OTC Stocks Topping The List For Most Active Names Today
When you think about penny stocks, what’s something that comes to mind? Usually, it may have something to do with the Over The Counter exchange or “OTC.” This is the place where you’ll find some of the cheapest stocks available. I’m not talking about stocks that are trading for pennies.
We’re talking shares of companies trading at levels below half a penny or even lower! While you might think that some of the most popular OTC stocks are penny stocks, believe it or not, there’s more to this exchange than some give it credit for.
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In this article, we’re looking at the most active OTC stocks today based on trading dollar volume. What’s more, you may recognize some of these names not knowing that they’re only traded over the counter right now. We’ll break down some of the recent trends, and then you can decide if they’re worth a closer look later this month.
Most Active OTC Stocks Today
- Tencent Holdings Ltd. (OTC: TCEHY)
- Grayscale Bitcoin Trust (OTC: GBTC)
- Grayscale Ethereum Trust (OTC: ETHE)
- Prosus (OTC: PROSY)
1. Tencent Holdings Ltd. (OTC: TCEHY)
Shares of Tencent Holdings have been trying to battle back ever since breaking down this past summer. Concerns over China-based companies sent related stocks plummeting, TCEHY included. However, since hitting lows of $53.47, the multinational technology conglomerate has managed to reclaim some of what it lost this year. With more than $268 million traded by the lunch hour on November 16, it is also the most active OTC stock on this list.
One of the core points of focus right now is on the China-US Summit. The virtual summit between US President Joe Biden and Chinese President Xi Jinping marks the first engagement between the two leaders since Joe Biden took office. The goal is to reduce tensions between two of the world’s largest economies. Hopes are high that some respite will come from the meeting.
Tencent has come into focus over the last few years thanks to its expansion into the tech sector. This includes significant investments in some of the foremost tech companies in the world. Everything from Activision Blizzard (NASDAQ: ATVI) & Roblox (NASDAQ: RBLX) to Discord and Ubisoft are among the names to note.
2. Grayscale Bitcoin Trust (OTC: GBTC)
Grayscale is quickly becoming a leader in digital currency investing. As you’ll also see with the 3rd name on this list of OTC stocks, the company manages several trusts that invest in specific cryptocurrencies. The latest slump in the price of Bitcoin has brought two clear strategies to light: sell and run or #BuyTheDip. This mix of trading has brought considerable trading volume into GBTC stock today. As of the lunch hour on November 16, more than $195 million were traded in the market.
The firm has over $44 billion in assets under management as of September 1 and is the world’s largest digital currency asset manager. As far as its Greyscale Bitcoin Trust is concerned, shares track the Bitcoin market price minus fees. What’s more is that according to the company, GBTC shares are eligible to be held in particular IRA, Roth IRA’s, and investor accounts.
Irrespective of the potential many see in Bitcoin and cryptocurrency, prices are in the dumps on Tuesday. The price of the leading cryptocurrency tested the high $50k range for the second time this month. Early selling pressure took Bitcoin prices to lows of $58,515 on November 16.
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3. Grayscale Ethereum Trust (OTC: ETHE)
Another one of the Grayscale products, its Ethereum Trust, has also come into focus today. Similar to GBTC, ETHE stock has dropped with the price of Ethereum dipping on Tuesday. With roughly $14.5 billion in assets under management, the Ethereum Trust allows investors to gain exposure to ETH without opening a cryptocurrency wallet. It’s also the first publicly quoted Ethereum investment vehicle and the second digital currency investment vehicle to gain status as an SEC reporting company.
As was the case with GBTC, ETHE has slumped in tandem with the underlying price of the cryptocurrency itself. While it has faired a bit better than the BTC behemoth, shares of ETHE are still trading lower on Tuesday on slightly above-average volume. As of the lunch hour, more than $185 million in stock had changed hands. Also, for those keeping track, this is the first time since November 1st since ETHE stock had traded as low as it has in the stock market today.
4. Prosus (OTC: PROSY)
Continuing this list of the most active OTC stocks today, Prosus has seen more than $50 million traded by the lunch hour on November 16. Similar to Tencent, Prosus utilizes an investment approach to grow its footprint, including acquisitions. Through its seven business segments, the company focuses on building its footprint in fintech, EdTech, eCommerce, travel, and even food delivery. The company also has a sizeable stake in Tencent.
Most recently, Prosus made a series of investments in startups, including merXu, Mensa Brands, Collective Benefits, and Good Glamm Group. There’s also an active share repurchase program in the works. This past August, Prosus announced a $5 billion buyback that will last until August of next year. This seems to be a more frequent trend as the company initiated a similar program for 2020. According to the most recent update, as of November 12, Prosus has repurchased over 4.4 million shares in November thus far.
Most Active OTC Stocks Today
This was not a list of penny stocks, as some may have initially assumed. The fact of the matter is that many companies listed over the counter or large, multinational conglomerates and strategic investment businesses looking for exposure to US markets. Regardless, there are still plenty of OTC penny stocks to watch that may not be trading hundreds of millions of dollars per day but still show potential for volatility to present money-making opportunities.
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Why not look at the top 5 most active OTC stocks? The “5 spot” continues to actively change thanks to a relatively large disparity between how much action the first four on the list are seeing. Some of the names that gained and lost a position in the Top 5 so far include:
- Green Thumb Industries Inc. (OTC: GTBIF)
- Ozop Energy Solutions Inc. (OTC: OZSC)
- BAE Systems (OTC: BAESY)
- Luckin Coffee Inc. (OTC: LKNCY)
