Best Penny Stocks to Watch This Week
With another week of trading penny stocks upon us, which companies are investors watching this week? Well, it’s hard to say for certain, but we can always use current events to help guide our penny stocks watchlists.
Over the past week or so, we witnessed better than expected job reports, steady U.S. Futures, and the new vaccine by Novovax (NASDAQ: NVAX) showing a 90% success rate against new Covid variants. The last part is very encouraging as many investors feared the newest Covid variant could reignite case numbers around the world.
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While we’re all tired of hearing pandemic-related news, the reality is that it is still around to some extent. This means that the market is still more or less dependent on what news comes out in this regard. Over the past month or so, the news has been mostly positive. While trading since April has been mostly sideways, we could see more momentum heading into the future.
Some traders did fear a so-called ‘Summer Slump’, but with more traders than ever investing in penny stocks and blue chips on Robinhood, this could be largely avoided. With that in mind, it’s always best to stay as put o date as possible with the latest news. This ensures that there are no surprises when it comes to finding penny stocks to buy. Considering all of this, let’s take a look at three of the best penny stocks to watch this week.
3 Penny Stocks to Watch This Week
- Globalstar Inc. (NYSE: GSAT)
- Enochian Biosciences Inc. (NASDAQ: ENOB)
- Mediaco Holding Inc. (NASDAQ: MDIA)
Globalstar Inc. (NYSE: GSAT)
Globalstar Inc. is a tech penny stock that provides mobile satellite services. Its duplex two-way voice and data products include equipment for remote business, voice and data satellite communications, and more. The company sells products under the SPOT brand, offering products such as the SPOT satellite GPS messenger for emergency location-identifying, personal tracking, and messaging solutions. These products are in use across several industries where they are needed.
So why has GSAT stock been increasing in the market so much? The latest update from the company comes from May 19th. This is when Globalstar’s subsidiary SPOT announced a partnership with Desert Vets Racing. Desert Vets is an off-road racing organization, and SPOT will provide communication products for its drivers that are in areas of no terrestrial connectivity. While this is not a be-all-end-all deal, it does show another real-world application of its products. And with any tech gear, use in the real world is very important for adoption.
“The partnership with Desert Vets Racing is a great fit for SPOT as we are able to provide reliable communication and connectivity. The organization has a great mission and SPOT is proud to help keep these impressive individuals safe while they are doing something to help better their lives while having a lot of fun.”
David Kagan, CEO of Globalstar
On June 11th, GSAT stock is up in the market on no company-specific news. Its volume is slightly lower than its recent average but is still very high. Will GSAT make your list of penny stocks to watch?
Enochian Biosciences Inc. (NASDAQ: ENOB)
Up by a staggering 125% in pre-market trading is ENOB stock. While many large gains go without news, that is not the case here. Early on Monday morning, ENOB announced that the FDA has accepted a Pre-IND request for Enochian’s potential functional cure or treatment for HIV. This non-antiviral drug could be a major breakthrough for those living with HIV and shows major potential to change lives.
“As an HIV researcher, clinician and past leader of large, global HIV programs, I am very excited by the FDA’s decision to provide responses to the Pre-IND submission. Because the promising early results are only in one person, it is important to study the approach in a larger population. In addition, because many people achieve suppression with antiviral treatment, it is key to extend the evaluation to that specific group.”
Dr. Mark Dybul, an expert in HIV and Executive Vice Chairperson of the Board at Enochian
With this Pre-IND acceptance, the company can now begin work on testing the treatment known as NK-GDT. Outside of this, it uses a gene-modified cell therapy platform that could have many indications across HIV/AIDS, Oncology, and more. For this reason, many investors believe in the future of ENOB.
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This is major news, yes, but we do have to consider that the treatment has only been tested in one individual. However, now, the company could move forward with further testing and investigation. With all of this in mind, is ENOB stock worth adding to your watchlist?
Mediaco Holding Inc. (NASDAQ: MDIA)
Another major pre-market gainer today is MDIA stock. By early morning, shares of MDIA shot up by over 64% to $6.31 from its Friday close of $3.84. This is a perfect example of a mostly speculative gain.
Last week, the company named Rahsan-Rahsan Lindsay as its new CEO, effective July 1st. But, this is not newsworthy enough to account for its more than 60% gain in one day. However, this is something we see often with penny stocks, as large moves can occur with little to no major news to back it.
It’s worth noting that Rahsan-Rahsan is a seasoned veteran in the entertainment industry. The current Board Director, Laura Lee, states that he is a “talented and dedicated leader with the right strategic vision, relentless drive, and passion for media required to lead the Mediaco team at this critical time.”
For some context, Mediaco Holding is a multimedia company working mostly in the radio and out-of-home advertising businesses. It states that has 3,500 faces throughout the Southeastern U.S., where it generates the majority of its advertising revenue. Additionally, it claims to own and operate two of the most popular urban radio stations in New York City, which is quite a large deal. So, while radio may not be as popular as it once was, there are still millions of listeners daily. Whether this makes MDIA a penny stock to watch, however, is up to you.
This Week Could Be Big For Penny Stocks
As we enter into the second half of June, many investors are excited about what this month could offer. While trading in the last few months has been less than ideal, positive Covid case numbers and better than expected economic data mean that penny stocks could see momentum.
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Although it’s hard to say for sure, investors are without a doubt excited about the future. While we may not see a meteoric rise amidst the entire stock market as we did earlier in the year, steady growth is what it’s all about. Considering all of this, this week could be big for penny stocks.
