Penny Stocks Uncovered: A Trader’s Insight into Today’s Action
The world of penny stocks is a bit like a treasure hunt—exciting, unpredictable, and full of potential finds. Let’s talk about what’s really getting traders’ attention in these markets: it’s all about volume. Think of volume as the heartbeat of a stock. When we’re looking at what’s hot in the penny stock market today, we’re really tuning into that heartbeat.
So, what’s the big deal with volume? Well, it’s like the number of hands a stock passes through during the day. A bunch of trades? That means something’s up. When you see those numbers climbing, it’s a hint that investors are getting interested, maybe even a little excited.
But let’s get real for a second—high volume isn’t always a thumbs-up. It could just as easily mean there’s some not-so-great news causing a stir. And let’s not forget penny stocks can be a wild ride. Prices can shoot up or drop before you even have time to click ‘buy’ or ‘sell.’ That spike in volume? It could be a flash in the pan, so always look for the full story.
Using Unusual Volume To Your Advantage With Penny Stocks
And don’t get swept up in the hype. Sometimes the crowd’s all buzzing about a stock because it’s the flavor of the day, but that doesn’t always mean it’s a winner. You’ve got to do your homework—check out the company, keep up with news, and get a feel for the industry buzz.
Finding those penny stocks to buy is about striking a balance. You’ve got to watch that volume, sure, but mix it with some good old-fashioned research and a couple of those fancy technical indicators. This way, you’re not just following the crowd—you’re making smart, informed choices.
Remember, volume tells you a story, but it’s not the whole book. A sudden rush of trades might be down to big company news or just rumors. Knowing the difference? That’s key.
And don’t just stop at volume. Blend it with other tech indicators, like moving averages or the RSI. It’s like putting together pieces of a puzzle to see the bigger picture of where those most active penny stocks to watch today might be heading.
Penny Stocks To Watch
In the end, there’s no substitute for doing your homework. Dig into the company’s details, stay on top of the news, and listen to the chatter in trading groups. Keeping an ear to the ground like this can give you the real scoop on the market’s mood, helping you spot the penny stocks that are genuinely worth your time and money. In this article, we look at 5 on a list of penny stocks to watch after recent catalysts ignited above-average volume in the stock market this week.
- Virgin Galactic (NYSE: SPCE)
- SiriusXM Holdings (NASDAQ: SIRI)
- Uniti Group Inc. (NASDAQ: UNIT)
- D-Wave Quantum Inc. (NYSE: QBTS)
- American Well Corp. (NYSE: AMWL)
Penny Stocks to Watch 1. Virgin Galactic (SPCE)
Space stocks were once a popular topic, but the trend cooled off significantly with the shift in market sentiment. The latest risk-on environment, however, has brought interest back to companies in the niche. Virgin Galactic most notably has taken an appeal from investors as the company continues launching civilians into space.
Earlier this month, the company completed its fifth successful human space mission in the last five months. Michael Colglazier, CEO of Virgin Galactic, said: “Our teams in New Mexico and California have delivered on our monthly spaceflight objectives. Three new astronauts journeyed to space today and brought back incredible memories and stories of their experience above the Earth. These early missions with our initial ship, VSS Unity, have informed and confirmed the design and maintenance objectives for our Delta class spaceships, and the production tooling for those ships is on track to commence later in the fourth quarter.”
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This week, as the market has risen, so have shares of SPCE stock. While it’s a positive for the company following a long stint of selling, Virgin is still hovering around 52-week lows. The company will report its financial results for the third quarter of 2023 following the close of the U.S. markets on Wednesday, November 8, 2023. That will come just a week after the latest milestone where Virgin’s Galactic 05 mission reached space.
2. SiriusXM Holdings (SIRI)
The audio entertainment company has been a long-standing name in satellite radio. Shares have made a rebound over the last few sessions, thanks to recent M&A news.
This month, the company announced the extension of its deal with FOX News as well as increasing its quarterly dividend by 10%. However, what has come into a more certain focus is the company receiving an offer from Liberty Media Corporation to combine Liberty’s Liberty SiriusXM tracking stock group with SiriusXM.
Analysts appear optimistic about the proposal. Deutsche Bank Securities said in a note that this will help the company achieve its goal of eliminating the net asset value discount.
This week, momentum continues in the penny stock after earnings. Sirius reported an EPS and revenue decline. However, the company maintains its 2023 revenue guidance. Sirius XM reiterated revenue outlook of $9.0 billion, in line with the consensus. It also maintained an adjusted EBITDA of $2.75 billion. The mixed results brought about mixed trading action in the stock market today with shares holding green during the early afternoon session.
3. Uniti Group Inc. (UNIT)
Uniti Group Inc. is a real estate investment trust specializing in the acquisition and construction of communication infrastructure. They offer fiber and wireless solutions for the communications industry, owning substantial fiber route miles and fiber strand miles in the US.
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The company recently reported Q3 earnings, which has prompted momentum in the stock market today. Q3 2023 results show a net loss of $80.9 million due to non-cash items, but a growth in consolidated revenue and Adjusted EBITDA. The company reiterated its 2023 outlook, emphasizing the resilience in demand for fiber infrastructure despite macroeconomic challenges.
Continued demand for fiber infrastructure and positive revenue trends could signal a promising outlook. That may be the bullish case for UNIT stock. The Bearish Case may focus more on the fact that Uniti reported net a loss, which might concern some investors.
Penny Stocks to Watch 4. D-Wave Quantum Inc. (QBTS)
D-Wave Quantum Inc. leads in quantum computing systems, software, and services, being a pioneer in commercially supplying quantum computers. In a recent update, D-Wave and QuantumBasel announced extending their strategic alliance by two years to hasten quantum and quantum-hybrid application growth in Europe. The partnership started in December 2022, enabling QuantumBasel to access D-Wave’s quantum technology.
Together, they have spearheaded numerous market initiatives and customer engagements, targeting industrial construction sectors among others. This extension solidifies their joint commitment to quantum innovation, aiming for wider commercial adoption. Their shared vision is to tackle complex global challenges for industrial and societal betterment. The anticipation is that this step will accelerate the momentum for quantum and quantum-hybrid applications moving into production.
In the short term, continued momentum might hinge on the successful commercialization of quantum technology and the fruition of the D-Wave and QuantumBasel partnership. Needless to say, any setbacks in the joint initiatives or slower-than-anticipated commercial adoption of quantum technology could slow things down.
5. American Well Corp. (AMWL)
Amwell, a frontrunner in hybrid care enablement, connects various healthcare stakeholders to deliver cost-effective, high-quality care. With a robust platform, it addresses a spectrum of healthcare needs, advocating for the transformative potential of hybrid care delivery. Recent momentum can point back to the latest earnings report.
The Q3 2023 financial snapshot unveiled a revenue of $61.9 million, a notable incline in subscription and visit revenue, albeit a net loss of $137.1 million, largely attributed to non-cash goodwill impairment charges. The gross margin stood at 35%, with an improved Adjusted EBITDA. Total active providers and visits surged, reflecting a growing adoption of Amwell’s Converge platform, especially underscored by a new venture with the United States Defense Health Agency’s Digital First initiative. This, alongside achieving the 50% visits metric on Converge ahead of schedule, exemplifies a positive trajectory towards leveraging the Converge platform for broader healthcare solutions.
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“In Q3, our business moved forward in three important ways. We won a major new opportunity supporting the United States Defense Health Agency’s Digital First initiatives across the Military Health System. We are inspired by this important validation of our Converge™ platform, and the expanded opportunity it affords us,” said CEO Ido Schoenberg, M.D.
