Will These Penny Stocks Continue to Push Up?
Penny stocks are heating up. Over the past few months, trading penny stocks has been an emotional whirlwind. While last year, things were on a very high and bullish note, in the past month or so, we’ve witnessed a major correction. This is natural and is only fair considering the massive gains witnessed during that period.
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However, as we move out of correction territory, there are plenty of companies that could be worth adding to your penny stocks watchlist. Right now, some popular sectors include blockchain penny stocks, biotech penny stocks, and more just to name a few.
It’s important to consider that there is a lot of bullish sentiment all around the industry right now. Last week, we saw some major losses across the board. And, this led to many penny stocks pushing down to value territory.
So, with a new week and a new month almost upon us, investors are searching for companies that could be undervalued after the recent bearish run. Considering this, investors should still be careful and consider that we may not fully be out of this volatile territory.
But, with Covid cases hitting major lows and vaccine rates hitting all-time highs, we could soon see the end of the pandemic. This would be big news for the market as it will react highly to any positive news regarding Covid. Considering all of this, let’s take a look at three penny stocks you need to know about.
3 Penny Stocks to Watch With Large Momentum Right Now
- Obalon Therapeutics Inc. (NASDAQ: OBLN)
- Ashford Hospitality Trust Inc. (NYSE: AHT)
- Jaguar Health Inc. (NASDAQ: JAGX)
Obalon Therapeutics Inc. (NASDAQ: OBLN)
Obalon Therapeutics Inc. is a biotech penny stock that we’ve covered plenty of times in the past few months. Despite jumping by around 25% in morning trading, no major news came out of Obalon today. However, the company continues to insist that all stockholders vote in favor of the long-awaited merger with ReShape Lifesciences Inc.
For some context, Obalon is a medical tech company working to develop its gas-filled intragastric balloon system. This is the first and only FDA-approved product of its kind and can treat obesity in patients. Given the number of adults in the U.S. dealing with obesity, the potential for this treatment is widespread.
On May 25th, a meeting will take place between Obalon stockholders to hopefully move forward with this merger. And, this has been a long time coming. This comes only a week after the company announced its first-quarter 2021 financial results.
[Read More] 3 Biotech Penny Stocks To Watch That Analysts Are Bullish On TodayIn the results, the company posted no revenue alongside a net loss of $4.2 million. Additionally, it held around $9 million in cash on hand at the end of the quarter. While its financial situation may seem bleak, as stated before, a lot is riding on this merger and its potential completion.
For this reason, investors should keep a close eye on what happens tomorrow and moving forward with ReShape Lifesciences. Considering this, will OBLN be on your penny stocks watchlist?
Ashford Hospitality Trust Inc. (NYSE: AHT)
Another decent gainer of the day so far is Ashford Hospitality Trust Inc., pushing up by around 3.5% in morning trading. While no news came out, there are some clear reasons why we could be seeing this bullish sentiment with AHT.
For one, Ashford is a REIT focused on upscale and luxury hospitality holdings. This includes hotels and other entertainment venues. Because of the massive decline in Covid cases, AHT is seeing more demand for the properties it holds. As more people get vaccinated and feel comfortable traveling, this is likely to continue increasing as well.
Additionally, only a few weeks ago, the company managed to post a quarterly loss of $0.30 which is well below the Zacks Consensus Estimate of $0.75. And, it posted revenue of around $115.8 million for the quarter, also surpassing the estimate. YTD, shares of AHT stock are up by over 33% to its current price of around $3.15.
[Read More] 5 Penny Stocks Analysts Say To Buy With Targets Up To 219% Right NowThe company is still recovering from the massive effect of the pandemic on all in-person businesses and especially those in the hospitality sector. Because of this, it still has a long way to go before it can reach the heights it was at pre-pandemic.
But with a recent high of $17.80 last June, many believe that Ashford Hospitality could have momentum as the pandemic continues to reduce in severity. So, for this reason, investors should continue to watch the trajectory of Covid as it related to AHT to make a decision. But, in the meantime, Ashford Hospitality could be worth keeping an eye on.
Jaguar Health Inc. (NASDAQ: JAGX)
One of the more volatile penny stocks we’re seeing today is Jaguar Health Inc. Pushing up by around 15% by midday, shares of JAGX are up by over 600% in the past six months. For some information, Jaguar Health is a commercial-stage pharmaceutical company developing non-opioid, plant-based, and sustainably derived prescription medicines for both people and animals with GI disorders.
Additionally, its wholly-owned Napo Pharmaceuticals Inc. subsidiary is working on a similar task. Mytesi, its flagship product, is an FDA-approved noninfectious diarrhea reliever, for those with HIV/AIDS on antiretroviral therapy.
Additionally, it is the only oral-plant-based prescription medicine of its kind to be approved under the FDA Botanical Guidance. Last week, Jaguar Health announced key findings from its abstract related to Cancer-induced diarrhea at the ASCO for June 2021 Annual Meeting.
And only a day before this, Jaguar announced the launch of a new social media channel to reach the community of patients that it serves.
“We are really excited to reach our growing community on Instagram and kickoff a unique and engaging jaguar-themed contest that we think our followers will really enjoy.”
Lisa Conte, CEO of Jaguar
Considering this and its alternative biopharmaceutical methods, JAGX continues to make big moves that investors should take note of.
Penny Stocks Continue to Attract New Investors
With so much momentum in the stock market right now, finding the best penny stocks to watch is crucial. Of course, investors should always understand their risk profile and trading goals to create the best watchlist for them.
[Read More] 3 Robinhood Penny Stocks Under $2 to Watch Next WeekInvesting in penny stocks in 2021 involves both careful research and a thorough understanding of how world events will impact the market. But with these two things, buying and selling penny stocks to make a profit can be easier than ever imagined.
