned to be a low production quarter due to heavy stripping. Production is expected to ramp up quarter-over-quarter for the remainder of the year as mining progresses into sectors with lower strip ratios.”
When this was announced, shares of GPL spiked higher during intraday trading. While it did pull back slightly, this seems to be the result of a natural correction. On April 15th, GPL began to see positive momentum once again. During the trading day, GPL shot up by almost 3% to $0.79 per share. With this exciting news in mind, is GPL stock worth watching?
Castor Maritime Inc.
Castor Maritime is a shipping company that works with dry bulk cargoes. This includes everything from flour to building materials and more. During the pandemic, companies like Castor have increased greatly in popularity. However, its recent momentum can be attributed to three factors in particular.
First, on April 5th, it announced the pricing of a $125 million registered direct offering. It will be issuing 192.3 million common shares at $0.65 per share. This is always exciting as it helps to bring in new capital for potential business expansion. Additionally, it can help to make investors feel more comfortable with a company’s balance sheet.
Second, on April 9th, Castor announced that it had acquired a 2011 Japanese-built Panamax dry bulk carrier vessel from a third party for $18.48 million. This is big news for the company as it shows it is expanding its fleet. The company is currently focused on bringing in as much business as possible. This is where the ship acquisition comes in.
Lastly, on April 14th, Castor announced deliveries of the M/V Magic Twilight and M/V Magic Thunder. These are two Korean and Japanese-built dry bulk carriers. Again, this will help to boost its fleet count as well as its carrying capacity. While these updates may seem small, they provide solid insight into what Castor is doing right now. Considering this, is CTRM worth watching?
