3 Penny Stocks That Climbed in After Hours Trading
After a mostly bullish day of trading penny stocks and blue chips, there is a lot for investors to know. Right now, we have to consider the main factors that are at play in the stock market. This includes rising inflation, and more importantly, climbing interest rates. Due to the latest jobs data, many believe that the Fed could begin hiking rates even sooner than previously thought. And while this is still up in the air, we do know that rate hikes are inevitable.
It’s worth noting that this has been the main reason behind movement in the stock market over the last few months. So, while we are seeing bullish sentiment as of late, always make sure to know exactly what is going on across the board. Although bullish trading days are exciting, understanding what the short term will look like is crucial. So, with this considered, let’s take a look at three penny stocks that climbed during after-hours trading on June 7th.
3 Penny Stocks to Watch That Are Climbed in After Hours
- Energy Focus Inc. (NASDAQ: EFOI)
- Broadway Financial Corp. (NASDAQ: BYFC)
- DBV Technologies SA (NASDAQ: DBVT)
Energy Focus Inc. (NASDAQ: EFOI)
One of the larger gainers of the day was EFOI stock. During trading and into after hours, shares of EFOI stock managed to shoot up by over 45% and 9% respectively. These major gains reflect news that came out a few days ago on June 3rd. On the 3rd, Energy Focus announced a $3.5 million private placement priced at-the-market. Now this is exciting news, however, it doesn’t seem likely that this would cause a 45% gain.
Rather, we can take a look at the energy sector as a whole. Recently, many investors have focused on energy penny stocks as well as tech stocks. And while EFOI is not an energy penny stock in the traditional sense, it does work on energy-related tech. This includes LED lighting products as well as controls for cost saving measures. So, with this in mind, will EFOI be on your list of penny stocks to watch or not?
Broadway Financial Corp. (NASDAQ: BYFC)
Another sizable gainer on June 7th is BYFC stock. While its gain during trading of 4% is nothing to write home about, during after hours, shares of BYFC stock managed to shoot up by over 14%. This sizable uptick comes after a YTD drop off over 34%. There major news for Broadway Financial comes as the company announced an issuance of $150 million in preferred stock to the U.S. Dept. of the Treasury under the Emergency Capital Investment Program.
“We are excited to report that we have raised $150 million of gross proceeds from the sale of the Preferred Stock to the U.S. Treasury, which is more than we originally reported when the U.S. Treasury announced that Broadway’s application for ECIP capital was accepted. The investment will more than double our Tier 1 Capital and allow us to greatly enhance the scale of Broadway’s operations and improve the economics of the Company’s business.”The CEO of Broadway Financial, Brian Argrett
This exciting news is likely the reason behind the company’s gain today. With this in mind, does BYFC deserve a spot on your penny stocks watchlist?
DBV Technologies SA (NASDAQ: DBVT)
While DBV stock shot down by 1.9% during trading, shares managed to explode by over 29% in after hours. And in the past month, we’ve seen shares of DBVT stock climb by over 20%. Today, the company announced positive results from its Phase 3 EPITOPE Trial of Viaskin. This is used in the treatment of toddlers with peanut allergies. In the report, the company stated that 67% of toddlers met response criteria after 12 months.
“Most peanut-allergic children are diagnosed between 1 to 3 years of age; however, there are currently no FDA-approved therapies for this age group. Furthermore, there is growing evidence on the benefits of treatment from a younger age.”Dr. Hugh Sampson, the Professor of Pediatrics, at the Icahn School of Medicine Sinai
Right now, we are seeing major bullish emphasis within the biotech industry. And because biotech penny stocks are seeing this sentiment, DBVT stock could be worth keeping an eye on.
Which Penny Stocks Are You Watching Right Now?
Finding the best penny stocks to buy is all about understanding where to look. While it can be and is challenging to find penny stocks that will be profitable, there are a few things to keep in mind.
For one, investing in penny stocks is all about knowing what is going on in the stock market. Because they are so speculative, movements in the broader market are likely to cause major upticks and downward trends across the board. In addition, specific news will have a major and material effect on the price of most penny stocks. So, with all of this in mind, which penny stocks are you watching right now?